MannKind Corporation Reduces Debt by $194 Million and Strengthens Cash Position to Over $180 Million
MannKind Corporation Reduces Debt by $194 Million and Strengthens Cash Position to Over $180 Million
MannKind Corporation reduces debt by $194 million and increases cash position to over $180 million through note exchanges.
曼恩凯德生物医疗通过债券交换减少债务19400万,并将现金储备提高到超过18000万。
Quiver AI Summary
Quiver AI 概要
MannKind Corporation has announced a significant reduction in its debt by entering into exchange agreements with holders of its 2.50% Convertible Senior Notes due 2026, leading to a decrease in outstanding debt by approximately $194 million and lowering annual interest expense by $4.9 million. As part of this transaction, MannKind will exchange about $193.7 million of Notes for 26,749,559 shares of common stock and will make an additional cash payment of $89.2 million to the noteholders. Following this, MannKind's cash position will exceed $180 million, supporting its strategic initiatives in commercial growth and pulmonary pipeline development. The completion of the transaction is expected in two closings, with the first on or about December 20, 2024.
曼恩凯德生物医疗宣布通过与其2026年到期的2.50%可转换优先票据持有者达成交换协议,显著减少其债务,导致未偿还债务减少约19400万和年利息费用降低490万。作为此次交易的一部分,曼恩凯德将用约19370万的票据交换26749559股普通股,并向票据持有人额外支付8920万现金。完成后,曼恩凯德的现金位置将超过18000万,以支持其在商业增长和肺部管线开发中的战略计划。预计该交易将分两次完成,第一次将在2024年12月20日左右。
Potential Positives
潜在的积极因素
- Company debt reduced by approximately $194 million, representing an 84% decrease in total outstanding debt.
- Annual interest expense will be reduced by $4.9 million, significantly improving the company's financial position.
- Post-transaction cash position will exceed $180 million, providing the company with ample liquidity for strategic initiatives.
- Potential savings of approximately 10.4 million shares in dilution from the exchange of convertible notes enhances shareholder value.
- 公司债务减少约19400万,代表总未偿还债务的84%的减少。
- 年利息费用将减少490万,显著改善公司的财务状况。
- 交易后的现金储备将超过18000万,为公司提供充足的流动性以支持战略计划。
- 可转换票据的交换将带来约1040万股的稀释潜在节省,提高股东价值。
Potential Negatives
潜在负面因素
- The issuance of approximately 26.7 million new shares could lead to significant dilution for existing shareholders, despite the stated potential savings of 10.4 million shares in dilution.
- The press release highlights the need to negotiate exchange agreements for debt reduction, indicating financial instability and reliance on temporary solutions rather than sustainable financial health.
- The non-registration of the shares under the Securities Act may limit the liquidity and marketability of the newly issued shares, potentially affecting investor confidence.
- 发行大约2670万新股可能会导致现有股东的显著稀释,尽管所述潜在节省为1040万股的稀释。
- 新闻稿强调需要谈判交易所协议以减少债务,表明财务不稳定且依赖临时解决方案而非可持续的财务健康。
- 根据证券法未注册的股份可能会限制新发行股份的流动性和市场性,可能影响投资者信心。
FAQ
常见问题
What recent financial changes were announced by MannKind Corporation?
最近曼恩凯德生物医疗公司宣布了哪些财务变化?
MannKind Corporation announced a reduction in debt by $194 million and a cash balance exceeding $180 million after closing.
曼恩凯德生物医疗公司宣布减少债务19400万美元,并在交易结束后现金余额超过18000万美元。
How will the exchange of convertible notes impact MannKind's debt?
可转换票据的交换将如何影响曼恩凯德的债务?
The exchange will reduce MannKind's total outstanding debt by approximately 84%, decreasing it from $230 million to about $36.3 million.
交易所将把曼恩凯德生物医疗的总未偿债务减少约84%,从$23000万降低至约$3630万。
What will be the expected cash position after the transaction closes?
交易完成后,预计现金状况将如何?
Following the transaction, MannKind expects to have a cash balance in excess of $180 million.
