MannKind Confirms Planned Stock Sale
November 11 2015 - 3:11PM
MannKind Corporation (Nasdaq:MNKD) (TASE:MNKD)
today announced that its shares will enter the following Tel Aviv
Stock Exchange, or TASE, indexes as planned on November 15, 2015:
TA-100, TA-75, TA-Composite, TA-Biomed, TA-Blue-Tech and
TA-Tech-Elite.
The Company is reconfirming its expectation of completing a
previously-announced registered direct offering of its common stock
to selected investment funds in Israel that are required to hold
securities included within certain stock indexes of the TASE. The
final number of shares to be sold in the offering will be
determined based upon the number of shares the purchasers are
required to hold within the indexes, and subject to the purchasers'
desired allocation amounts.
The shares will be issued pursuant to the Company's effective
registration statement on Form S-3 (File No. 333-333-206778) and
are being offered pursuant to a related prospectus supplement filed
with the Securities Exchange Commission on November 9, 2015. Copies
of the prospectus supplement and accompanying prospectus are
available on the SEC's website located at http://www.sec.gov and
may also be obtained by contacting the Company at 25134 Rye Canyon
Loop, Suite 300, Valencia, CA 91355, Attn: Investor Relations, or
by telephone at (661) 775-5300. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of, the shares in any state or other
jurisdiction which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction. The shares
sold in the offering will trade on the Nasdaq Global Market as well
as the TASE. According to the Israeli Securities Authority's
announcement to the Company on November 11, 2015, certain
restrictions will apply to the issued shares on TASE under the
Israeli Securities Authority.
Trading Regulations
The Company's shares will continue to be listed on the Nasdaq
Global Market, subject to the rules and regulations of the Nasdaq
Global Market applicable to listed companies. Under Israel's Dual
Listing Law, U.S.-listed companies may also list on the TASE
without substantial additional regulatory requirements. Investors
should note that trading on the TASE occurs Sunday through Thursday
from 8:30 am to 4:30 pm Israel time, except on TASE trading
holidays, and trading on the Nasdaq Global Market occurs Monday
through Friday, 9:30 am to 4:00 pm Eastern Time, except on Nasdaq
holidays. The TASE Clearing House is electronically linked to the
Depository Trust Company, a subsidiary of the Depository Trust
& Clearing Corporation, to automate the cross-border settlement
of shares listed on both the TASE and a U.S. Exchange.
About MannKind Corporation
MannKind Corporation (Nasdaq:MNKD) (TASE:MNKD) focuses on the
discovery and development of therapeutic products for patients with
diseases such as diabetes. MannKind maintains a website at
http://www.mannkindcorp.com to which MannKind regularly posts
copies of its press releases as well as additional information
about MannKind. Interested persons can subscribe on the MannKind
website to e-mail alerts that are sent automatically when MannKind
issues press releases, files its reports with the Securities and
Exchange Commission or posts certain other information to the
website.
Forward-Looking Statements
Statements contained in this press release that are not strictly
historical in nature are forward-looking statements that involve
risks and uncertainties. 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 the
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 these risks and
uncertainties, which include, without limitation, whether the
purchasers in the offering complete the anticipated purchase
pursuant to the terms of the stock purchase agreements, potential
changes in the expected size and timing of the offering, MannKind's
dependency on Sanofi for commercialization of Afrezza, need and
ability to raise additional capital and other risks detailed in
MannKind's filings with the Securities and Exchange Commission,
including the Annual Report on Form 10-K for the year ended
December 31, 2014, subsequently filed periodic reports on Form 10-Q
and current reports on Form 8-K. 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.
CONTACT: Company Contact:
Matthew J. Pfeffer
Chief Financial Officer
661-775-5300
mpfeffer@mannkindcorp.com
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