NorthWest Biotherapeutics Inc (NWBO)

[kabunushi]

Sure and the warrants underlying the increase in share count over the last year were issued years ago. Those shares were already on the books in every sense but for a very limited accounting method ever since the original deals that created the warrants closed and then the share price stabilized well above the warrant strike price.

The bad news is that the stock was diluted to hell years ago at .25-.35 with 100% warrant coverage. The good news is that with the large share count we already have now, with the share price at .75 and especially with buyers for C series here even without ANY warrant coverage, the relative dilution now is way less painful. Of course any dilution continues to affect us longs but the value proposition is what % ROE will we end up with from here given some more dilution and some very serious appreciation.