That game theory in play who would let someone else dilute them (major holders).
Each one of them are hoping others ate not diluting them.
However, there could be one who outsmart all the others by buying their options. However, it does not stop those who hae unloaded their options to keep supressing the price to sc..w other those who bought their discounted option.
Hence there is a vicious cycle here for major holders.
Only thing that can stop the suppression is a combination of high IO price and intentional actions by management to get the options converted....
I can see this happening if managment want it to happen however management will dilute themselves as well.
So in the end the OPTIONS ARE WORTHLESS. GAME THEORY SUGGESTS THAT ALL PARTIES WANT OPTIONS TO FAIL. INCLUDING ME.
