MannKind repays certain debt obligations

MannKind has repaid in full all outstanding indebtedness under both its credit and security agreement with MidCap Financial Trust and its convertible promissory note issued to Mann Group. On April 1, MannKind made a payment to the lenders under the Loan Agreement of approximately $31.6M, including a contractually obligated exit fee of $2.8M and a prepayment fee of approximately $0.3M, in full satisfaction of all of the company’s debt obligations under the Loan Agreement, which would have matured on August 1, 2025. In addition, on April 2, MannKind satisfied its obligations under the Note in exchange for payment to the Mann Group of approximately $8.9M and the issuance of 1.5 million shares of MannKind’s common stock. Upon receipt of this consideration, all indebtedness under the Note was satisfied in full and all obligations under the Note were automatically terminated.