NorthWest Biotherapeutics Inc (NWBO)

[exwannabe]

As I mentioned the other day, most, if not all of these shares are probably warrant purchases. If someone has warrants that are due to expire, likely they are exercising

Relatively few are have been coming from warrants with NWBO receiving cash recently. In 2023:

12.8M shares for warrant exercises paid with cash
21.3M shares for cashless options/warrants
37.0M shares traded for debt
30.8M shares of Cs converted

One can reasonable assume the Cs are selling as they have no reason otherwise to convert (no possible tax advantage to early conversion). And the lenders are likely to be taking a quick profit on the nice exchange deals they are being offered (15% and a true up). The "cashless" are already in effect selling a chunk of there position back to the company, so may well be selling all.

So yeah, many of these shares are being dumped to retail.