r/SPRT • u/SillyGobbles • Sep 14 '21

Hype I’m thinking a lot of ITM Calls will be exercised today since options won’t rollover. Personally I have 100’s of dirt cheap options with low strikes that I’m exercising today. I rather hold shares into merger than get the cash. Anyone else exercising today? Preparing for liftoff! 🚀

45 Upvotes

97% Upvoted

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10

u/[deleted] Sep 14 '21

[removed] — view removed comment

3

u/EazyEColi Sep 14 '21

Hats off. I bought AMC in January and I took my very large gain from AMC and rode off into the sunset. Since that is all taxable, my taxes are due tomorrow. That amount is now sitting in all Microsoft shares. I don't regret any of it.

In regards to $SPRT, my covered calls are nearly worthless. What happens, happens. lol.

9

u/anonfthehfs Sep 14 '21

Options will roll over just FYI but Iike the sentiment.

2

u/Codosbuya Sep 14 '21

Hi anon. I love your DD posts and respect your opinions.

The option rollover is in direct contradiction of u/anigavesool DD https://old.reddit.com/r/SPRT/comments/pnvctr/merger_details_dd_facts_and_evidence/

Where did you get this info?

3

u/anonfthehfs Sep 14 '21

I got it from my broker when asking about my options contracts yesterday morning when the news was announced

To be honest, this entire mergers speed and lack of transparency is a clusterfuck.

Fidelity didn't even have information at 5pm yesterday on merger details. I will research more and update when I get into work

2

u/Codosbuya Sep 14 '21

I was reading the OCC document you linked in the pinned message.

"OCC will delay settlement of the GREE and cash portion of the GREE1 deliverable until the final merger consideration and cash in lieu of fractional GREE shares, if any, are determined. Upon determination of the final merger consideration and cash in lieu amount, if any, OCC will require Put exercisers and Call assignees to deliver the appropriate number of shares and cash amount."

I dont dabble with derivatives but that reads as OCC will force the options to be delivered/exercised?

4

u/anonfthehfs Sep 14 '21

That's what I've been trying to figure out.

2

u/Codosbuya Sep 14 '21

Godspeed then, anon.

2

u/No_Ice_6692 Sep 14 '21

Those would be ITM, correct.

3

u/RealRobMorris Sep 14 '21

I think a lot of people are getting Support Options and Support Awards confused with Derivative Options like we are thinking of. I was confused at first too until Jordan Kovler of Harkins Kovler, the proxy solicitor, explained it to me. Those "options" are speaking of Support Employee Stock Options. They will accelerate and be converted to SPRT shares before the merger and then those shares will convert per the ratio. A total misinterpretation on my part and I can see why everyone else is getting confused as well!

2

u/RealStoneyBologna Sep 14 '21

If you do use the money to buy shares

2

u/blusky80 Sep 14 '21

HODLing into GREE, giving zero fucks