Future Milestones & 2023 Summary, page-58

Not sure whether the 'Black-Scholes Model' can be applied with respect to AEVO, out of all honesty. The market for AEV and AEVO are far too illiquid, 'Black-Scholes' requires volatility for accuracy, and the model also requires a number of other assumptions as listed within this interesting article:

https://www.investopedia.com/terms/b/blackscholes.asp

We also have to remember that AEVO are company options, not exchange traded options (ETO) as frequently traded over in the United States (and...ahem...poorly here in Australia), and an important distinction compared to the Black-Scholes Model is that these company options are certainly not European style options, which is the foundation of the Black-Scholes Model.

It ultimately comes down to what the market is willing to pay for them at any given time and price for illiquid company options.