Exercise of the options at $1.50 requires holders to fork out a...

Exercise of the options at $1.50 requires holders to fork out a total of $36 million. This is close to 10% of the capitalization of the entire geothermal sector. Given that they are most likely held by smaller investors (not ORG etc) its a significant cost - share price weakness is to be expected especially in light of the current market.

They may have intended them to be exercised after some kind of success. In this case they would have found larger investors to take up the slack. As it is they have drilled most of the way but aren't any closer to proving their model, so i can't see where they will get this kind of support. ORG and the like may even prefer they weren't exercised in order to avoid dilution.

I don't hold GDY but feel that this issue is currently a drain on the entire sector. So good luck - hope they have some exciting news soon...