MannKind sells 10.17M shares at $6.00 in registered direct offering
MannKind announced that it entered into definitive agreements with certain institutional investors and other investors in connection with a registered direct offering of an aggregate of 10,166,600 shares of common stock at an offering price of $6.00 per share, for gross proceeds of approximately $61M. The offering is expected to close on or about October 13. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. "With this offering, we have made substantial progress in our efforts to recapitalize the company," said Michael Castagna, CEO of MannKind. The stock closed yesterday up $1.38, or 26%, to $6.71 after H.C. Wainwright initiated coverage of the name with a Buy rating and $7 price target.