why would it stop them from exercising. you have to consider liquidity in this stock. If a serious player had accumulated 10 million options and at expiry the heads were 95cents do you think he wouldnt convert. Of course he would, they have value to NTA and there is no way he can buy 10 million heads under a $.
I wrote this exact scenario several months ago on this thread...
option price discount, page-7
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