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MannKind Corp. Message Board

  • hshinti hshinti Dec 21, 2012 7:11 PM Flag

    Go to SEC filings under the MNKD stock page and the form 4 is there

    I almost fell off of my chair when I saw the share purchase.

    Sentiment: Strong Sell

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    • The purchaseat $2.59 was a direct negotiated deal related to the financing in October 2012! Its not news. Plus he acquired his warrants for .12(which allows him to buy 3/4 of a share per warrant. He DID NOT purchase the stock at 2.60. Learn to read the form
      NOTHING NEW HERE

    • alxa ok'd ,then mapp maybe, then mnkd. accumulate now on dips.fda likes inhalors now.go away oppie (opc11).i win you lose.JMHO

      Sentiment: Hold

    • This is nothing new. Look on the MNKD website under SEC filings 10/19/12 8K. This was a debt for equity swap.


      Item 1.01 Entry into a Material Definitive Agreement.

      On October 18, 2012, we entered into a Common Stock and Warrant Purchase Agreement (the “Mann Purchase Agreement”) with The Mann Group LLC (“The Mann Group”), an entity controlled by our chief executive officer and principal stockholder, Alfred E. Mann. Under the Mann Purchase Agreement, we are required to issue and sell, and The Mann Group is obligated to purchase, 40,000,000 shares of our common stock and warrants to purchase an aggregate of 30,000,000 shares of our common stock, subject to receipt of stockholder approval to increase the authorized number of shares of our common stock as necessary for the potential new issuances to The Mann Group. The warrants will be exercisable at a price of $2.60 per share and will expire 53 weeks from the date of issuance. The price of the shares to be sold to The Mann Group under the Mann Purchase Agreement will be $2.59 per share (the consolidated closing bid price of our common stock on October 17, 2012 as reported on The NASDAQ Global Market) and the warrants to be purchased by The Mann Group will be priced at $0.125 for each share of our common stock underlying such warrants. The aggregate purchase price for the shares of common stock and the warrants to purchase shares of common stock we issue and sell to The Mann Group will be approximately $107.4 million and will be paid for by cancelling principal indebtedness under the Amended and Restated Promissory Note that we issued to The Mann Group on August 10, 2010, as amended (the “Note”), pursuant to an existing $350 million revolving loan arrangement provided by The Mann Group. Pursuant to the terms of the Note, the principal indebtedness cancelled in connection with the closing under the Mann Purchase Agreement will become available for reborrowing by us. The closing under the Mann Purchase Agreement is expected to occur following receipt of stockholder approval to increase the authorized number of shares of our common stock, as necessary for the potential new issuances to The Mann Group. The Mann Purchase Agreement will terminate on the day following the closing of the transactions contemplated thereby. On October 18, 2012, we issued a press release announcing that we had received a commitment from The Mann Group to acquire 40,000,000 shares of our common stock and warrants to purchase shares of our common stock. A copy of this press release is attached as Exhibit 99.1 hereto.

      The foregoing summary of the Mann Purchase Agreement is qualified in its entirety by reference to the text of the Mann Purchase Agreement, filed as Exhibit 10.1 to this report.

      On October 18, 2012, we amended and restated the Note to, among other things, extend the maturity date of the Note to January 1, 2014, extend the date through which we can borrow under the Note to September 30, 2013, and adjust the annual interest rate on all outstanding principal to the one year London Interbank Offered Rate (LIBOR) on December 31, 2012 plus 5%, effective beginning on January 1, 2013.

      The foregoing summary of the amended and restated Note is qualified in its entirety by reference to the text of the amended and restated Note, filed as Exhibit 10.2 to this report.

 
MNKD
8.64-0.13(-1.54%)Jul 28 4:00 PMEDT

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