NorthWest Biotherapeutics Inc (NWBO)

[forumreader35]

Someone posted the original document to scribd:
https://www.scribd.com/document/290761515/Yonemura-v-Powers-Et-Al
You can't download without an account but you can read

Convertible debt discount rate seems to be the big issue.
Found typical convertible debt discount rate of 15-25% but can be higher with increase in perceived risk. Eary biotech with no revenue is as risky as it comes I'd think. Excerpt from
https://www.cooleygo.com/convertible-debt/
Conversion discount. In many cases convertible notes provide for a discounted conversion into the issuer’s equity, on the theory that the noteholder should receive a benefit relative to the subsequent equity investors in recognition of the added risk taken by the noteholder by investing earlier in the issuer. A typical discount off of the price paid by the subsequent equity holders would be 15-25%. Conversion discounts may be higher in investments with more perceived risk, either because the note may have a longer maturity or because of the specific circumstances of the issuer. Note that with the increased use of caps (see below), the variability of conversion discounts has been greatly reduced.