On Monday, we reported that shares of Northwest Biotherapeutics, Inc (NASDAQ:NWBO) had gone up over 5% after an annual shareholders meeting took place. Today, the stock is going in the complete opposite direction, after the company announced a new stock offering.
Perhaps using their increase in value as a negotiating tool, Northwest Biotherapeutics, Inc (NASDAQ:NWBO) today announced that they have registered a direct offering of 3.5 million shares of common stock at a purchase price of $3.60 per share, along with warrants to purchase up to 1.75 million shares with an exercise price of $4.50 each. This equates to a total offering of $12.6 million, and that cash will come in hand for a company looking to expand.
The dilution of shares have caused investors to be bearish today, as they all lose a percentage of the company. The stock is down 18.09% or $0.8 following the news, hitting $3.64 per share. Approximately 76,258 shares traded hands. NWBO shares have declined 45.53% since May 20, 2015 and are currently downtrending. It has underperformed the S&P500 by 43.27%.
Northwest Biotherapeutics, Inc. is a biotechnology company. The company has a market cap of $336.65 million. The Firm is focused on developing immunotherapy products to treat cancer. It currently has negative earnings. The Company’s platform technology, DCVax, uses activated dendritic cells to mobilize a patient’s own immune system, including T cells, B cells and antibodies and natural killer cells, among others to attack cancer cells.