NorthWest Biotherapeutics Inc (NWBO)

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If warrants could be exercised cashless, they wouldn’t show up on a quarterly report as a liability to the company. They are a liability at the exercise price. Once exercised, the exercise price is paid to the company and the liability disappears from the books. The share count also increases.

Warrants that expire worthless also disappear from the company’s liability. But no cash is gained from these either.