Regarding available warrants as of 1 Nov 2020:
1) Yes, a big chunk of the warrants are in the hand of Linda, Les and the rest of the gang;
2) Another big chunk of the warrants probably have been sold long time ago, via either naked or legal shorting of shares or the combination against their own warrants, as these warrants were issued long before the recent share price rise, and the holders, believe it or not, had never been "friendlies" at the time. Nothing wrong with that that they came to nwbo to make money, and they are so called vulture hedges.
Since they sold, a lot of things have changed, eg, warrant extensions, EU revealed endpoint changes, Flaskswork acquisition, etc., share price has since appreciated substantially. A big part of the tail force behind all this is exactly these vulture hedges funds, the warrant holders who have bought back shares and plus in open market like a drunken sailor in adjusting their positions in accordance with positively changed situation. Now they genuinely sense the success rate is higher than the failure rate, and they become longs;
3) Linda has various and numerous ways to manage on when, how and what to be released, including Topline data, UK/US manufacturing update,official endpoint change news, potential partnership/buyout,conference, publication, loan from big banks/investment funds, and you name it.
It's a bit of uncertain and ambiguity but I don't think it's problem, a psychological problem maybe in short-term (a few days). If one should be worrying, they should be worrying about what kind of data we will be seeing.
In addition, if one thinks the stock will be as higher as $10 in one or two years, why selling at $2 or $3?
But make no mistake, there is always selling no matter what, and that's called market.
