NorthWest Biotherapeutics Inc (NWBO)

[AVII77]

My SPECULATION is that she is trying to close another portion of financing and something is holding it up.

Perhaps, but whatever the case, I don't think a proxy will come out (and therefore a meeting announcement) until Cognate gets their 8.1 million preferred shares (81 million common votes).

Subsequent to September 30, 2017, the Company and Cognate reached agreement in principle for settlement of the amounts owed, at a substantial reduction from the amounts that would otherwise be due under the contract terms. The parties are now in the process of drafting and executing the agreement. For 2016, the Company owes Cognate US approximately $17 million. Under the settlement, the Company will only pay approximately $12 million, and the remaining $5 million is being written off. The $12 million is being paid in preferred stock which will be convertible into common stock at $0.23 per share, and an equal number of warrants exercisable at $0.30 per share for a period of 2 years. For 2017, the Company would have owed Cognate US approximately $26 million under the contract terms. Under the settlement, the Company will only pay Cognate US approximately $12 million.. Of this $12 million, $5 million is being paid stock, reducing the cash costs to approximately $7 million (part of which has been paid to date). The $5 million is being paid in preferred stock on the same terms as the unrelated investors: $0.17 per share and an equal number of warrants exercisable at $0.22 per share for a period of 5 years.

Maybe there is a hold up in that negotiation.

Even with those shares (and the other preferred shares with the voting agreement) Linda doesn't have 50% of the votes under her direct control (Cognate/Toucan/personal holding).

You know, someone discussed Delcath here the other day. Their shareholders voted down a split. Twice. They issued a new class of preferred that had sole voting rights. I didn't realize that was possible. (and I'm not saying they are going to split, though they might, I'm saying that Cognate may get a different class of Preferred with different rights).