It should be clear by now that MNKD has no intention of changing the floor price on the note conversion. So those who are looking for massive dilution are sure to be disappointed. This means that if the holders of the notes don't convert at the initial minimum price, they will either roll over their notes, likely at the terms the other holders received, or redeem the notes for cash. If redeemed for cash, then, rather than dilution, there will be some 8.3 million less shares than would have been if the notes were converted on the original terms. Along with the $15.4 million of notes already redeemed for cash (2.2 million shares not converted) that would be about 10.5 million fewer shares in circulation than shorts were looking forward to. Add in the 9 million shares BoA will be returning in the next couple of months - -
Now all we need is for script growth to accelerate.