They’d have no value if that was the case in December 2919 unless the owner of the options at that stage stumped up the 40c to convert over to shares...but then he could just buy the shares for the same price...
Options have retained a premium price because there are only half the number of options that there are shares...
The person who bought that many options might be sitting in a gold mine if the share price goes north of $1 in due course...
They’d have no value if that was the case in December 2919...
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