Replies to post #396225 on NorthWest Biotherapeutics Inc (NWBO)

[anders2211]

On a fully diluted basis (converting all options, warrants), nwbo is already well over the authorization limit. I don't think that is good governance, but it's not an immediate problem.

nwbo also has authorization for 100m Preferred, none outstanding. When they have sold Preferred in the past, it was always Convertible Preferred.

you really have to EXCLUDE the options and warrants that are being held by management. These options and warrants will probably be bought off in a buyout but most certainly will they not legally endanger NWBO. Excl these options and warrants the A/S are sufficient for all commitments made including yesterday's 10Q

[sentiment_stocks]

Northwest may be close to, or even ‘well over the authorization limit, as you state, for authorized shares (1.2 billion), BUT…

So long as the Northwest insiders continue to be patriotic (and look out for the company first, as opposed to their own) and lock up their options and warrants, they leave a fair amount of sellable shares on the table… somewhere around 75 million, give or take.

Upon release of trial data, these shares could be sold to raise a significant amount of funds right away.

In fact, just 30 million of those shares at $10 would raise $300 million.

And there is still more money to be raised, as that doesn’t count the number of warrants that are currently exercisable that likely some holders will likely want to the exercise and start the year-long clock on.

And all of this after-clinical-trial-release-financing could take place well before any shareholder vote to increase the limit or for a reverse split was required.

Below are the figures I based my estimates on:

In the Q, the warrant liability listed the total fair value of the warrants at $341,459,000 on June 30, 2021.
The share price was $1.47 and the strike price showed of $0.26.

So $1.47 - $0.26 = $1.21
$341,459,000 / $1.21 = 282,197,520 warrants
 
282,197,520 warrants
minus
58,800,000 not exercisable or blocked warrants
=
223,397,520 currently exercisable warrants
 
Moving on to Options 

272,701,000 currently vested options
minus
245,200,000 vested options currently not exercisable
=
27,501,000 exercisable vested options
 
On August 13, 2021, there were
872,440436 total shares outstanding
plus
223,397,520 exercisable warrants
plus
27,501,000 exercisable options
=
1,123,338,956 total common stock and exercisable options and warrants

leaving approximately 76.6 million currently available to sell.

[Poor Man -]

Jerry, if all the company’s warrant and option obligations were added to their outstanding share count, that number has to be approaching 1.5 billion.