Thursday, October 18, 2012

Morning Buzz: MannKind Corporation (NASDAQ:MNKD), Supervalu INC.(NYSE:SVU)

Diabetes drug developer MannKind Corporation(NASDAQ:MNKD) is planning to make a public offering of stocks and warrants, the company said on Wednesday.

The company said that it intended to offer common shares and warrants to purchase common shares in the underwritten offering.

It did not reveal any other details about the offering including the size and pricing. The offer was subject to market and other conditions being met.

Will MNKD Bounce Back After Today’s Slump? Find Out Here

The proceeds of the share sale would be used for general corporate purposes including research and development, capital expenses, working capital and other expenses of a routine nature, it said.

Shares in the company fell sharply in after-hours trading after the news.

Shares of MNKD slumped 62 cents or 23.85% to $1.99 in early session on hefty volume of 19 million shares.

Grocery stores chain SUPERVALU INC.(NYSE:SVU) said on Thursday that it had received a number of indications of interests from prospective buyers.

The company had said earlier that it was considering a number of strategic options including an outright sale of its chain of stores.

The company has been toying with different ideas after losing more than $2.5 billion over two years, as it struggled with competition from discount retailers and rising costs that were eating into its profits.

Supervalu said it was in "active dialogue" with several parties. However, "there can’t be any assurance the review will result in a transaction," it added.

Supervalu shares rose 4.90 percent to $2.14 at 1:14 a.m. in New York, after trading as high as $2.23.

No comments:

Post a Comment

Privacy Policy | Legal Disclaimer