交易后,曼恩凯德生物医疗预计将拥有超过$18000万的现金余额。
What is the purpose of the exchange agreements for MannKind?
交易协议对曼恩凯德生物医疗的目的是什么?
The exchange agreements aim to help MannKind focus on growth and support its pulmonary pipeline programs.
交易协议旨在帮助曼恩凯德生物医疗专注于增长并支持其肺部管线项目。
How many shares will MannKind issue as part of the exchange?
曼恩凯德生物医疗将在交易中发行多少股股票?
MannKind will issue approximately 26,749,559 shares of common stock as part of the exchange agreement.
曼恩凯德生物医疗将作为交易协议的一部分,发行大约26,749,559股普通股。
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
免责声明:这是由GlobeNewswire分发的新闻稿的人工智能生成摘要。用于总结这份稿件的模型可能会出错。请在这里查看完整发布。
$MNKD Insider Trading Activity
$MNKD 内部交易活动
$MNKD insiders have traded $MNKD stock on the open market 11 times in the past 6 months. Of those trades, 0 have been purchases and 11 have been sales.
$MNKD 内部人士在过去6个月中在公开市场上交易了 $MNKD 股票11次。 其中0次为买入,11次为卖出。
Here's a breakdown of recent trading of $MNKD stock by insiders over the last 6 months:
以下是过去6个月内部人士对$MNKD股票的最近交易情况:
- STEVEN B. BINDER has traded it 4 times. They made 0 purchases and 4 sales, selling 142,966 shares.
- STUART A TROSS (Chief People & Workpl Officer) has traded it 4 times. They made 0 purchases and 4 sales, selling 160,000 shares.
- MICHAEL CASTAGNA (Chief Executive Officer) sold 85,106 shares.
- DAVID THOMSON (EVP Genl Counsel & Secretary) has traded it 2 times. They made 0 purchases and 2 sales, selling 8,668 shares.
- STEVEN B. BINDER 交易了4次。他们没有买入,进行了4次卖出,卖出142,966股。
- STUART A TROSS(首席人事与工作场所官)交易了4次。他们没有买入,进行了4次卖出,卖出160,000股。
- MICHAEL CASTAGNA(首席执行官) 卖出85,106股。
- DAVID THOMSON(执行副总裁、总法律顾问及秘书)交易了2次。他们没有买入,进行了2次卖出,卖出8,668股。
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
要跟踪内部交易,请查看Quiver Quantitative的内部交易特斯拉-仪表。
$MNKD Hedge Fund Activity
MNKD对冲基金动向
We have seen 119 institutional investors add shares of $MNKD stock to their portfolio, and 80 decrease their positions in their most recent quarter.
我们看到119家机构投资者在其投资组合中增加了$MNKD股票的份额,80家在最近一个季度减少了他们的持仓。
Here are some of the largest recent moves:
以下是最近的一些重大变动:
- MILLENNIUM MANAGEMENT LLC removed 3,093,569 shares (-65.2%) from their portfolio in Q3 2024
- JACOBS LEVY EQUITY MANAGEMENT, INC added 1,947,813 shares (+inf%) to their portfolio in Q3 2024
- FEDERATED HERMES, INC. added 1,902,398 shares (+101030.2%) to their portfolio in Q3 2024
- DIMENSIONAL FUND ADVISORS LP added 1,810,962 shares (+620.2%) to their portfolio in Q3 2024
- SOLEUS CAPITAL MANAGEMENT, L.P. removed 1,558,537 shares (-100.0%) from their portfolio in Q2 2024
- BANK OF AMERICA CORP /DE/ added 1,358,321 shares (+109.5%) to their portfolio in Q3 2024
- ARROWSTREET CAPITAL, LIMITED PARTNERSHIP added 1,300,125 shares (+inf%) to their portfolio in Q3 2024
- MILLENNIUm MANAGEMENt LLC在2024年第三季度从其投资组合中移除了3,093,569股(-65.2%)。
- JACOBS LEVY EQUITY MANAGEMENt, INC在2024年第三季度向其投资组合中增加了1,947,813股(+inf%)。
- Federated Hermes, Inc.在2024年第三季度向其投资组合中增加了1,902,398股(+101030.2%)。
- DIMENSIONAL FUND ADVISORS LP在2024年第三季度向其投资组合中增加了1,810,962股(+620.2%)。
- SOLEUS CAPITAL MANAGEMENt, L.P.在2024年第二季度从其投资组合中移除了1,558,537股(-100.0%)。
- 美国银行CORP /DE/在2024年第三季度将1,358,321股 (+109.5%) 纳入其投资组合
- ARROWSTREET CAPITAL, LIMITED PARTNERSHIP在2024年第三季度新增1,300,125股 (+inf%) 到其投资组合
