NorthWest Biotherapeutics Inc (NWBO)

[Poor Man -]

Within the context of private equity, another down round and further dilution is not a positive event. But this is a very speculative stock, and I just take the view that all 1.2 Billion of authorized shares will eventually be issued. And frankly, there’s not much more headroom In unallocated shares when all the warrants and options are taking into account.

The concession to lower the exercise price on certain warrants for the recent private placement is an attempt to preserve the number of unallocated shares. Although I wouldn’t be surprised should LP asks for an increase in authorized shares in the next proxy.