Financing conducted with help from Jefferies, Piper Jaffray and Cowen
By Devika Patel
Knoxville, Tenn., Feb. 3 - MannKind Corp. said it priced a $75 million public offering of units with an $11.25 million greenshoe. The deal was announced Jan. 31 and priced Feb. 2.
The company sold 31.25 million units of one common share and a warrant for 0.6 shares at $2.40 per unit. Each whole warrant is exercisable at $2.40 for four years. The strike price and price per unit reflect a 10.45% discount to the Feb. 1 closing share price of $2.68.
Jefferies & Co., Inc., Piper Jaffray & Co. and Cowen and Co., LLC are the joint bookrunning managers. JMP Securities LLC is the co-manager
Settlement is expected Feb. 8.
Proceeds will be used for general corporate purposes, including research and development expenses, capital expenditures, working capital and general administrative expenses.
Valencia, Calif.-based MannKind is a biopharmaceutical company.
| Issuer: | MannKind Corp.
|
| Issue: | Units of one common share and a warrant for 0.6 shares
|
| Amount: | $75 million
|
| Greenshoe: | $11.25 million
|
| Units: | 31.25 million
|
| Price: | $2.40
|
| Warrants: | One warrant for 0.6 shares per unit
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $2.40
|
| Bookrunners: | Jefferies & Co., Inc., Piper Jaffray & Co. and Cowen and Co., LLC
|
| Announcement date: | Jan. 31
|
| Pricing date: | Feb. 2
|
| Settlement date: | Feb. 8
|
| Stock symbol: | Nasdaq: MNKD
|
| Stock price: | $2.68 at close Feb. 1
|
| Market capitalization: | $265.47 million
|
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