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
要跟踪对冲基金的股票投资组合,请查看Quiver Quantitative的机构持有情况仪表。
Full Release
完整发布
-
Company debt reduced by $194 million
-
Cash position after closing will be in excess of $180 million
-
公司债务减少了$19400万
-
关闭后的现金头寸将超过$18000万
DANBURY, Conn. and WESTLAKE VILLAGE, Calif., Dec. 18, 2024 (GLOBE NEWSWIRE) --
MannKind Corporation (Nasdaq: MNKD)
today announced today that it has entered into separate, privately negotiated exchange agreements with certain holders (the "Holders") of its 2.50% Convertible Senior Notes due 2026 (the "Notes"). Under the terms of the exchange agreements, the Holders agreed to exchange an aggregate principal amount of approximately $193.7 million of Notes held by them in exchange for an aggregate of 26,749,559 shares of the Company's common stock ("Shares"). In addition, pursuant to the exchange agreements, MannKind will make an aggregate cash payment of approximately $89.2 million to the Holders for additional exchange consideration.
康涅狄格州丹伯里和加州西湖村,2024年12月18日 (GLOBE NEWSWIRE) --
曼恩凯德生物医疗公司 (纳斯达克: MNKD)
今天宣布已与某些持有者("持有者")达成了单独的私人协商交易协议,这些持有者持有的2.50%可转换高级票据到期于2026年("票据")。根据交易协议的条款,持有者同意将其持有的总计约19370万美元的票据交换为公司普通股的总计26,749,559股("股份")。此外,根据交易协议,曼恩凯德生物医疗将向持有者支付约8920万美元的现金作为额外的交换对价。
The transaction is expected to close in two closings, with the first closing on or about December 20, 2024 and the second closing on or about December 23, 2024, in each case, subject to customary closing conditions.
交易预计将分两次完成,第一次关闭将在2024年12月20日左右,第二次关闭将在2024年12月23日左右,在每种情况下均需满足通常的交割条件。
This repurchase decreases MannKind's total outstanding debt by 84%. In addition, there were 37.2 million shares reserved for conversion of the approximately $193.7 million principal amount of Notes, corresponding to a potential savings of approximately 10.4 million shares of dilution. This transaction is expected to help the Company to focus on its strategic priorities of delivering continued growth of its commercial business and supporting the development of its pulmonary pipeline programs.
此次回购减少了曼恩凯德生物医疗的总债务84%。此外,为约19370万美元本金金额的票据预留了3720万股用于转换,预计可以节省约1040万股的稀释。本次交易预计将帮助公司专注于其战略优先事项,即持续推动其商业业务的增长,并支持其肺部管线项目的发展。
Immediately following the exchange of the Notes contemplated by the exchange agreements, the aggregate principal amount of the Notes will be reduced from $230 million to approximately $36.3 million, and annual interest expense will be reduced by $4.9 million to approximately $0.9 million. Following the exchange of the Notes, MannKind's cash balance will be in excess of $180 million with approximately 302.5 million shares outstanding.
在交易协议所涉及的票据交换后,票据的总本金将从23000万美元减少至约3630万美元,年度利息支出将减少490万美元至约90万美元。票据交换后,曼恩凯德生物医疗的现金余额将超过18000万美元,流通股总计约30250万股。
The shares of MannKind's common stock being issued have not been, and will not be, registered under the Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from (or in a transaction not subject to) registration requirements. This press release shall not constitute an offer to sell or a solicitation of an offer to buy MannKind's common stock or any other securities and will not constitute an offer, solicitation, or sale in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful.
