NorthWest Biotherapeutics Inc (NWBO)

[MI Dendream]

Look Ex, in August 2015 when things started down a path, anyone who is anyone knew that we needed financing and that A&B shares were coming. When you choose to factor those in to the marh is up to you, but if you did not factor those in then you should have bailed after news in August 2015. So after factoring those in either before you do your division or afterwards, depending on when you think I meant it the first time, you can do it. To me it doesn’t matter because the number is either a healthy bit bigger or an enormous amount bigger. We all had several paths that we could take in August of 2015, but please do not kid anyone into thinking that A+B was not always on the table. If you did not, then you can’t do math and you shouldn’t invest that early in biotech stages. Dilution is part of the equation.

The dilution that followed is kind of what is in question And the fact that the shelf is only 1.2B large but there are somewhere more than that in play. This is an issue.