NorthWest Biotherapeutics Inc (NWBO)

[JerryCampbell]

Mostly agree.

nwbo just went through proxy voting with just ordinary business, so it is reasonable to assume there is no R/S imminent. Makes it a bit baffling that the topic keeps popping up.

If they did a R/S while proportionately reducing share count, the only thing that would accomplish is raising the share price, presumably for uplisting. It would not address additional fundraising. I think that idea fails for a few reasons:

1) Uplisting can't happen until nwbo solves the governance issues that forced them to "voluntarily" drop off NASDAQ.

2) Uplisting only makes sense if TLD is announced and reasonably positive. Whether the next step is further trials or ramping manufacturing, it will be expensive and require expanded share authorization.

3) If TLD is positive, nwbo will be right up against the share authorization limit on warrant exercise alone. There would not be shares authorized to cover management options much less raise funds. In theory warrant exercise could raise some funds, but cashless exercise makes even more sense if TLD pushes them deeper in the money.