NorthWest Biotherapeutics Inc (NWBO)

[mattpk]

You are correct that a vote for an R/S decreases the authorized shares in the same ratio, but only because this is a Delaware corporation. The rules are different for companies incorporated elsewhere and in some cases (Michigan for example) an R/S does not automatically reduce the authorized shares so you have to be careful.

Regardless of the share price, once delisted NWBO cannot relist on the NASDAQ without going through the initial listing process and meeting each of the quantitative listing standards. The initial standards pose a much higher hurdle than maintaining compliance with the continued listing standards and it is not sufficient to regain compliance with the continued listing standards. Companies fight tooth and nail to prevent a delisting because maintaining a listing is much easier than requalifying.

At this point NWBO would miss both the $4 per share bid price requirement and the $4 million equity requirement, plus some of the other requirements on corporate governance. A reverse split can fix the share price, but it would take a very significant capital raise to overcome the $81 million deficit in shareholder equity.