NorthWest Biotherapeutics Inc (NWBO)

[Poor Man -]

This was an excellent resolution with Nasdaq.

Besides the obvious reduction in dilution and resolution of the issues with Nasdaq, I thought it showed a real commitment to shareholders and brought Cognate into the solution. Cognate is basically owned by the same investors at Toucan (although there could be some differences), so at the end of the day those investors in Cognate will be made whole by improvement in NWBO’s financial and business outlook. And it obviously speaks to the belief by everyone involved that the outlook for NWBO is positive. It was always my belief that Cognate needed to play a role in the solution.

The problem remains that without a great deal of volume and institutional investment (which is hard when the stock price is so low), the stock remains at the disposal of traders and their trading algorithms, which does not typically allow for large percentage increases, since the programs are geared to quickly take profits once volume eases up. The warrants really are poison, since those same algorithms take the 35 cent strike price into account, and therefore quickly take profits around that figure, It’s one reason why the stock cannot make a clear breakthrough past the 35 cent range without substantially higher volume from investors (as opposed to traders).