NorthWest Biotherapeutics Inc (NWBO)

[TZOR]

The effect will be zero if the warrants expire as they were never purchased. All that NWBO gave was the right to purchase the warrants.

I also went back to review the press release and noticed that there were also warrants with an exercise price of $2.25 included. The extra allotment was additional warrants, yes people spun it to mean there was a positive outcome coming, and other people spun it to mean negative.

The financing was structured in a tiered fashion.

NW Bio Announces Registered Direct Offering Of Up To $27.6 Million With Existing Institutional Investors
BETHESDA, Md., February 29, 2016 – Northwest Biotherapeutics (NASDAQ: NWBO) (NW Bio), a biotechnology company developing DCVax® personalized immune therapies for solid tumor cancers, today announced that it has entered into definitive agreements with current institutional investors for a registered direct offering with gross proceeds of up to approximately $27.6 million, assuming exercise in full of the overallotment option described below.

As part of the transaction, the Company will immediately sell approximately 5.88 million shares of common stock at a purchase price of $1.70 per share resulting in gross proceeds to the Company of $10 million. The investors will also receive warrants to purchase up to approximately 2.94 million shares of common stock with an exercise price of $2.25 per share. The warrants will have an exercise period of five years commencing on the 6-month anniversary of the warrant issuance.

In addition, Northwest granted to the investors a 60-day overallotment option to purchase up to an additional 5.88 million shares of common stock at a purchase price of $3.00 per share, for an aggregate purchase price of approximately $17.6 million. In connection with such purchase of shares pursuant to the overallotment option, the investors will receive warrants to purchase up to 2.94 million shares of the Company’s common stock with an exercise price of $4.00 per share and an exercise period of five years commencing on the 6-month anniversary of the warrant issuance.

The placement is expected to close on or about March 3, 2016, subject to satisfaction of customary closing conditions. H.C. Wainwright & Co., LLC acted as the exclusive placement agent for the transaction.

The securities described above are being offered pursuant to a shelf registration statement (File No. 333-207976), which was declared effective by the United States Securities and Exchange Commission (“SEC”) on December 22, 2015. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. When filed with the SEC, copies of the prospectus supplement and the accompanying base prospectus relating to this offering may be obtained at the SEC’s website at http://www.sec.gov or by request at H.C. Wainwright & Co., LLC, at [e-mail].