NorthWest Biotherapeutics Inc (NWBO)

[exwannabe]

I'm not so sure Yorkville would have given the stellar, and vastly improved loan terms if they knew they would not be approved for another 9 months.

Really? Yorkville can convert it all over 5 months at a "small discount". In the past, such discounts have been around 15-20%. This is just a thinly disguised stock sell with NWBO getting the cash a few months early in exchange for the 5%. The sale is spread over time as York does not want the risk of holding a non-trivial amount of shares at any one time.

You can run the numbers by considering this 2 separate transactions. One is the stock sell over 5 months. The other is a 5 month loan with 5% OID. Running an APR calculator on the loan portion I get 20.8% APR. And that is in addition to the "small discount".