NorthWest Biotherapeutics Inc (NWBO)

[Poor Man -]

Per the ASM notification, there’s no negative interpretation from a Friday release. It’s the substance in the release, not the day of its filing that’s important.

In my view, the timing seems like urgency to get ahead of next week’s news, and to seed expectations — and even maybe get an early read on shareholder attitude per the votes for the share increase and ratification of the 2020 executive options.

Everything appears headed to an exercise in business formation, especially given that the series C will be used. My initial though is a JV for DCVax L will be formed and involve multiple partners. A new public entity will also be formed that will be funded by the purchase of the series C. Concurrently, all assets including those for Direct will be transferred into the newco, followed by extinguishing the existing NWBO. We’ll then all own shares in the newly formed public company.

Under this scenario, the use of the allotted Series C equates to 25 million of common shares upon conversion of the preferred, and accounts for all the remaining shares above those allocated for warrants and options with no additional authorized shares available for other purposes.

Observationally, leaving no headroom for the increase in authorized shares would be very unusual under any scenario whereby a public company intends to remain active and operational.