My personal opinion is that Z and others who hold the options...

My personal opinion is that Z and others who hold the options will either exercise the options if these at least marginally in the money, OR, they will buy some shares at market prices around the expiry date.

Otherwise, a general note: I have a learned a lot over the past year in terms of small-cap stock price and how it reacts to various news, rumors, etc. As a long-term holder, my sole focus over the next two to four quarters will be on: (i) quarterly FINANCIALS, and (ii) news that I catch in mainstream media. I personally won't spend a lot of time on announcements and speculations, I think the only thing that will significantly move the SP going forward is primarily profitable quarters and secondarily attention from big players.