NorthWest Biotherapeutics Inc (NWBO)

[JerryCampbell]

I suspect anyone hedging a short nwbo position with warrants would size their positions properly to avoid the situation you describe.

I doubt that anyone with such a position would include loyalty to the company as one of their factors in deciding cashless vs cash exercise.

The algebra was simply a refutation of the notion that a short squeeze would encourage a warrant holder toward cash exercise.