MannKind Announces Exercise In Full of Over-Allotment Option and Completion of Public Offering
MannKind Corporation (Nasdaq: MNKD) today announced the completion of an underwritten public offering of 35,937,500 units, including 4,687,500 units sold pursuant to the full exercise of an over-allotment option previously granted to the underwriters (with each unit consisting of one share of its common stock and a warrant to purchase 0.6 of a share of its common stock). All of the securities were offered by MannKind at a combined price to the public of $2.40 per unit.
The gross proceeds to MannKind from this offering were approximately $86.3 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by MannKind. The warrants are exercisable at $2.40 per share and expire four years from the date of issuance. The shares of common stock and warrants are immediately separable and were issued separately. MannKind anticipates using the net proceeds from the offering for general corporate purposes, including research and development expenses, capital expenditures, working capital and general administrative expenses.
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