NorthWest Biotherapeutics Inc (NWBO)

[exwannabe]

It was Smokey if I'm not mistaken a few days ago. According to him, it was most likely the exercise of the warrants that increased the outstanding number of shares.

That has been said for years and every 10-Q/K shows it to be wrong. NWBO has been selling shares through several channels

. Class C preferred shares being converted. The conversion ratio is fixed but any new C shares go out at some discount to current market.
. Warrants, these are fixed conversion prices, not based on market
. Options, these are fixed conversion prices, not based on market
. Exchanges for debt (even "non-dillutive:" debt). These are based on a discount to current market,
. New share sells. Would be based on a discount to market prices but none such was issued last year (had been in all previous years).

In all of 2023 they issued 34.1M shares for warrant and option conversions. They also issue 30.8M shares for 'C' conversions and 37M shares for debt repayments.

There are also some shares being paid out per Flaskworks/Advent contracts but not certain when any of these were actually issued.

In short, warrants and options were about 1/3 of the total. And most are exercised cashless so bring in no money.