Based on the premiums for the July 2014 call options, the warrants should be worth a minimum of 45 cents. Since the duration is more than 50 months longer, I figure the warrants are worth at least 80 cents. So, if the units sell for $4.80, then the stock is being sold for about $4.00. I don't know much about the company, I'm thinking about possibly buying the warrants, but I definitely wouldn't buy the stock at $5.
Your point being? The investors buying in next Monday's offering will effectively be paying roughly $4 a share for NWBO, factoring in the attached warrant, which should be valued at least 80 cents. If anybody disagrees with this assessment, please explain where I'm wrong. I'm not saying I think the stock is expensive, I'm saying the offering says the stock is now worth about $4.