NorthWest Biotherapeutics Inc (NWBO)

[Gus McCrae]

In the case of NWBO, there is a fear of many shares hitting the market…which is unfounded at this point, IMO.

The fear may be unfounded with respect to the short term impact to the share price, but do I don't think that's really the issue...at least with respect to the company's point of view.

The company needs to do an equity raise after (hopefully positive) TLD. They are broke and have approximately $105 million remaining on their shelf, and that has to be used prior to the next 10-K filing because they've lost the ability to use the S-3 after the next 10-K due to their late 10-Qs. So whatever capital they raise must be done between now and the end of March.

But, if you add the currently outstanding shares with the shares represented by in the money warrants and stock options, they exceed the 1.2 billion shares that are currently authorized. I haven't tried to build a cap table that reflects the number of warrants that were previously suspended into the total issued and outstanding, but I think it is at least reasonably close to the total authorized so that it could limit the company's ability to raise the amount of capital that it needs post TLD. Anyway, I wonder if that's the real reason the company wanted to suspend the warrants, rather than the "room to run" scenario the company floated, either explicitly or implicitly. Nothing wrong with raising money, but it's a shame they are having to maneuver around the authorized shares issue and the S-3 eligibility issue...those are problems of their own creation.

Thermoo, I also wanted to thank you for your posts. You have shared so much great information and your personal insights are invaluable. Prayers up for your brother.