NorthWest Biotherapeutics Inc (NWBO)

[biosectinvestor]

Yes, H. When those are drafted, you think about any risk that could happen so that the buyer has been warned. That affords some level of acceptance of risk and therefore protection. The point of the drafting is to be as broadly inclusive of potential risks as possible, even if one might think the reality is very much unlikely.

So for instance you might cover any way they might go insolvent or go out of business, not because you expect that to happen, but so that that risk factor is properly covered and an investor knows they did not buy a CD or a treasury bond, and being informed of those potential risks, they have accepted those risks as well.

Hence, if they do go insolvent, no one is necessarily liable unless they failed to disclose or lied about something that caused that outcome. Risk factor disclosures are a tool to ensure investors hear about all kinds of bad things that might happen, even if they seem remote at that moment of drafting, and they are effectively therefore a shield and you try to get out as many bad things as you can think of.