NorthWest Biotherapeutics Inc (NWBO)

[ATLnsider]

These were the points I was trying to make a couple of days ago:

Regarding the stock options, it appears that some are suggesting that the 20% of outstanding shares would mean an additional 100,000,000 shares in new stock options. However, my interpretation is that the increase in stock options would only be incremental to allow the “Evergreen” provision to keep the number of granted stock options at the 20% of outstanding shares level.

If you look at the 10-Q for the period ended 9/30/2018 on pages 13 & 14, NWBO already had granted Stock Compensation or granted Stock Options of 100,159,000. The 20% Evergreen provision allows them to grant up to 20% of total outstanding shares, which were 510,100,000 as of 9/30/2018. The total allowable grantable stock options, based on the Evergreen provision would be 510,100,000 X 20% = 102,020,000. Therefore, the incremental increase in stock options would only be: 102,020,000 - 100,159,000 = 1,861,000 shares.

As the number of total outstanding shares increase, the incremental number of grantable stock options would also increase based on the Evergreen provision.

My points are: (1) the increase in stock options are incremental, not absolute & are based on the total number of outstanding shares; (2) NWBO has already granted about 100,159,000 stock options & these shares should be counted towards the 20% Evergreen provision, (3) the immediate impact of this Evergreen provision will be less than 2,000,000 shares.

I know that you probably already understood all of these points, but based on some of the postings I have read, I don’t believe everyone on this board understood them. I am not saying that the Evergreen provision is legal or illegal.