NorthWest Biotherapeutics Inc (NWBO)

[Chiugray]

AAPL, Agree. I think the crux of the naked short conversation is this.

Scenario: One morning we find DCVax-L is approved by the MHRA, and the stock opens at $5/sh.

Question: What effect does a very large or a small naked short position have?

If the naked short position is large:
- Expect one or multiple short squeezes over some period of time
- Forced covering and margin calls will drive the price higher from wherever the price opens at
- Retail holders that sell early may miss out, something to consider.

If the naked short position is small:
- Any squeeze will likely be absorbed by normal trading volume
- New money buyers could still push prices higher as they compete with shorts to buy

On the “large or small” debate:
- Reasonable people can disagree on the current naked short size
- But if the position is actually “large”, those arguing “small” would coincidentally be helping the shorts/manipulators.

Let me explain why:
- If the naked short is large, shorts want Retail to think there is no squeeze coming.
- That way Retail will sell shares, not knowing the shorts will cover with those shares.
- So naturally shorts want to argue there’s no significant naked short position
- Because, if Retail were to instead believe the naked short size were large, they would first wait for the squeeze to happen.

My take:
- Lawsuit evidence of price manipulation/spoofing covering at least 5 yrs (filed 12/1/22, so from 2018 on)
- Not hard to believe those who manipulate and spoof will also short
- Stock crashed on 5/10/22 on great DCVax Ph 3 results
- Coordinated manipulation is obvious, just look at the price
- Not bad management - actually great management and strong execution building out the DCVax platform and ecosystem
- Not delays, actually regulatory build-out for a first-in-class cancer vaccine is a big task
- Science, Sawston facility, IP moat—all real strengths
- All signs point to financial entities shorting in the background
- They happened to short the wrong company, the 1 in 10,000 unicorn...
- To avoid a mark-to-market blow-up, they kept shorting instead of covering, and the position only grew.

Summary (Don’t get lost in the noise):
- We all have to make your own judgement.
- But remember: if you side with the “small” naked short position crowd, know their position will align with shorts’ interest, if the position is actually large
- I believe holding long term is best for an emerging unicorn company, not trading, but that is just my view.
- If people do choose to sell or trade, know that it helps the shorts to cover
- And if there’s a “large” naked short, selling will kill the short squeeze impact.