MannKind Announces Pricing of Registered Direct Public Offering of Common Stock and Warrants
May 09 2016 - 6:24PM
MannKind Corporation (Nasdaq:MNKD) (TASE:MNKD) today announced the
pricing of a registered direct public offering of up to 48,543,692
shares of common stock and warrants to purchase up to an aggregate
of 48,543,692 shares of common stock to select institutional
investors. Each share of common stock is being sold together with a
warrant to purchase 0.75 of a share of common stock (A Warrants)
and a warrant to purchase 0.25 of a share of common stock (B
Warrants) for a combined purchase price of $1.03. The A
Warrants will be exercisable at a price of $1.50 per share
beginning upon issuance and will expire two years thereafter. The B
Warrants will be exercisable at a price of $1.50 per share
beginning in May 2017 and expire 18 months thereafter. The
shares of common stock and the warrants will be immediately
separable and will be issued separately. The offering is
expected to close on or about May 12, 2016, subject to customary
closing conditions.
Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC,
acted as exclusive placement agent for the offering.
The total gross proceeds from the offering are expected to be
approximately $50.0 million. After deducting the placement agent’s
fees, the net proceeds to MannKind are expected to be approximately
$47.5 million. MannKind intends to use the net proceeds from
the offering for working capital and general corporate
purposes.
The shares and warrants are being offered pursuant to a shelf
registration statement on Form S-3 that was previously filed with
the Securities and Exchange Commission (SEC) and declared effective
on April 27, 2016. A final prospectus supplement related to the
offering will be filed with the SEC, and will be available on the
SEC’s website located at http://www.sec.gov and may also be
obtained by contacting MannKind at 25134 Rye Canyon Loop, Suite
300, Valencia, CA 91355, Attn: Investor Relations, or by telephone
at (661) 775-5300; or from the placement agent at
placements@hcwco.com or by calling 212-356-0500.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About MannKind
MannKind focuses on the discovery, development and
commercialization of therapeutic products for patients with
diseases such as diabetes. MannKind maintains a website at
http://www.mannkindcorp.com to which MannKind regularly posts
copies of its press releases as well as additional information
about MannKind. Interested persons can subscribe on the MannKind
website to e-mail alerts that are sent automatically when MannKind
issues press releases, files its reports with the Securities and
Exchange Commission or posts certain other information to the
website.
Forward-Looking Statements
Statements contained in this press release that are not strictly
historical in nature are forward-looking statements that involve
risks and uncertainties. These statements include, without
limitation, statements regarding MannKind’s expectations with
respect to the completion, timing and size of its offering, the
expected proceeds from the offering and its anticipated use of the
proceeds from the offering. Words such as “believes,”
“anticipates,” “plans,” “expects,” “intends,” “will,” “goal,”
“potential” and similar expressions are intended to identify
forward-looking statements. These forward-looking statements are
based upon MannKind’s current expectations. Actual results and the
timing of events could differ materially from those anticipated in
such forward-looking statements as a result of various risks and
uncertainties, including, without limitation, risks associated with
market conditions, the satisfaction of customary closing conditions
related to the offering, MannKind’s need and ability to raise
additional capital and other risks detailed in MannKind’s filings
with the SEC, including its quarterly report on Form 10-Q for the
quarter ended March 31, 2016. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release. All forward-looking statements
are qualified in their entirety by this cautionary statement, and
MannKind undertakes no obligation to revise or update any
forward-looking statements to reflect events or circumstances after
the date of this press release.
Company Contact:
Rose Alinaya
SVP, Finance
661-775-5300
ralinaya@mannkindcorp.com
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