NorthWest Biotherapeutics Inc (NWBO)

[exwannabe]

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.

No. The cashless exercise has no effect at all on the liability of the warrant.

And the liability is not the exercise price. The liability is the estimated value (often via some Black-Schoals nonsense).

The difference between expiring and a cashless exercise is that in one case shares were issued. In the other no shares were.