I am keeping my position since a $500 million equity offering would be 250 million shares assuming a $2.00 per share offering. This would bring the total number of shares to 450 million. Add in the 21 million from the warrants and then add the employee restricted shares + option and it is probably in the neighborhood of 500 million shares.

Bristol-Meyers Squibb recently aquired Amylin at a valuation of about $5 billion. Since I feel Afrezza it a more valuable drug than Bydureon, this still values MNKD at $10.00 or more per share.

I think Warren Buffett said it best that the stock market in the short term is a voting machine, but in the long term it is a weighing machine.

I would sell if I thought they cannot raise the money even through an equity offering.