NorthWest Biotherapeutics Inc (NWBO)

[GoodGuyBill]

I won’t spend much time here — we’re clearly on opposite sides of the NWBO trade, and I doubt we’ll ever see this the same way. But I do want to address a flaw in your reasoning: the idea that because no squeeze occurred “for almost 18 months from 2021 to May 2022,” NWBO must have little or no synthetic exposure, and your claim that “LP and her financiers dumped 1.2B+ shares.”

You’re focusing on the wrong metrics. A short squeeze does not occur simply because synthetic exposure exists. It occurs when dealers are forced to close, and nothing in 2021–2022 created a forced unwind. The absence of a squeeze tells you nothing about the size of synthetic exposure; it only tells you there was no catalyst that required dealers to collapse their hedges. AMC/GME taught everyone this lesson in real time.

On the dilution point, I’ve addressed this in a previous post, but it bears repeating:

NWBO has a tightly held float, long-term retail holders, low borrow availability, and minimal institutional lending supply. When borrow is scarce, shorts must use synthetic exposure. Even if you cite dilution as a counterargument, it fails because many of these shares went to long-term retail, insiders (including gifts to family), and non-lending custodians — not into the lending pool. That means the float expanded, but the borrowable float did not. This is why NWBO still shows thin order books, low borrow availability, and persistent market-maker dominance. If dilution had meaningfully increased the tradable float, you’d see deeper books, more liquidity, and more natural price discovery. You don’t.

And just to be clear: I’m not claiming that every offering share went into a non-lending account. That’s a strawman. The point is that the overwhelming majority of NWBO’s historical dilution flowed into long-term retail, insider family accounts, and custodians that do not routinely lend. So yes, the outstanding float expanded — but the borrowable float expanded only marginally, if at all. The market microstructure today reflects that reality.

I may be nuts, but I think the arc of the universe is about to bend toward justice.