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MannKind To Offer 8 Million Shares, Agrees To Share Lending Pact

DOW JONES NEWSWIRES MannKind Corp. (MNKD) announced Monday that it would offer up to 8 million shares, as the biopharmaceutical company said it would enter into a share-lending agreement with Bank of America Corp. (BAC). Shares of the company, which develops and markets therapeutic products to treat diabetes, cancer and other diseases, fell 6.9% to $6.35 in after-hours trading. As of Monday's close, the stock is down 22% in the year to date. Bank of America's Merrill Lynch intends to sell the borrowed shares in the common stock offering and to use the resulting short position to facilitate short sales and privately negotiated derivative transactions by which some investors in a concurrent offering of $100 million of notes due in 2015 may hedge their investment in the notes. MannKind won't receive any proceeds from the offering, but will receive a one-time loan fee. Bank of America will be required to return the borrowed shares pursuant to the terms of the lending agreement. The news came after MannKind last week said it planned to issue as many as 36.4 million shares in separate deals to Mann Group LLC and private investment firm Seaside 88 LP as it works to reduce its debt. The company recently had about 114 million shares outstanding. -By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com

Stock News for Mannkind (MNKD)
DateTimeHeadline
06/12/201615:00:00MannKind Announces Late-Breaking Data Reinforcing Faster Onset...
06/10/201609:00:00MannKind Announces Collaboration with JDRF
05/24/201616:27:18Current Report Filing (8-k)
05/18/201608:02:16Statement of Changes in Beneficial Ownership (4)
05/18/201608:00:42Initial Statement of Beneficial Ownership (3)
05/10/201609:14:46Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
05/10/201608:40:25Current Report Filing (8-k)
05/09/201618:24:19MannKind Announces Pricing of Registered Direct Public Offering...
05/09/201616:46:04Current Report Filing (8-k)
05/09/201616:42:06Quarterly Report (10-q)
05/09/201616:00:00MannKind Corporation Reports 2016 First Quarter Financial Results
05/05/201617:00:00MannKind Corporation to Present at the Bank of America Merrill...
05/04/201617:33:47Current Report Filing (8-k)
05/04/201617:28:33Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
05/02/201617:00:00MannKind Corporation to Hold 2016 First Quarter Financial Results...
04/28/201606:01:26Notice of Effectiveness (effect)
04/26/201616:59:34Current Report Filing (8-k)
04/21/201616:24:04Proxy Statement (definitive) (def 14a)
04/19/201613:27:07Analyst Call Rescheduled to April 26, 2016
04/19/201609:00:00MannKind Expands Commercial Capabilities With Two New Hires

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