NorthWest Biotherapeutics Inc (NWBO)

[JerryCampbell]

Consider the data posted in early July about the jump in shares outstanding, followed by today's decrease in short interest. Here's my hypothesis:

- warrants about to expire were exercised. We won't know if that was cash or cashless until the next 10-Q.

- some of those warrants were hedged by short positions.

- holders delivered the shares from warrant exercise to close the short positions.

nwbo stock price is down 14% so far in July, which would be very tough to explain if there were 7 million shares bought to cover in the first 2 weeks of July.