By Devika Patel
Knoxville, Tenn., Aug. 11 - MannKind Corp. negotiated two private placements of stock with Seaside 88, LP and Mann Group LLC on Aug. 10, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
Seaside 88 has committed to purchase up to 18.2 million common shares over the course of a year at an 8% discount to the volume-weighted average trading price of MannKind common stock for the 10 consecutive trading days immediately preceding each closing date. For each closing, the volume-weighted average trading price must be at least $6.50 per share.
Mann Group has committed to purchase up to 18.2 million common shares over the course of a year as well. These shares will be priced at the undiscounted closing bid price of MannKind's common stock on the trading day immediately preceding the closing date but cannot be less than $7.15, which was the Aug. 10 closing bid price for MannKind's common stock.
Both investors will purchase 700,000 shares per tranche. One tranche will settle every 14 days, beginning on Sept. 22.
Valencia, Calif.-based MannKind is a biopharmaceutical company that discovers, develops and commercializes therapeutic products for diseases.
| Issuer: | MannKind Corp.
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| Issue: | Common stock
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| Shares: | 36.4 million
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| Warrants: | No
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| Investors: | Seaside 88, LP and Mann Group LLC
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| Pricing date: | Aug. 10
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| Stock symbol: | Nasdaq: MNKD
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| Stock price: | $7.15 at close Aug. 10
|
| Market capitalization: | $804.28 million
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|
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| Seaside 88 investment
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| Shares: | 18.2 million (maximum)
|
| Price: | Discounted by 8%
|
|
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| Mann Group investment
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| Shares: | 18.2 million (maximum)
|
| Price: | Undiscounted, floor of $7.15
|
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