MannKind CEO buys 40M shares, holders approve increase in authorized shares

MannKind disclosed in a regulatory filing that at a special stockholders' meeting held on December 20, its stockholders approved an amendment to its Amended and Restated Certificate of Incorporation to increase the authorized shares of MannKind common stock from 350,000,000 shares to 550,000,000 shares. The company also stated that on December 21, following the approval of the amendment, the company completed the closing of its previously announced issuance and sale of 40,000,000 unregistered shares of its common stock and unregistered warrants to purchase an aggregate of 30,000,000 shares of its common stock to The Mann Group, an entity controlled by its chief executive officer and principal stockholder, Alfred Mann. The aggregate purchase price for the shares and warrants that were issued to The Mann Group was approximately $107.4M and was paid for by cancelling principal indebtedness owed to The Mann Group under the Amended and Restated Promissory Note issued by MannKind to The Mann Group on October 18. In afternoon trading, shares of MannKind rose 15c, or 6.81%, to $2.35.

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