For the NZSOA options - the strike/exercise price is $0.0275....

For the NZSOA options - the strike/exercise price is $0.0275. All options expire at some point in the future. These ones expire 25 July 2022.

In simple terms, you can buy and sell NZSOA and NZS in the same way at the price quoted on market. e.g NZSOA closed at $0.038 last night

When you own NZSOA you have "the right but not the obligation" to convert those NZSOA options into the actual shares in NZS if you choose to do so. This can be done at any time prior to the expiry date.

So if I purchased 100,000 NZSOA at yesterdays closing price of $0.038 it would have cost me $3,800 + brokerage.

As I now own NZSOA, I can approach NZS (the company) and request to convert those 100,000 options into NZS shares at the strike price of $0.0275. So this transaction would cost me $2,750. At this point, I no longer own 100,000 NZSOA, I now own 100,000 NZS.

So in simple terms the shares have cost me $0.038 + $0.0275 = $0.0655 ($6,550).

Now that I own NZS shares, I can sell those on market at the current price which was $0.067 last night.

Be careful with options though as if you don't fully understand how they work they are a lot more risky.