'Just ask yourself "Why are they underwriting these" '
Umm - because the 'options' are in the money & cost them zero except exercise price minus 5.5%, they get to exercise any not exercised for 5c & the current SP is approx mid 6c, so approx 25% instant profit + 5.5% = approx 30% profit per option converted/underwritten.
Who would not convert options that are approx 25% in the money ?
I don't expect they will get to exercise many unless 'someone' does a serious smash down of the SP over the next couple of weeks. Am I missing something here ?
I won't be surprised to see the SP get smashed under 5c, or close to it, over the next couple of weeks.
.
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