Replies to post #145798 on NorthWest Biotherapeutics Inc (NWBO)

[Smokey21]

Sorry Dok, actually, the Cognate debt issue was covered in the 10Q as well, but on page 27. Here is the substantive information:

Subsequent to September 30, 2017, the Company and Cognate reached agreement in principle for settlement of the amounts owed, at a substantial reduction from the amounts that would otherwise be due under the contract terms.  The parties are now in the process of drafting and executing the agreement.  For 2016, the Company owes Cognate US approximately $17 million.  Under the settlement, the Company will only pay approximately $12 million, and the remaining $5 million is being written off.  The $12 million is being paid in preferred stock which will be convertible into common stock at $0.23 per share, and an equal number of warrants exercisable at $0.30 per share for a period of 2 years. For 2017, the Company would have owed Cognate US approximately $26 million under the contract terms.  Under the settlement, the Company will only pay Cognate US approximately $12 million..  Of this $12 million, $5 million is being paid stock, reducing the cash costs to approximately $7 million (part of which has been paid to date).  The $5 million is being paid in preferred stock on the same terms as the unrelated investors:  $0.17 per share and an equal number of warrants exercisable at $0.22 per share for a period of 5 years.