Shares sold at 3% discount to Nov. 12 closing share price
By Angela McDaniels
Tacoma, Wash., Nov. 12 – MannKind Corp. priced a $36.15 million registered direct offering of its common stock. The purchasers have committed to buy 13,852,435 shares for $2.61 each.
The price is 97% of the closing share price on the Tel Aviv Stock Exchange on Nov. 12 converted into dollars. It is also a 1% discount to the company’s $2.64 closing share price on the Nasdaq on Nov. 12.
On Nov. 9, the company announced plans to sell up to 50 million shares of common stock directly to selected investment funds in Israel that are required to hold securities included within certain stock indexes of the Tel Aviv Stock Exchange.
Sunrise Securities Corp. is the placement agent.
“A portion of the index funds' required holdings have now been purchased directly from the company. ... Remaining demand from the TASE index funds' long-term holding requirements are expected to be satisfied through open-market purchases, which must be completed before Sunday, Nov. 15, 2015,” chief financial officer Matthew Pfeffer said in the news release.
Proceeds will be used for general corporate purposes.
MannKind is a Valencia, Calif.-based biopharmaceutical company.
| Issuer: | MannKind Corp.
|
| Issue: | Common stock
|
| Amount: | $36,154,855
|
| Shares: | 13,852,435
|
| Price: | $2.61
|
| Warrants: | No
|
| Agent: | Sunrise Securities Corp.
|
| Pricing date: | Nov. 12
|
| Stock symbol: | Tel Aviv Stock Exchange: MNKD
|
| Stock price: | NIS 10.48 on Nov. 12
|
| Market capitalization: | NIS 4.38 billion
|
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