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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
07/29/201508:57:16Current Report Filing (8-k)
07/09/201508:07:02The Reason MannKind Stock Galloped 10% Higher in June
06/29/201509:03:023 Biotech Stocks with Low Liquidity Ratios -- Are They in Trouble?
06/19/201517:08:02What Is a Short Squeeze, and How Can it Affect Your Investments?
06/13/201508:04:033 Biotech Stocks That I Won't Buy
06/08/201512:06:20Why MannKind Corp. Stock Bolted Higher Today
06/03/201508:01:02MannKind Corporation Shares Skyrocketed in May -- Here's Why
06/02/201518:59:30Statement of Changes in Beneficial Ownership (4)
06/02/201518:58:37Statement of Changes in Beneficial Ownership (4)
06/02/201518:58:12Statement of Changes in Beneficial Ownership (4)
06/02/201518:57:43Statement of Changes in Beneficial Ownership (4)
06/02/201518:56:50Statement of Changes in Beneficial Ownership (4)
06/02/201518:56:25Statement of Changes in Beneficial Ownership (4)
05/29/201515:12:03Is MannKind a Buy?
05/27/201517:00:00MannKind to Present at Upcoming Conferences
05/27/201516:40:39Current Report Filing (8-k)
05/27/201508:15:03How Will Big Pharma Fight Back Against MannKind?
05/26/201518:03:27Statement of Changes in Beneficial Ownership (4)
05/23/201510:04:02Could Incoming Threats Sink MannKind Corporation?
05/21/201510:30:00James S. Shannon Rejoins MannKind's Board of Directors

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