NorthWest Biotherapeutics Inc (NWBO)

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I never said that warrants were positive for existing shareholders. They add to share count after exercising. But they can be attractive to buyers, as they provide cash that can be used for financing. If NWBO could get above the average warrant exercise price, the company would generate cash that could be used for corporate purposes. Market price on NWBO hasn’t been above average warrant exercise price in years, leaving many warrants to expire worthless and the company cash deficient. All that changes in a buyout. A potential low offer buyout could actually be financed with existing warrant money as a down payment.