Form T trades are defined as trades that occur before and after the market opens and closes. The trading desk at CS said that trade had occurred while the market was open.
As I recall now (I looked on historical prices for NWBO), I think it was on May 14, 2019. The low that day was $0.3225, but the market closed at .335. The trade that was posted right after the market closed was for over 200k shares and was for something like $0.3218. Yet the low that day has not changed from $0.3225.
I thought it strange, and that's why I mentioned it.
Meantime, yes, LP did made the decision to delist... but I don't believe it was what she wanted to do.
There were several very separate fundings done that year (2016) and they were done with separate and competing funding houses, as well as funding sources. They were not done via one source and one house; and so it's VERY surprising to think the fundings would be considered "aggregate" - meaning they would be grouped all together as one, which was what pushed them over the limit. Typically, those are not grouped together. I also believe that the company was assured by the lending houses that the separate fundings from various sources would not be considered as aggregate. However, when the company chose to access another source for funding, I think it's very possible that the previous source (that had previously assured them the fundings would not be aggregated), suddenly decided that the fundings should be aggregated, and hence, since they weren't doing the next deal, reported it as such to the SEC, who, for some weird reason, agreed with them.
I believe there were repeated attempts on the part of the company to resolve that matter, however, there just wasn't enough money in the coffers to buy back shares from those longs willing to sell them back to the company. It was also going to mean the company couldn't do any additional funding until after 2016 had passed... and they needed to raise funds sooner than that. So based on the "aggregate" of the entirety of the situation, I think LP would have really no other choice but to "choose" to leave the NAS - or get kicked off. And in leaving the Nasdaq, that unfortunately meant they were in violation of the provisions of the White Box loans, and that those had to be repaid. My memory of those years were like watching the company having to walk on hot coals the entire time. Looking back, I'm amazed they came through it in one piece.
