NorthWest Biotherapeutics Inc (NWBO)

[AngeloFoca]

Below is a condensed version of CaptainObvious's data ... so as to make the option exercise rate more... Obvious

From 2/7/2020 to 10/9/2021 - 262,228,093 more shares are outstanding... which I think is... outstanding

Let me explain why. - first I assume (confidently) that they are cashless warrant exercises. - Let's further ASSUME for the sake of ease of visualization that the warrant price was $.25. - Let's further ASSUME for the sake of ease of visualization that the AVERAGE share price on day of exercise was $1.50. of course it may have been somewhat more or somewhat less... but I think $1.50 is a decent AVERAGE... let's also assume for the ease of visualization that the warrants exercised is 300,000,000 rather than 262,228,093.

Now 300,000,000 warrants exercised @ 25 cents each would bring in $75 Million but since they are cashless then $75 million divided by the $1.50 average price per share at time of conversion... would be 50 million shares which NWBO would retain for itself - so although the number may show 262+ Million shares added to the outstanding shares the actual number of warrants exercised is actually ~ 320 Million warrants.

Now I'll try and explain why warrant exercised when the share price is lower is better than when they are exercised when share price is higher.

Again a lot of assumptions... 4 million warrants exercise price 25 cents - share price @ $1.50 - cost in cash $1 million. If cashless... $1,000,000 divided by $1.50 = 666,666 shares retained by NWBO... 3,333,333 shares awarded to warrant holders.

Now... 4 million warrants exercise price 25 cents - share price @ $10.00 - cost in cash $1 million. If cashless... $1,000,000 divided by $10.00 = 100,000 shares retained by NWBO... 3,900,000 shares awarded to warrant holders.

It may be somewhat confusing but the more warrants that are converted cashless at lower prices the better for NWBO and us shareholders... ASSUMING that stock price appreciates as we all hope it does.

Also I believe that if there are now 262K more outstanding shares then because they were cashless NWBO has retained approximately 60 million shares which it has added to the shelf.

10/09/21 - 889,882,057
09/09/21 - 873,117,920
08/07/21 - 872,433,236
07/03/21 - 870,142,647
06/02/21 - 853,473,626
05/07/21 - 851,564,728
04/09/21 - 842,970,418
03/09/21 - 838,233,905
02/09/21 - 831,744,500
01/12/21 - 822,825,147
12/09/20 - 820,910,073
11/09/20 - 810,613,651
10/08/20 - 776,813,079
09/14/20 - 758,362,783
08/07/20 - 731,499,352
07/09/20 - 722,256,882
06/08/20 - 699,966,420
05/07/20 - 688,978,847
02/07/20 - 627,653,964