so the shareholders : institutions who were awarded options can sell their heads at 2.5 cents and be left with two free options / the second one converted on the proviso you have taken up the first option.
so someone buys 1milliin shares and is given 1 million options and then sell 1 million their heads. They are left with the options as a gift for their time / connections etc
if Davis can’t sell - the shares go to 1 cent - options owner doesnt care - hasn’t cost him / her a dime.
If in the next 12 months David manages to sell the sauce - and th share price goes to 10 or even 50 cents.
The lucky option can at anytime within 12 convert their options at 3.5 cents.
you are right - they are not free .
There is no risk - so they are risk free !!!!
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- Ann: Issue of Options
Ann: Issue of Options, page-22
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