NorthWest Biotherapeutics Inc (NWBO)

[thermo]

Agree with Gary. I’m biased on this topic, but when faced with an authorized common share ceiling, I structure a preferred investment instead.

The pref will convert into common upon receipt of common shareholder approval to raise the common share ceiling.

But wait, you might say! Won’t you be screwed if shareholder approval is never given. In that case I would be “stuck” in a senior position to the common with an instrument that has bells and whistles that enhance my economics vs common. Trust me, you’ll want me to convert to common.

The best return for NWBO common shareholders is if the company is adequately funded and receives commercial approval for DCvax. The win will come from growing the total value of the pie, not starving the company of capital.