MannKind Corp. in Westlake Village has issued 7.3 million shares to creditor Deerfield to pay down $7 million in debt, according to Securities and Exchange documents filed Friday. Shares were priced at $1.71.
MannKind originally had $10 million due July 18. As part of Friday’s transaction, the date to pay off the remaining $3 million was postponed to Aug. 31. The minimum price of shares that can be used to pay off that balance was reduced from $2.01 to $1.80, according to the filings.
MannKind (MNKD) stock fell 8 cents, or 4.5 percent, on Friday to close at $1.70 on the Nasdaq.