my understanding and others might correct me. you are able to...

my understanding and others might correct me. you are able to trade options like any other stock. However they have a life span which is set out when they are created. By that end date you have to of sold the option or converted into a full share. For spxo the end date is 28.07.23. The conversion comes at a price which again is set on creation along with a minimum share price that has to be achieved before you can do this. For SPX the minimum price or strike price/exercise price is 2.5cents. The amount you are required to pay per share to convert the option is again 2.5cents. Typically the option price will trade the heads price by this amount except when it gets low and the expectations is that it will rise again.

so the gamble here is the sp doesn’t reach 2.5 cents in time so people are able to exercise their options. But given most people will sell heads in order to convert the options, the sp price must really be above 3cents plus for this to be worth the hassle. Otherwise you’d just buy more heads.

if you believe the sp will rise to 4-5 cents, then the option price now is good value, imo. AF and many directors hold millions of options. So there are incentives to get the option price up. Also as people convert. Spenda recieves that 2.5 cents per share.