I know it may seem confusing, but options have both an intrinsic value (which you are referring to below), but also there is a time value.
What's that mean in simple terms. The options have value based on the time value of the options. That is, the market is assigning that value on the likelihood the options will be in the money come the expiration date. That is, the share price is higher than the exercise price between now and the expiration date.
Personally, given the exercise price of the options - $1.50 is pretty generous.
MFG Price at posting:
$16.72 Sentiment: None Disclosure: Held
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