NorthWest Biotherapeutics Inc (NWBO)

[kabunushi]

Two violations of NASDAQ rule 3635? When was the other violation besides the one you quoted?

The 2016 ruling by the NASDAQ aggregated multiple stock instead of cash settlements with Cognate in 2014 and 2015 into a single offering for purposes of rule 3635. It was the surprise aggregation that caused the rule violation, neither issuance on its own qualified as over 20% of outstanding stock. When was the second violation you claim took place?

To me it seems strange that the NASDAQ arbiter deemed 2 transactions (they were more than a year apart IIRC), to be a single transaction to put NWBO into violation of rule 3635. It can't be proved but I don't doubt that judgment was instigated by a complaint from the hedge funds. In any case that happened and once was enough to cause NWBO to have to withdraw their listing from NASDAQ - they couldn't very well obtain shareholder permission in retrospect and other solutions to remove the violation were punitive.

Anyway, I may be wrong - was there an earlier violation of 3635? In fact two offerings in 2014-2015, aggregated in NASDAQ's judgment, led to a single violation, not 2. Please help me out - when was the second violation you're citing?