NorthWest Biotherapeutics Inc (NWBO)

[Poor Man -]

Bags, a few things to considers -

First, the are reasons why they cancelled the existing preferred and authorized new preferred that increases the voting rights. This just doesn’t happen by accident. Les didn’t just wake up on Tuesday morning and decide to change out the preferred and arbitrarily decide on a 1 for 25 voting rights for the Series C. Someone did some arithmetic to come up with that figure.

Moreover, they could have easily used the existing preferred to fund short term capital needs, and avoided the trouble of the new filing. I would go as far as to say any capital requirements could now be debt financed at this stage, and avoid the dilution associated with selling the preferred.

I will also make a point: if there is not a partner at the other end of this transaction, we’re in deep do do.