NorthWest Biotherapeutics Inc (NWBO)

[JerryCampbell]

10-Q Linda Powers self-dealing at its finest.

Warrants issued to Linda Powers

As previously reported in a Form 4 filing, on July 2, 2020, the Company issued approximately 15.2 million warrants (the "Forbearance Warrants") to Ms. Powers in consideration for Ms. Powers' forbearance and extension of loans of $5.4 million from Ms. Powers to the Company. These warrants were approved by the Board in November 2018 when the loans were long overdue, as previously reported, and the warrants were re-approved in January 2020, but were not issued until July 2, 2020.

The Forbearance Warrants have an exercise price of $0.21 per share with 5-year contractual term. The fair value of the Forbearance Warrants was approximately $4.3 million on the grant date, which was recognized as an additional interest expense.

So for deferring (not forgiving) repayment of a $5.4m loan, Linda gets warrants valued at $4.3m at issuance, now more than $15m in the money.