NorthWest Biotherapeutics Inc (NWBO)

[exwannabe]

There are still warrants to be exercised, but I'm not sure how many are still restricted as of now.

The warrants that are restricted have for the last half year been only LP and other insiders.

The real question for the other is the expiration date. Nobody is going to let a warrant expire significantly in the money. So they will exercise (cashless or not).

The share limit then presents a legit issue. Per the corporate charter, the employee options must be reserved against the 1.2B authoriszed share limit. That leaves about 900M and they are very tight.

Technically most of the warrants reserve against the limit. But that is just a contract and until and unless somebody is unable to exercise it does not matter. But the employee option clause is in the corporate charter, so that makes it problematical.

The statement was made a while back that the reason for the warrant lockups was that they were running out of shares to issue.

All the above is why I think something has to give on this issue,