曼恩凯德生物医疗发行的普通股尚未且将不会根据1933年证券法或任何州的证券法进行注册,也不得在未注册或适用的豁免情况下在美国进行报价或出售。本新闻稿不构成对销售的提议或对购买曼恩凯德生物医疗普通股或任何其他证券的招揽,也不构成在任何州或司法管辖区内进行此类提议、招揽或销售的提供,在该州或地区内此类提议、招揽或销售将是非法的。
A
bout MannKind
MannKind Corporation (Nasdaq: MNKD) focuses on the development and commercialization of innovative inhaled therapeutic products and devices to address serious unmet medical needs for those living with endocrine and orphan lung diseases.
A
关于曼恩凯德生物医疗
曼恩凯德生物医疗公司(纳斯达克:MNKD)专注于开发和商业化创新的吸入式治疗产品和设备,以满足那些患有内分泌和孤儿肺病的患者的严重未满足的医疗需求。
We are committed to using our formulation capabilities and device engineering prowess to lessen the burden of diseases such as diabetes, nontuberculous mycobacterial (NTM) lung disease, pulmonary fibrosis, and pulmonary hypertension. Our signature technologies – dry-powder formulations and inhalation devices – offer rapid and convenient delivery of medicines to the deep lung where they can exert an effect locally or enter the systemic circulation, depending on the target indication.
我们致力于利用我们的配方能力和设备工程技术来减轻糖尿病、非结核分枝杆菌(NTM)肺病、肺纤维化和肺动脉高压等疾病的负担。我们的标志性技术——干粉配方和吸入设备——能够快速方便地将药物输送到深部肺部,药物可以在局部发生作用或进入系统循环,这取决于目标适应症。
With a passionate team of Mannitarians collaborating nationwide, we are on a mission to give people control of their health and the freedom to live life.
我们拥有一支充满热情的曼恩凯德团队,在全国范围内协作,致力于让人们掌控自己的健康,享受生活的自由。
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Forward-Looking Statements
前瞻性声明
Statements in this press release that are not statements of historical fact are forward-looking statements that involve risks and uncertainties. These statements include, without limitation, statements regarding closing of the transaction, and timing thereof, MannKind's financial position, including cash position and interest expense, savings in potential shareholder dilution related to the exchange of convertible notes and potential operating benefits from reduced debt. Words such as "believes," "anticipates," "plans," "expects," "intend," "will," "goal," "potential" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon MannKind's current expectations. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks detailed in MannKind's filings with the Securities and Exchange Commission ("SEC"), including under the "Risk Factors" heading of its Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 27, 2024, and subsequent periodic reports on Form 10-Q. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and MannKind undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.
本新闻稿中不属于历史事实的声明是涉及风险和不确定性的前瞻性声明。这些声明包括但不限于关于交易完成及其时机的声明、曼恩凯德生物医疗的财务状况,包括现金状况和利息支出、与可转换票据的交换相关的潜在股东稀释的节省以及减少债务带来的潜在运营收益。诸如“相信”、“预期”、“计划”、“期望”、“打算”、“将”、“目标”、“潜力”等类似表达旨在识别前瞻性声明。这些前瞻性声明基于曼恩凯德生物医疗当前的预期。实际结果和事件的时机可能由于各种风险和不确定性而与预期有实质性差异,其中包括但不限于在曼恩凯德生物医疗向证券交易委员会(“SEC”)提交的文件中详细列出的风险,包括2023年12月31日结束的年度报告中的“风险因素”标题下的内容,该报告于2024年2月27日提交给SEC,以及随后提交的10-Q表格的定期报告。您被警告不要对这些仅在本新闻稿日期时有效的前瞻性声明给予过度依赖。所有前瞻性声明均受到本警告性声明的完全限制,曼恩凯德生物医疗不承担任何义务对任何前瞻性声明进行修订或更新,以反映本新闻稿日期之后的事件或情况。
MANNKIND is a registered trademark of MannKind Corporation.
MANNKIND是曼恩凯德生物医疗公司的注册商标。