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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
05/23/201510:04:02Could Incoming Threats Sink MannKind Corporation?
05/21/201510:30:00James S. Shannon Rejoins MannKind's Board of Directors
05/21/201508:59:02MannKind, Front and Center: The Best Product Doesnât Always E...
05/19/201511:36:02Forget MannKind Stock's Price: Here's What You Need to Focus...
05/17/201510:04:024 Reasons Why MannKind Could Succeed Where Pfizer Failed
05/15/201516:02:03Why MannKind Stock Got New Life Breathed Into It Today
05/15/201515:48:11Why MannKind Stock Got New Life Breathed Into It Today
05/11/201517:30:37Quarterly Report (10-q)
05/08/201515:07:59Amended Statement of Ownership (sc 13g/a)
05/08/201512:01:33Why Shares in MannKind Corp. Are Tumbling
05/08/201506:05:16Current Report Filing (8-k)
05/07/201518:48:29MannKind Corporation Reports 2015 First Quarter Financial Results
05/07/201511:59:02The Best Company for Investing in the Diabetes Market
05/07/201508:17:02Here's Why MannKind Corporation Was Clobbered in April
05/06/201517:00:00MannKind to Present at Bank of America Merrill Lynch 2015 Healthcare...
05/03/201509:19:02In Case You Missed It, This New Study Suggests America Is a Nation...
04/30/201517:00:00MannKind Corporation to Hold 2015 First Quarter Financial Results...
04/29/201509:09:02MannKind's Future: More than Just Afrezza?
04/28/201517:42:57Statement of Changes in Beneficial Ownership (4)
04/27/201512:31:32Current Report Filing (8-k)

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