I haven't had a chance to read the offering materials, just the commentary here, but to me, it's a big "so what."

Shelf offerings are very common. It doesn't foreclose any other type of financing, including all the fanciful types that we discussed on this board over the past several weeks. "Fanciful" because many of them will never happen, because they don't make sense to one important party - that would be the lender or the one with the money.

So, this offering has been registered and they can go to it from time to time, so long as they keep their prospectus "evergreen" meaning they update it everytime there is a material event, and certainly from quarter to quarter with financials and any and all other materials necessary in order to comply with the Securities Exhange Act of 1934.

MNKD will keep looking for money, and this makes it possible to get some quickly, and publically, as opposed to in a private placement.

Will the stock take a hit - of course, because people hate to see stuff like this, but it's nothing at all unexpected or odd - it's just preparing for raising money.

Would it have been better than announcing Al has agreed to raise the line of credit by $300 million and offer it at Prime? No, of course not. But it's better than nothing, cuz it signals they are at least ready to raise money publically, and gives them flexiblility in the ways in which to accomplish it. The market won't see it that way, and I can understand that, they see dilution - well, guess what, we all knew or should have known that dilution was coming. Will it be 500% like OPC mentioned, more or less? Who knows.

The authentic movement in the stock should come at the time that each tranche of financing under this shelf offering actually comes to market. If, for example, MNKD were to announce next Wednesday that they were going to offer 50 million shares at $2.00 per share and had a firm underwriting for the money, well, then they would have used up $100 million of the shelf and the stock should get hit down to $2.10 or so. If, on the other hand they said they were going to be able to sell 50 million shares for $2.75 per share, guess what, the stock would go up. I'll leave it to everyone here to figure which one of the above scenarios is more likely at present.

If some good news were announced that made the stock move to $3.50, then they might be able to float 50 million shares for $3.25. Any of these offerings may have warrants attached.

But when news gets announced Friday after close (and three day weekend to boot), you know which way the company thinks the stock's going on Tuesday!!