MannKind Corp. (MNKD)

[parkourstar]

Spencer Osborne updates:

"By my estimate, the company finished the week of August 3rd with just $17.5 million in cash. The company has $3 million due to Deerfield at the end of this month, and must finish September with over $20 million in order to remain in compliance with a Deerfield covenant.

Yes, the company has been financing itself with shares, but even that has its limits. With 153 million shares outstanding and another 78 million shares tied up in converts, warrants, options, and stock plans, the company has just 49 million shares of wiggle room.

At this stage, it seems highly likely that the company will seek to authorize more shares in 2018. Considering that shareholders approved 140 million new shares just 9 months ago, the prospects of another offering will be a bit of a slap to some long-term shareholders. I suspect the company will want to use the creation of a poison pill to sell the idea."

No wiggle room, need to authorize more shares, poison pills -- my, my, my! Such fun!