NorthWest Biotherapeutics Inc (NWBO)

[Tony888]

Most favored nation term on Cognate agreements and invoice conversations

Did some digging on what this mean to the recent financing and here is my understanding;

Shares and warrants issued to Cognate for the manufacturing agreements and invoice conversions since January 2014 will be adjusted. All issued shares were valued at $4. So now they need to be revalued to $3.60. So, Cognate is now entitled to 10% more shares because of this financing. Warrants are $4 exercise, which is lower than $4.50 for the current financing so no change in the exercise price for the warrants. However additional warrants will be issued for the 10% increase in shares at 50% warrant coverage so 5% more warrants will be issued to Cognate. Further, new financing has 50% warrant coverage but Cognate agreements only had 48% warrant coverage so i think a further 1% increase in warrants is also due to Cognate.

So this financing is causing more dilution than what is in the PR. However, if these financing terms are the best they can get, what else can they do to keep going?

Any thoughts on my understanding?