Because the loyalty options have a premium of +25% over VWAP to exercise. On that token, I don't expect people buying with the options to sell at a price lower than 25% above the "average price" at that time.
It's different with dividends because there is no premium to buy into the share to get the dividend. There is a time premium in the sense that you had to buy and hold for a period of time, but it is certainly not the same dynamics as the options.
Largest cobalt resource with lowest valuation, page-877
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