NorthWest Biotherapeutics Inc (NWBO)

[exwannabe]

According my estimate, there are more like 1,123,338,956 total common stock, warrants, and options outstanding excluding the suspended warrants and options... as opposed to your number of 1.17 billion.

The total figure as of June 30 (straight from the 10Q) was:

857,200K shares (page 3)
305,779K options (page 13)
312,035K warrants (page 16)
---------
1.47B total

There is also about 75K in converts and whatever was issued post 6/30.

The company is required by charter to reserve the options (vested or not) as long as they are reasonably likely to be exercised. Even the unvested options will vest "soon", so the BOD may be a bit nervous about violating that as if things go south they could be liable.

The warrants and converts OTOH are contractual issues and going over the limit with them (restricted or not) is no issue unless somebody tries to exercise/convert and fails.

Even if you allow for the BOD to ignore the unvested options, there is the overhang that a bunch of warrants are likely to expire to "soon". Nobody is going to sit still and let them expire, so that is going to push the share count if nothing is done.

There is simply no "right" answer to the question of how many shares they could issue. The only hard fact is that they can not issue over 1.2M actual shares. Going above that with options and/or warrants is something they have done in the past, locked up or not. But it can be dangerous, and they have stated the limit as a concern for why they are locking.