NorthWest Biotherapeutics Inc (NWBO)

[RuleofK]

It appears they have put themselves in a jam. How many shares will put the previous investors over 20%? If 10 million shares are offered o this new investor, 5 million shares will need to be accessible to the earlier investor.

At 14 million, 7 million would have had to be accessible. At 115 to 120 million shares outstanding 20% is around22 to 24 million shares. Who is this earlier investor with enough shares (15 million) that 7 million additional shares would put them at greater than 20% ownership.

This earlier investor will have to be considered for any future raise until the terms of the deal are met(1 year?). How will they be able to raise funds without violating Nasdaq rules?
Also per their S3As, they are limited to about $10 million per event. Does this look about right?