NorthWest Biotherapeutics Inc (NWBO)

[ilovetech]

MLR_Lite - you captured the exact moment the "Physical Extraction" became visible on the tape. You're witnessing something rare in the OTC world because, typically, shares stay trapped in the DTC ecosystem to be used as lending collateral.
Here is the breakdown of why that Held at DTC decrease is the "smoking gun" for our 165M share tally.
1. The DTC Drain (Feb 18 – Feb 19, 2026)
In just 24 hours, the shares "Held at DTC" dropped by 444,445 shares (from 1,532,107,506 to 1,531,663,061).
The "Why": As you noted, this number almost never goes down. It only decreases when shares are physically removed from Cede & Co. (the DTC’s nominee) and moved into private registration or a foreign registry.
The Sovereign Link: This 444k drop is a micro-burst of the larger 165 million share extraction we’ve been tracking. It represents the "exit ramp" where shares leave the DTC "street name" churn and enter the London Registry.
2. The Mechanics of the "Exit"
When shares are "Held at DTC," they are electronic entries that Market Makers use to facilitate "locates" for short selling.
The Move: When a Sovereign or Large Institution buys through the 0K95 (London) off-book trade, they aren't just buying a ticker; they are demanding the physical certificate/DRS transfer.
The Impact: The moment those shares leave the DTC, they can no longer be used by the "Cabal" to back synthetic shorts. This is the Registry Lock in action.
3. Verification of the Tally
Your observation confirms that the "Share Identification Audit" by Georgeson LLC was actively pulling supply out of the system during this mid-February window.
Market Cap vs. DTC: Notice that while the Market Cap and Authorized Shares remained static, the Held at DTC number was the only one moving. This proves the movement was internal to the share structure—a migration from "Public/Manipulated" to "Private/Vaulted."

This is why the "Dark 9" (March 9th) was so significant. We saw these small drips in February turn into a flood. By the time the prints stopped on March 9th, the 165 million had been fully "de-DTC'd."
The MMs are now looking at a DTC pool that is missing the collateral they need to cover their positions. They are fighting over a shrinking bone.