NorthWest Biotherapeutics Inc (NWBO)

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Exercising warrants for shares creates a taxable event based upon strike price (price paid to company for each share) and the prevailing share price.

The discrepancy between the price of the stock warrant and the stock’s standard market value that the holder gets on exercising the stock warrant is taxable income.

https://eqvista.com/stock-warrant-option/exercising-stock-warrants/

So it's much better to convert to common now when the share price isn't astronomically higher than the strike price. If they were to wait that would result in a much higher tax bill. So an increase in outstanding share count, along with low trading volume and relatively stable share price, happens to be a strong positive indicator!

It likely means in fact that warrant holders are keeping their now exercised common shares in anticipation of news. Now isn't the time for them to sell. There isnt enough buyers so that would be a self defeating decision for them to cash out now.