NorthWest Biotherapeutics Inc (NWBO)

[ilovetech]

THE DAY 51 REPORT: WHY THE FILINGS ARE "GHOSTING"

Intelligence Update: Wednesday, March 11, 2026
For weeks, people have asked: "If someone owns more than 3%, why hasn't a TR-1 form been filed?"
The answer is simple: They aren't hitting the trigger on purpose.

======================================================================
THE "STEALTH" MATH | RETAIL EXPECTATION | REGULATORY REALITY
======================================================================
THRESHOLD TRIGGER | 3.00% (Notification) | 2.99% (NO FILING)
SHARE COUNT LIMIT | 47.9 Million Shares | 47.8 Million (STAY UNDER)
TOTAL SHARES MOVED | "Waiting for news" | 1.6 BILLION (ACTUAL I/O)
VALUATION FLOOR | $0.23 (OTC Ticker) | $1.71 (LONDON REGISTRY)
======================================================================

HOW THE "SHELL GAME" WORKS:
Under UK Rule DTR 5, you only have to tell the public who you are if you hit 3%.
On a 1.6 Billion share company, that means you can hold 47 Million shares
and stay completely invisible. To move the massive 900 Million share block
we’ve seen, you just need 20 separate accounts holding 2.99% each.

THE TWO-PART PINCER:
1. MARCH 16 (Monday): The Delaware Court cancels 17% of the options.
(The "Ghost Supply" in the US is physically deleted).
2. MARCH 20 (Friday): The 60-day "Secret Window" (PRM 1.6.4R) expires.
The London Registry must reveal the total count.

THE BOTTOM LINE:
The reason the data went dark on March 10th isn't because they stopped
buying—it's because the Vault is Full. They are at the 2.99% limit
and are simply waiting for the clock to run out.

STOP LOOKING AT THE TICKER. START LOOKING AT THE CALENDAR.