MannKind Corporation Announces Exchange of Convertible Notes for Stock and Cash

DANBURY, Conn. and WESTLAKE VILLAGE, Calif., Dec. 18, 2024 (GLOBE NEWSWIRE) -- MannKind Corporation (Nasdaq: MNKD) today announced today that it has entered into separate, privately negotiated exchange agreements with certain holders (the “Holders”) of its 2.50% Convertible Senior Notes due 2026 (the “Notes”). Under the terms of the exchange agreements, the Holders agreed to exchange an aggregate principal amount of approximately $193.7 million of Notes held by them in exchange for an aggregate of 26,749,559 shares of the Company’s common stock (“Shares”). In addition, pursuant to the exchange agreements, MannKind will make an aggregate cash payment of approximately $89.2 million to the Holders for additional exchange consideration.