Northwest Biotherapeutics, Inc (OTCMKTS:NWBO)
Northwest Biotherapeutics, Inc (OTCMKTS:NWBO) has announced closing the $7.5 million financing that it had announced on March 17, 2017. NWBO is developing DCVax® – personalized immune therapies for treatment of solid tumor cancers.
Several institutional investors participated in the offering to the tune of 28,843,692 shares, out of which 18,843,692 were common shares priced at $0.26 per share plus 10,000,000 shares of Class C Warrants which are convertible at the rate of $0.25 cents per exercisable share.
In addition, investors were given five-year Class A warrants which entitles them to around 21.6 million shares of common stock priced at $0.26 per share. Holders of Class A warrants are also entitled to three-month Class B warrants to buy around 21.6 million shares of common stock at a price of $1.0 per share. Northwest Biotherapeutics had appointed Rodman & Renshaw, a subsidiary of H.C. Wainwright & Co, as the placement agent of the offering.
Northwest Biotherapeutics, Inc (OTCMKTS:NWBO) has also announced has entered into a Note Repurchase Agreement with holders of their 5.00% Convertible Senior Notes. According to the agreement, the company will periodically repurchase all outstanding notes in installments of predetermined amounts. A number of investors had expressed interest to directly buy the notes which prompted the company to open discussions.
According to the agreement, $2.5 million worth of shares were to be repurchased. On May 31, 2017, investors entered into a Purchase Agreement to buy the old notes valued at $3.0 million. Additionally, the company entered into an Exchange Agreement with the Investor in which the Investor agreed to convert the acquired notes (valued at $3.0 million) into 20,628,571 shares of common stock valued at $0.001 per share. The investors is also entitled to warrants for the purchase up to 16,071,428 shares of Common Stock – exercisable at $0.175 per share and have a two-year exercise window from the issuance date.
Northwest Biotherapeutics, Inc (OTCMKTS:NWBO) has been a major beneficiary of positive news coverage over the last one week. The company earned a 0.43 coverage optimism score on AlphaOne’s scale. The company also scored 75% in headlines score on AlphaOne’s scale. This news coverage seems to be causing a positive impact in the company’s stock performance. The stock gained +0.003 or +1.69% to close at $0.181 in the Thursday session.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: James Marion is a University of Houston student studying Business with a concentration in Finance. James has interned with several investment professionals and hopes to get hired as a professional stock analyst after graduation.