NorthWest Biotherapeutics Inc (NWBO)

[JerryCampbell]

It helps if you go back and look at the Certificate of Designation for the Class A and B Preferred, and compare it to the new Class C Preferred.

A: https://www.sec.gov/Archives/edgar/data/1072379/000114420417064616/tv481770_ex3-1.htm
B: https://www.sec.gov/Archives/edgar/data/1072379/000114420418000828/tv482665_ex3-1.htm
C: https://www.sec.gov/Archives/edgar/data/1072379/000110465922082813/tm2221829d1_ex3-2.htm

The key difference I see is that the new Class C will have 25 votes per share, whereas the A and B had 10 votes per share.

I suspect that eliminating the A and B designations is a protection for the eventual C owners, so that no security could potentially be issued with senior rights.

The issue of common share authorization still exists.

This may be part of the explanation for the delay in the proxy and ASM, and give longs a pretty good insight into what issues they will be asked to vote.