NorthWest Biotherapeutics Inc (NWBO)

[Doktornolittle]

"In November 2014, the Company approved the issuance of adjustment shares under the most favored nation provision as a result of transactions done with unrelated investors. The approval and the plan to issue the adjustment shares was reported in the Company’s SEC filings at that time and subsequently, but the shares were not actually issued until October 2015, when completion of that issuance was required as a pre-condition of a $30 million financing the Company entered into."

I'm probably missing the point, but if you were Woodford buying $30M worth of shares at a price relating to market value, and knew that an 8M share adjustment (shares to Cognate) was hardwired, wouldn't you want that adjustment to occur before the purchase, rather than after, so that the corresponding price dip would benefit the purchase, which would be fair.

As I read it, it was the timing of the adjustment, not the adjustment itself that Woodford required as part of the deal.

If so, maybe it was just that minor timing detail that generated the NASDAQ violation.