@Flipper, more right than not.
Pre-Woodford, nwbo was mostly doing public deals that met exchange standards. So I would date the toxic stuff to post-Woodford.
Once you do one vulture finance share+warrant deal, it makes it more likely that you do another, and another, ...
Meeting the terms of the vultures led nwbo afoul of NASDAQ regs. To me, downlisting was a big negative for longs. Once off NASDAQ, it removed some restrictions that the vultures likely wanted removed. Again, not good for longs.
I don't agree that nwbo is working with vultures to manipulate the stock price down. My take is that nwbo management has made a lot of mistakes, including underestimation of how dirty financing gets in sub-dollar land. In this case, I see nwbo management as victims of folks who better understood deal structures and terms.
The Cognate deal is interesting for many reasons. I suspect cashing out makes biotech a home run for Powers and Hemphill even if nwbo goes to zero. And yes, they took advantage of the circumstances to gain a lot of nwbo shares via Toucan, so if unblinded results are good they do indeed become very wealthy.