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I have no position in nwbo, now or ever. Same as always. Just waiting for the story to play out one way or another.
Seems like nwbo longs cannot comprehend the idea that someone is simply interested rather than financially involved. Odd but true.
I'm regularly accused of being part of some nefarious forces, which I know is false, which is part of the reason I don't believe the conspiracy theories.
You are totally wrong. I don't work for anyone, or need to.
If anything, CRL buying Advent would be positive for nwbo longs.
nwbo deals with CRL would be arms-length transactions rather than insider deals with Advent controlled by Powers.
Not necessarily illegal, but certainly unethical.
A situation where the CEO of a public company also controls a supplier is an ethical quagmire. It happened earlier with nwbo/Cognate, and now with nwbo/Advent.
Advent is owned by Toucan, which is Powers' private equity vehicle. You can find the international subsidiaries in the 10-K:
Name -- Jurisdiction
----------------------------------------------
Aracaris, Ltd. -- United Kingdom
Aracaris Capital, Ltd. -- United Kingdom
NW Bio Gmbh -- Germany
Northwest Biotherapeutics B.V. -- Netherlands
Advent is owned by Toucan, not nwbo shareholders.
There would be a conflict of interest for Linda Powers to negotiate both sales. She owns a chunk of nwbo (shares/warrants she granted herself), but controls all of Advent. I'd be willing to be that she would assign more value to the entity she fully controls.
I don't think that is Linda's endgame. She is building up Advent on the back of nwbo, just as happened with Cognate. Advent has real value independent of nwbo, just as with Cognate. If nwbo happens to succeed, that is just the cherry on her already enormous sundae.
CRL paid nearly a billion for Cognate, not nwbo, and despite the fact that Cognate is at present doing close to zero business with nwbo.
If CRL wanted a significant position in nwbo, they could buy it in the open market without acquiring Cognate. The idea that Cognate's holding of nwbo shares/warrants motivated the transaction is silly.
Did you somehow miss the 10% OID?
"Agreement includes an original issue discount of ten percent."
It is not an 8% loan.
Anyone else look into nwbo's loan source, Streeterville Capital?
Streeterville President John M. Fife has some SEC litigation history.
https://www.sec.gov/litigation/litreleases/2020/lr24886.htm
https://www.sec.gov/litigation/complaints/2020/comp24886.pdf
Guess that depends on your definition of toxic. 10% OID + 8% is getting toward loan shark territory.
However, it is better than "death spiral financing" deals from the likes of Lincoln Park.
There should be more details in the 10-K Subsequent Events.
Derisks 100% - silly unsupportable statement.
nwbo needed cash. $11m is a meaningful amount. Clearly a good thing.
Terms suck, but that has been true of all their debt financings. Nothing new.
Needing this much cash likely indicates that TLD is not imminent.
In turn that makes it highly likely that I won Evaluate's TLD date contest. :)
Did you consider that it might be an option seller closing out an extremely profitable position, and willing to pay less than $1000 to lock in that profit two weeks early? The other side is willing because they get more than the deeply out-of-the-money options are really worth.
Until TLD, you don't know that.
That is exactly ex's point - when nwbo has mis-estimated (or deliberately mislead) so many times, why is there any reason to believe this time is different?
I don't think nwbo buying Cognate was ever a consideration, but that's because I don't believe that "go it alone" has ever been a viable strategy.
If dcvax works, nwbo sells itself. They have no expertise in manufacturing, marketing, or sales. An approved dcvax is worth more to a company that could ramp it up quickly.
No, just sick of seeing any piece of news spun wildly positive.
According to the PRs for the CRL acquisition of Cognate, Cognate was already operating at a run rate over $100M.
They had the financial resources to scale up production as an independent company. That is not something new with the acquisition by CRL. Since that did not change, it seems neutral to nwbo.
Migration?
Exactly what significant business do you think occurred in a rented office in Camden that is being migrated?
There are plenty of examples of ihub exaggerating the importance of nothing events, but this is one of the silliest.
Do you really think that Advent (or Cognate UK before) was making products in a rented office in Camden? Probably when that lease expired they finally got around to changing the registration address.
Changing the registration address does not mean that Advent could not get work-related mail in Sawston all along.
The context is that is just a change of address. It signifies nothing except to their postal carrier and whoever collects the snail mail.
I think you are fantasizing any importance.
Advent changed its mailing address. That is the total extent of this "news", yet it will no doubt be spun into something wondrous.
Facts? I produced a legal case citation. You produced hot air.
What is the extent of your formal legal training that anyone should pay you any heed?
AstraZeneca is a client of a Cognate subsidiary for manufacturing of Covid-19 vaccine.
