Replies to post #273961 on NorthWest Biotherapeutics Inc (NWBO)

[JerryCampbell]

As of the last 10-K, there were 466m "potentially dilutive" securities; warrants, options, convertibles, contingently issuable.

The more recent proxy shows 648m common shares outstanding as of March 14, 2020.

At nwbo's current rate of issuance, there is potential to run up against the 1,200,000,000 authorization limit. However, there are a few mitigating factors.

1) A small number of warrants may expire soon. Based on an average warrant life of 1.42 years (as of 12/31/19), I expect this to be a fairly small number.

2) Warrants can be exercised cashless. This would not add cash to nwbo, but would lower the number of shares issued. The higher the stock price, the fewer the number issued.

3) Linda's ace in the hole is authorization for 100m Preferred, which she has used in the past. Currently none outstanding.

In the past, nwbo issued Convertible Preferred even when there was insufficient common authorization to convert. Remember this from back in 2017:

"The Series B Preferred Stock is subject to restrictions, under which it is not currently convertible and will not become convertible into common stock until common stock is available therefor"

[JRIII]

By god, I think you are right. That's just nuts. It's just beyond my ability to comprehend that NWBO is already up against the 1.2 billion share cap overwhelmingly approved by shareholders less than two years ago. How in the hell did that happen? Yeah, I know, but still it's just insane. I see people are reminiscing about how JAZZ went from $.70 to $100, but that company had like 20 million shares out. With 1.2 billion shares the equivalent would be for NWBO to get somewhere around $1.80. So much for the ridiculous fantasies that continue to permeate this board. The lying lawyers in charge of this company have run common shareholders into the ground (while they, in turn, have gotten rich).