Bullish directors moveThey want save tax on futur gain
If the managers thought the stock price was going to go down - you don't exercise your options at .75 because you have to pay your taxes on the difference the day you exercise your options (e.g. 2.50) - so 1.75 of revenue per option exercised;
So the acquisition price becomes $2.50 - from there it becomes a capital gain or loss from $2.50;
So the only reason to exercise their options now is to create a future capital gain (50% taxable) starting at $2.50 versus 100% taxable income if they keep their options