NorthWest Biotherapeutics Inc (NWBO)

[Poor Man -]

There is more to this story that we don't know, not the least of it is what was in the remediation plan that Nasdaq had rejected. LP willfully decided to to delist from Nasdaq without further negotiations with Nasdaq, nor go through the hearings. This in itself is odd since they had nothing to lose since the worst possible outcome would be nothing worse than what NWBO did to itself, i.e., delisting. And the fact that they would cite the expense of the hearing process as an excuse is silly, and speaks of the company trying once again to pull the wool over our eyes.

My theory is that they realized that by getting Nasdaq out of the way at that point, the company basically had a free hand to do whatever they wanted within the law, especially as it related to Cognate. I also wonder if they knew that the SEC was snooping around, and would have had to disclose that to Nasdaq had they proceeded?

As an aside, there are a number of things that are just odd. So I'm not really surprised why the SEC has taken their time going through their investigation.

The Company’s Board of Directors considered a variety of factors and reached a unanimous decision for the Company to voluntarily withdraw its listing on Nasdaq and undertake the actions necessary to trade on the OTCQB, rather than seeking to remain on Nasdaq and go through the hearing process. Such factors include the likely expenses and uncertainty associated with the hearing process and seeking to regain compliance with Nasdaq Listing Rules, the value to the Company of being able to raise and accept financing to proceed with multiple Phase 2 trials while also completing the Phase 3 trial, the potential availability of such financing on the OTCQB, the Company’s obligations with respect to its outstanding convertible notes as discussed in the next paragraph, and other perceived potential advantages and drawbacks of seeking to maintain the Company’s Nasdaq listing as compared to moving the trading to the OTCQB at this time.