NorthWest Biotherapeutics Inc (NWBO)

[Barunuuk]

Just to clarify the 4 disclosure day rule as there seems to be some confusion, as many shorts are trying to state that this is not true.

"Public companies are required to disclose significant corporate events to investors and the public on Form 8-K within 4 business days after the event occurs."

So what are considered significant (material) corporate events to investors?

There is a list of material events that require disclosure through the filling of 8-K Forms. Many of these revolve around financial or governing body changes:

- Changes in control of a company;
- A company’s acquisition or disposition of a significant amount of assets;
- A company’s bankruptcy or receivership;
- Changes in a company’s certifying accountant;

There is a slew of them that revolve around these types of material events. However there is no "results of a Clinical Trial" listed in these types of material events. Rather, the key criteria is:

- Any material Impairment

This means any negative material news/event needs to also be issued within 4 days on an 8-K. If the news is not an impairment but positive, then it would need to eventually be disclosed on the annual report, hence up to a year to report positive clinical trial events.

https://www.sec.gov/about/offices/oia/oia_corpfin/princdisclos.pdf