What are you talking about when you say,"Hell the stock is up 50% from where they did the last conversion"?
Are you referring to this:
"On April 18, 2017, MannKind Corporation (the “Company”) and MannKind LLC, the Company’s wholly-owned subsidiary, entered into an Exchange Agreement with Deerfield Private Design Fund II, L.P. and Deerfield Private Design International II, L.P. (collectively, “Deerfield”) pursuant to which the Company agreed to, among other things, (i) repay $4 million principal amount under the 8.75% Senior Convertible Notes due 2019 held by Deerfield (the “Tranche B Notes”), (ii) exchange $1 million principal amount under the Tranche B Notes for 869,565 shares of the Company’s common stock (the “Tranche B Exchange Shares”) and (iii) exchange $5 million principal amount under the Amended and Restated 9.75% Senior Convertible Notes due 2019 held by Deerfield (the “Tranche 1 Notes”) for 4,347,826 shares of the Company’s common stock (together with the “Tranche B Exchange Shares”, the “Exchange Shares”). The exchange price for the Exchange Shares is $1.15 per share. The principal amount being repaid and exchanged under the Tranche B Notes and the principal amount being exchanged under the Tranche 1 Notes represents the principal amount that would have otherwise become due and payable in May 2017 and July 2017 under the Tranche B Notes and Tranche 1 Notes, respectively."
On April 18, the stock was at $1.22. Two weeks later it was 72 cents a share. I doubt that Deerfield wants to see another announcement of them taking yet more stock in exchange for debt if the consequence is watching the stock drop 50% in less than a month.
