NorthWest Biotherapeutics Inc (NWBO)

[JerryCampbell]

I think warrant holders will exercise in the manner that best benefits themselves.

Unless warrants are about to expire, the only reason to exercise is to sell. It's easier (and lower market risk) to sell a smaller number of shares.

From the perspective of the warrant holder, cashless exercise is effectively selling part of your position back to the company. Instead of paying cash for the amount of the exercise price, you hand over part of the warrant position.