NorthWest Biotherapeutics Inc (NWBO)

[JerryCampbell]

Split data details

9/26/2012: 1 for 16 reverse split
6/28/2007: 1 for 15 reverse split

Cumulative split factor for pre-6/28/07 shares is 1 for 240.

Reverse splits do not change ownership percentage, so I disagree with your notion that Linda/Cognate "lost" anything via reverse split. Most of the nwbo longs here have held less than 7 years, so never affected by the reverse splits.

What changes ownership percentage is new issuance. So let's look at some of that data since the end of 2014. Pick a different start date if you prefer - does not change the story.

Date ------Shares Out--------Potentially dilutive ----Linda ------Cognate -----Note
12/31/14 ----69M -------------------33M -------------------42M -------30.6M -------Cognate included in Linda total
12/31/18 ----523M ----------------505M -----------------137M -------20.6M -------Cognate not included in Linda total, and amount disputed.


On a fully diluted basis, a long holder from year-end 2014 has seen his/her fully diluted ownership percentage cut by 90%. Except if you are Linda Powers, who can grant herself shares and options, and acquire more shares via related-party transactions with Cognate, and the eventual sale of Cognate.