That might be a tad more important to CRL than whatever Cognate does for nwbo.
https://www.cognatebioservices.com/insights/cobra-biologics-signs-supply-agreement-with-astrazeneca-for-manufacture-of-covid-19-vaccine-candidate
Nope.
Cognate's ownership position in nwbo was reported in the 1/8/2019 proxy. https://www.sec.gov/Archives/edgar/data/1072379/000117494719000010/tv510447-def14a.htm
Cognate was not listed in the ownership section of the 3/27/2020 proxy. https://www.sec.gov/Archives/edgar/data/1072379/000110465920039528/tm2013863-1_def14a.htm
Two possible explanations:
1) Cognate no longer owns any nwbo securities to report.
2) Cognate is no longer a related-party, so there is no requirement to report its holdings (if any).
Feel free to try to fabricate a fictional 3rd option.
Suppliers with shares are not required to report.
The last time Cognate ownership was reported in a proxy was 1/8/2019, and that was only because of the ongoing share dispute between nwbo and Cognate.
You are very much wrong, and as usual, incapable of ever admitting that.
In this market, it is not at all clear that CRL overpaid.
The extremely limited "analysis" on ihub hasn't even considered whether there would be cost savings, or whether CRL's much larger sales/marketing team could help grow Cognate's revenue stream.
You are incorrect to say the data is not "frequently updated". It is not updated at all.
Cognate ceased to be a related-party to nwbo in 2018, and since then there is no legal or requlatory requirement to report.
That is a completely illogical speculation.
First, you have no way of knowing whether Cognate still holds any nwbo securities. Cognate is not above the threshold for SEC filing, and is no longer a related-party to nwbo.
Second, there is no plausible reason that CRL would pay a deal premium for nwbo shares when it could just buy them in the market.
Of course there is no reason for CRL to own nwbo shares anyway.
There is a lot of Cognate-nwbo history. Read the "Related Party Transactions" section of past 10-K and 10-Q SEC filings.
Cognate did manufacturing for nwbo. Cognate was owned by Toucan partnerships (controlled by Linda Powers), so a clearly incestuous relationship.
Cognate's European operations are now part of Advent in the UK. As with Cognate in the past, Advent is owned by Toucan, paid by nwbo.
Cognate (US) was sold to its management team, which meant it was no longer a related-party to nwbo. Cognate's management just sold the firm to CRL.
The "4 day rule" as described by folks on nwbo ihub is complete nonsense.
Every company that was going to significantly miss revenue or earnings forecasts would be forced to pre-announce as soon as they knew something. Clearly that does not happen.
Whoever first made up the "4 day rule" fiction has done a real disservice to the discussion.
Don't worry. There is still time to divide TLD into several multi-month processes in keeping with nwbo best practices.
Fidelity had an office in London when I worked there, actively soliciting UK customers. Schwab also had a London presence.
Schwab is my overall preferred broker, but if you ever deal in non-US ordinary shares, Fidelity is much better. Schwab talks a big game about international, but their main focus is gathering assets from folks who want to invest in US markets.
Part of the promotional game is to try to discredit anyone in disagreement, which is why I call out some of your more obvious lies.
AF is a weak straw man that only nwbo longs bring up because he is easy to attack and discredit.
Exactly the words I expected from someone who can't back up his prior statement.
I think AF is a dolt, and have said so on many occasions. Ex does not cite him positively, nor AVII, etc.
You're 100% wrong, got called on it, and not man enough to admit it.
I challenge you to find a post within the last year where any regularly-posting nwbo skeptic has brought up AF in any positive way.
Funny thing about AF - it's always the nwbo longs who bring him up.
The board skeptics tend to regard AF and Larry Smith both as conflicted and as equally poor sources of information.
Third operation in UK - no idea.
Perhaps you were thinking about Flaskworks? As far as I know, nwbo has not disclosed how Flaskworks will be integrated. Is it something that was bought for Advent?
UCLA/Cognate - The only way to know is if one of those two parties chosses to publicize it.
You are not supposed to notice manufacturing.
nwbo built up Cognate entirely to the benefit of Toucan (Linda Powers), with no proceeds for nwbo shareholders.
It certainly appears that they are doing the same think with Advent in the UK. Again, Advent is entirely owned by Toucan, not nwbo longs. Providing updates on manufacturing would draw attention to something that Linda Powers wants you to ignore.
Gleeful? Not even close. Try re-reading the post as cynical.
Are you saying that you now think my 7/1/2021 guess for TLD is too optimistic? Maybe @Evaluate will start a new contest once the latest date guessed has passed.
What about all these nice people predicting TLD tomorrow, next week, or sometime soon? Your premise would mean they are all talking nonsense!
SoS was the original source of the nwbo naked short nonsense years ago. He owns full responsibility for that issue. No one is putting words in his mouth.