MannKind Corporation (NASDAQ: MNKD) has been seeing its shares sag ahead of a stock and debt offering. The company plans to sell about $50 million in new shares and up to $161 million in debt. The sale will include units which have shares and warrants attached and are going to be coordinated by Jeffries, Piper Jaffray, and Cowen & Co.
CEO Alfred Mann’s The Mann Group will also be participating in the offering. The Afrezza inhalable insulin is the company’s target and it has been riddled with criticisms in recent years. Some of the criticisms are internal, but much may also be to failures from other drug and biotech companies seeking to offer diabetics a new means of insulin delivery rather than injections.
Shares were near $3.40 as recently as last Friday and the stock has slid down each day since. Shares are down almost 2% at $2.63 today and the 52-week trading range is $2.20 to $5.42. The offering is currently expected to price tonight.
Sponsored: Want to Retire Early? Here’s a Great First Step
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
