NorthWest Biotherapeutics Inc (NWBO)

[thermo]

Today’s 8-K did not discuss a toxic structure. I’m very familiar with toxic structures.

I think details matter. Today’s 8-K was positive. Why? Because there are 2 likely states (a) good TLD, (b) bad TLD:

(a) Good TLD. Debt gets repaid by selling equity at higher valuations.

(b) Bad TLD. Stock is at $0.10 and the future is bleak. The debt will come due and NW will have to repay with equity. Lots of equity gets issued and the stock goes to $0.01. But do I really care that the stock went from $0.10 => $0.01 because there is debt outstanding? NO! I care the TLD was bad.


And, no, I don't think there was anything else offered. Streeter has beat me on terms a few times in the last 6 months, so I don't think anything else was offered.