MannKind Corp. (MNKD)

[Nolerman]

Not an offering, it's an ATM. Nor have they exercised any of the $50Mil in shares as of yet. Read at the bottom of Page 52 on he amendment filed last night. On the surface, it seems to be an attempt to avoid a secondary in order to accomplish the same effect for funding, yet at market upon execution and subsequent selling on the secondary market. Not sure how I feel about this....a lot of shares here. Generally this won't be a problem until there is a run, which will likely be muted by the ax (ATM) at certain levels. Hope for a massive run with tremendous volume on good news. May want to consider selling further out of the money calls.