NorthWest Biotherapeutics Inc (NWBO)

[Poor Man -]

Hank, you’re on to something else. The valuation of warrants is very sensitive to duration. Having 2 plus years to exercise makes those warrants that much more valuable.

But the point that should remain clear: the only thing that matters is whether or not the company was adequately compensated for giving LP new/replacement warrants. That’s a very hard case to make by the company. There’s virtually no benefit from a temporary restriction on the exercise of the warrants versus the lost value from the permanent dilution of the share price.