No, they are not saying SP is worth 5.5. It is the exercise price of the option that will be 5.5.
You have until the 27th of October to exercise the option. If you don't, the option lapses. Often companies do a CR of shares and options. The options are often well above the current SP - nothing unusual about that.
I have had a number of options that I have let lapse because they were well above the SP.
Ann: Cleansing Notice, page-11
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