Theoretically the options offered (1 for 10) to existing...

Theoretically the options offered (1 for 10) to existing shareholders would have nil effect on existing shareholders given equal distribution.

However, it should have increased the price of existing traded options on the market given they now represent additional value to convert. Options purchased prior to this announcement and before the additional option grant date in the near future now represent: the same value as before + (1 for 10) additional options when fully vested.

Those with options should recognise the value in this deal. They are essentially getting "more options" on their options, however it does play around with time decay to utilize this benefit.