First off today's sec filing is not about Deerfield converting the entire $40 million note, but merely adjusts the the outstanding shares that can still be converted minus their recent $1.5 million conversion. What's more interesting is the following statement appears that in today's SEC filing which could mean Mannkind is fighting off unwanted take over requests. It could mean big pharma wants to buy Mannkind and not partner with them.
"These and other provisions contained in our certificate of incorporation and bylaws are expected to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with our board of directors. However, these provisions could delay or discourage transactions involving an actual or potential change in control of us or our management, including transactions in which our stockholders might otherwise receive a premium for their shares over market price of our stock and may limit the ability of stockholders to remove our current management or approve transactions that our stockholders may deem to be in their best interests and, therefore, could adversely affect the price of our common stock. "
Things are getting hotter by the day. Could this be part of a partnership agreement where as the partner wants the right of first refusal in case of a friendly take over (offer to buy), and don't want a possible hostile take over to muddy the waters.
Sentiment: Strong Buy
Today's filing could also suggest a very clean 74-DAY Letter was received which may trigger aggressive unwanted take over attempts by a big pharma player or multiple company's wanting to get their hands on Afrezza.
Recent $5 stock price manipulation and Sierra's comments surrounding Roche could have been just the early silo's launched ahead of the 74-Day Letter to pursue a buyout of Mannkind. If a big player is going around the Deerfield process to get Mannkind in a buyout instead of what Mannkind prefers which is a partnership, we could see leaks coming out about unsolicited buyouts being made that were rejected by Mannkind. This should start to get really interesting going forward and I expect the stock price will eventually get to at least the unsolicited bid offer if one was made. I wouldn't be surprise if we hear about an unsolicited bid having been made anywhere between $7 - $10.