NorthWest Biotherapeutics Inc (NWBO)

[JerryCampbell]

Correct.

However, the deeper the warrant/option is in the money, the fewer warrants/options surrendered for cashless exercise.

Number of shares received on cashless exercise = (A-B) * X / A

A = market price (recent VWAP)
B = option/warrant strike price
X = number of options/warrants

For example, consider 100 warrants with a strike of $0.25

Exercised cashless at $0.40, shares = ( .40 - .25 ) * 100 / .40 = 37.5
Exercised cashless at $1.40, shares = ( 1.40 - .25 ) * 100 / 1.4 = 82.1