Sanofi has made no mention so far of Afrezza in the CC which has been very disappointing. If Afrezza isn't important to Sanofi why would anyone want equity? Just doesn't make sense.
This means the risk/reward of doing so favorable to them. In addition, those who opted for debt rollover do so with debt unsecured. Why would you accept equity if you thought Afrezza would fail? Why would notes be unsecured if you thought MNKD would be unable to pay. Seems to me no worry about prospects for mnkd.
That was my interpretation. Correct me if I'm wrong on this, but I thought it to be a good thing that the holder of a good chunk of the debt was willing to convert to equity. I'm no expert so please tell me why I am wrong. What I don't get is why the market reacted the way it did, unless of course the price is being manipulated. Seems to me Matt recently telegraphed this.
Agree. But those accounts comprise a huge share of the market. Tough to extrapolate when you are using smaller chains and independents as your basis. I'd prefer to be over-represented by larger accounts and extrapolate smaller account volume from them.