That depends on whether, and to what extent, the dilution most of us anticipate is already priced in. This has been debated here for past several days. The answer is not a simple yes or no. It depends on the structure of the financing. For example: is it all stock?, how deep of discount to current price?,convertible debt?, conversion terms (price, timing)?, warrants?, Size of financing (enough to last through NDA, PDUFA, production buildout, launch)?

My gut and experience w/ MNKD tells me that 4 out of 5 possible structures will send the share price down at least under $2 and 1 out of 5 will cause share price to go up. As far as a rights offering, I intend to do what someone else here suggested first, and that is to have enough liquidity on hand to buy enough shares at depressed prices (if that occurs) to preserve the upside potential.