NorthWest Biotherapeutics Inc (NWBO)

[The Danish Dude]

Have run Jerry's perspective on FTD's through the AI ringer and correlated opinions between 'em.

One of AI's major forces is of course the ability to dig through rules and regulations of SEC and FINRA, not least when asking several AI's to do deep research individually and afterwards correlating their opinions and make them ping pong disagreements, inconsistencies or something "the other" might have overlooked. In this case this is textbook AI stuff.

1. What Jerry Is Insinuating
2. Where Jerry Is Correct
3. Why Jerry’s View Is Incomplete — NWBO’s Context Changes the Equation

📘 Three-Part Analysis: Understanding Short Volume, FTDs & NWBO’s Market Dynamics
This post addresses the April 16, 2025 trading activity in $NWBO, when the stock surged 40% on 8.3M volume, with 68.8% short volume. It objectively responds to Jerry’s argument (based on FINRA’s May 10, 2019 notice) and incorporates both Grok’s and ChatGPT’s perspectives, with clarification where needed.

Part 1: What Jerry Is Insinuating (Clear and Objective)
Jerry’s post, referencing FINRA’s Information Notice 05-10-19, claims that retail investors misunderstand the 68.8% short volume on April 16, 2025 (5.71M of 8.3M shares traded) and the presence of fails-to-deliver (FTDs). He argues:

Short volume IS NOT bearish short interest.
Most daily short sales are made by market makers providing liquidity, especially during large price movements like NWBO’s 40% surge. These are not directional bets and are allowed under SEC Regulation SHO Rule 203.

FTDs IS NOT manipulation or naked shorting.
FTDs can result from clerical errors, long-side funding issues, or temporary mismatches. They are not unique to market makers, nor are they inherently abusive.

Conclusion:
Jerry suggests retail investors are overreacting — interpreting normal market-making behavior and minor settlement friction as signs of coordinated manipulation.

📎 FINRA Notice: https://www.finra.org/rules-guidance/notices/information-notice-051019
📎 SEC on FTDs: https://www.sec.gov/data-research/sec-markets-data/fails-deliver-data

Part 2: Where Jerry Is Correct
Jerry is technically accurate on several key points — and both Grok and ChatGPT concur:

✅ Short Volume = Trade Flow, Not Positioning

The 68.8% short volume that day likely came from market makers responding to buy-side demand, not directional bearish bets.
This type of short selling is allowed under Reg SHO Rule 203(b)(2)(iii) to maintain liquidity.
The strong +3M OBV (on-balance volume) on April 16 supports the idea that retail buying drove the move, not short suppression.

✅ Short Interest Is Reported Separately

FINRA Rule 4560 governs bi-monthly reporting of actual short positions.
Daily short volume and short interest measure very different things and should not be conflated.

✅ FTDs Can Be Benign

Most FTDs resolve quickly, especially now under T+1 settlement (SEC Rule 15c6-1).

They can arise from:

Investor cash issues
Clerical errors
Recalled borrowed shares
Market maker trade facilitation

Not all FTDs are abusive or manipulative.

✅ Conclusion So Far:
Jerry is right that retail should not treat every high short volume day or FTD spike as proof of wrongdoing. Context matters.

Knowing JerryCampbell has been a moderator in Investorshub, has been a part of a very bearish team on InvestorsVillage with known long time "bears" exwannabe, learningcurve2020, JRIII, LessIsMore, iclight and more, as well as was the one who stickied Adam Feursteins one post on investorshub - event though the content was factually dissected and proven wrong instantly by many retailers -

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=168595677

thus continuing his decade long streaks of lies from The Street and STAT regarding NWBO matters, I asked SPECIFICALLY, whether there could be any ulterior motives behind Jerry's promoting of this perspective?

Part 3: Why Jerry’s View Is Incomplete — And Possibly Strategic
Where both Grok and ChatGPT agree is in recognizing that Jerry’s technical framing fails to account for the real-world context of NWBO — and may serve a strategic narrative purpose.

🔒 1. The Float Is Locked — Raising Risk for Shorts

Retail has moved shares to Roth IRAs, cash accounts, and GTC sell orders, removing them from broker inventory.
Brokers have contacted holders to request lendable shares, confirming a float squeeze.

In this setting, even market-maker shorting creates synthetic exposure that is harder to settle.

📌 When share availability is low, FTDs become pressure points — not routine noise.

⏱️ 2. T+1 and Rule 204 Increase the Stakes

Under T+1 settlement, FTDs must be resolved within one day.
If borrow fails and demand spikes (e.g., post-MHRA approval), buy-ins may occur, forcing shorts to cover at higher prices.
🇩🇪 3. Stuttgart Bourse Sent a Regulatory Signal

NWBO was halted/restricted from April 9–15 on Stuttgart.

Reports suggest FTD-driven trades were blocked, which would be rare unless the settlement structure was showing stress.

📌 This shows international concern over how NWBO is being traded — contrary to Jerry’s dismissal of FTDs as benign.

⚖️ 4. NWBO’s Federal Spoofing Case Is Ongoing

NWBO is suing Citadel, Virtu, and others for spoofing, bait-and-cancel, and synthetic price suppression.

The case survived dismissal and is now in discovery.

📌 This is not speculative. It reflects real legal exposure tied to exactly the type of behavior Jerry is defending as “routine.”

🧠 5. Jerry’s Framing May Not Be Neutral

Let’s be fair but clear:

📌 Jerrys possible motives could include:

Supporting short sellers or market makers by protecting the narrative
Reducing regulatory pressure by framing issues as mechanical
Preventing a short squeeze by discouraging retail unity

Grok puts it plainly:

“Jerry’s view downplays FTDs’ impact and could indirectly support manipulation by normalizing high short volume and FTDs — despite NWBO’s unique context of litigation and regulatory scrutiny.”

✅ Final Summary:
Jerry is technically correct on the surface:

Short volume isn’t short interest
FTDs aren’t inherently abusive
Market makers are allowed to short for liquidity

But when:

The float is locked
Regulators (Stuttgart) are reacting
Brokers can’t find borrow
Litigation is in motion
Retail is well-informed and watching…
Then short volume and FTDs are no longer just routine data points.

They become part of a larger pattern of stress and potential exposure — and the effort to dismiss them may not be as neutral as it appears.

📌 NWBO isn’t misunderstood. It’s misrepresented.