Underwriting the options has now removed the incentive/urgency for the company to try harder before they expire. So this looks like a bad deal to me for option holders. The only hope is that the underwriter doesn't really want any shares and will try hard to pump it up! But if they do want shares then they will try hard to keep price down. At current price I expect many option holders will not exercise. All in my opinion only.
Ann: Full Option Exercise Underwriting, page-27
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