NorthWest Biotherapeutics Inc (NWBO)

[JerryCampbell]

@Hank,

I've posted the published data with regard to the number of warrants and average life a number of times, pretty much whenever someone posts a speculation that is inconsistent with known facts.

The latest short interest published by FINRA is 5.4m shares. Using warrants to fully hedge that position would require less than 2% of nwbo's outstanding warrants. From that, it seems obvious that short positions have no real impact on warrants.

Short interest is not included in nwbo's SEC filings. If there was naked shorting (you are correct that I do not believe this to be the case), it would also not be reflected in SEC filings.

The next SEC filing should be the 10-K reflecting 12/31/19 data. In the section on warrants, I'll be interested in how it compares to the 9/30/19 data (352m warrants, 1.53 year average life). The changes will reflect several influences:

- passage of 3 months time
- financing deals that include warrant extension terms
- any warrants exercised
- new warrants issued, if any
- warrants expired, if any