NorthWest Biotherapeutics Inc (NWBO)

[hankmanhub]

Hard to figure. But I will take a shot at it.
They seem to need to sell some equity over the next short while before the ASM an the next AS - so the prefs are the vehicle for that. Just enough to keep the light on and pay for the BLA etc to get to the next milestone.
From the investors point of view, there seems to be no real benefit for the retail investor to buying over the market. There may be a very minor benefit in that you may get the market price of a day or two ago over todays market - so perhaps a tiny discount, but not much. There are no warrants, the usual sweetener.
However for a large investor or a biopharma there may be an significant benefit in that when buying in larger volumes you tend to force the market price higher as you actively buy on the open market - so must do so very delicately. Whereas if you are buying direct from NWBO then you can get you volume without affecting the market price at all. This may be good for the large investors - but not good for the retail investor as this removes any upward pressure on market price and just leaves the otherwise stagnant buying pressure. I have no idea if they will get interest at this time from large biopharma - likely too early.
the retail investor has nothing to gain from buying the prefs. So I think for the next while the MMs will remain in control and the very very slow slide may continue for a while yet until news is announced or at least more obviously imminent.