Rodman & Renshaw sells 48,543,687 units of one share with two warrants
By Devika Patel
Knoxville, Tenn., May 10 – MannKind Corp. priced a $50 million registered offering of units on May 9, according to an 8-K filed Tuesday with the Securities and Exchange Commission. Rodman & Renshaw is the agent.
The company will sell 48,543,687 units of one common share, 0.75 A warrants and 0.25 B warrants at $1.03 per unit.
The A warrants will be exercisable at $1.50 for two years. The B warrant will be exercisable at $1.50 for 30 months. The strike price is a 12.78% premium to the May 6 closing share price of $1.33.
Settlement is expected May 12.
Proceeds will be used for general corporate purposes, including manufacturing expenses, clinical trial expenses, research and development expenses, sales and marketing expenses, general and administrative expenses.
MannKind is a Valencia, Calif.-based biopharmaceutical company.
Issuer: | MannKind Corp.
|
Issue: | Units of one common share, 0.75 A warrants and 0.25 B warrants
|
Amount: | $50 million
|
Units: | 48,543,687
|
Price: | $1.03
|
Warrants: | 0.75 A warrants and 0.25 B warrants per unit
|
Warrant expiration: | Two years (A), 30 months (B)
|
Warrant strike price: | $1.50
|
Agent: | Rodman & Renshaw
|
Pricing date: | May 9
|
Settlement date: | May 12
|
Stock symbol: | Nasdaq: MNKD
|
Stock price: | $1.33 at close May 6
|
Market capitalization: | $407.72 million
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.