NorthWest Biotherapeutics Inc (NWBO)

[Chiugray]

I am adding a “check figure” to the discussion regarding the potential Total Short Position on NWBO.

The Data:
- Votes cast at 12/29/25 ASM meeting: 1.192B (This is a 76% voting participation rate, suspiciously high for a 97% retail ownership)
https://www.stocktitan.net/sec-filings/NWBO/8-k-northwest-biotherapeutics-inc-reports-material-event-7422d8925fa2.html
- Retail owns ~97.7%
- Insiders/institutions own ~2.3% (assume voting rate 100%)
- NWBO outstanding shares @ 12/31/25 = 1.567B
- National average Retail Voting Rate: 28% (Broadridge ProxyPulse Report, page 7)
https://www.broadridge.com/_assets/pdf/2025proxypulse-updated.pdf

The Math (Implied Total Short Position):
Step 1: Retail votes at ASM = 1.165B (97.7% X 1.19B)

Step 2: Calculate the implied Retail shares voted, based on various voting participation rates:
- At 25%: 4.66B
- At 28% (national average): 4.16B
- At 40%: 2.91B
- At 50%: 2.33B

Step 3: Calculate Implied Naked Short Position (Implied shares less 1.567B official OS)
- At 25%: 3.12B
- At 28%: 2.62B
- At 40%: 1.37B
- At 50%: 0.79B

Summary
This is just a check figure, but the math suggests a potential 2.62B shares, short position.

I would not be surprised if the EZPZ Trading website, which currently states a 1.5B total short position (1.44B synthetic), turns out to be substantially correct, or even too conservative.
https://ezpztrading.com/market-data/stocks/short-interest/?symbol=NWBO

Each person can plug in their own assumptions, but the “over-voting” is a massive statistical anomaly that we as Retail NWBO investors cannot ignore.

Side notes:
1. Is 28% too conservative? The Broadridge report say small/microcap companies have the lowest participation rates. So a more realistic OTC average rate could imply an even larger total short position.
2. “Trimming services”: Even if 3B or 4B shares were “eligible” to vote, NWBO would never see it. Brokerages use 'Trimming Services' to remove over-voting before results are certified.