Mannkind (NASDAQ:MNKD) stock is booming today.
The surge came as the company announced that it plans on selling up to 50 million shares to Israeli exchange trade funds (ETFs) by Nov. 15.
The news came after Mannkind said it was canceling the sale due to pressure from the Israel Securities Authority. However, only certain restrictions apply to such a sale under the Israeli Securities Authority.
Mannkind expects to sell 40 million shares for $94 million, keeping liquidity concerns at a minimum.
Without trying to guess the exact amount of stock investors will buy from the company versus on the open market, proceeds from this issue should materially add to the current cash position of $37m and help calm concerns about nearterm liquidity,” said Jefferies analyst Shaunak Deepa
MNKD stock is up 30.9% Thursday.
More From InvestorPlace:
