NorthWest Biotherapeutics Inc (NWBO)

[kabunushi]

Maybe because they already have $20M or so in loans outstanding? A loan at 10% interest with a conversion feature might have been available at a lower discount to the market but if it's convertible it would not be any better of a deal for NW. Obviously this was the best deal they thought they could get and with the stock sinking every day until volume dropped to almost nothing and it miraculously stopped sinking from the day after the terms were signed (5/29).