Starting to issue Pro Rata, assuming they have utilised $25M of the DW?
(Remaining SPXAM oppies 40,273,698)/ 3,221,896= 12.5
25M/12.5 = 2M
My guess is they will issue 3,221,896 options every 2M of DW deployed. (Until last installment which will be 4,832,844)
Ann: Notification regarding unquoted securities - SPX, page-2
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