NorthWest Biotherapeutics Inc (NWBO)

[exwannabe]

If a buyer offers $2 billion for a company with 900 million shares and there are an additional 100 million warrants executable at .50, the buyer gets 50 million back in the form of cash after putting up $2 billion. All shareholders subsequently receive $2

In your example, the buyer paid $2B and received $50M back. Net they paid $1.95B.

Without the options, the same $1.95B would have paid the shareholders $2.17/share.