NorthWest Biotherapeutics Inc (NWBO)

[kabunushi]

BTW as of Y/E there were 140M warrants with strike price of .31 and relative to the options, a much shorter time remaining of only 1.5 years on average. But that's still a lot of time value to give up and cash to come up with to exercise for cash if the holder doesn't intend to just turn around and sell the stock (or they can exercise cashless then sell or hold without coming up with any cash).

In prior years NWBO gained a lot of operating cash from warrant exercises but the warrants were expiring so holder had to use them. Now with even 1.5 year time left on the warrants if you hold them you'd give away 1.5 years interest on a bond to exercise them now rather than hold them. Hence they are indeed a great hedge against BK as long as the pps is above the warrant price so any talk of BK is really stupid, but we know that. But in terms of cash flow, the warrants are not likely to be exercised in any large number until much closer to their expiration dates unless holders want to be quite altruistic which is not at all normal for financial asset management.