OptionsI just noticed on SEDI that there are numerous options expriing on Monday, December 11, 2023.
They were all issued ten years ago and they have a strike price of $1.74 CDN.
They are in the money as of close on Friday, December 9th.
Alan Warrander 16,000
G. Van Amersfoort 30,000
Alan Tuchman 55,000
Brad Thompson 360,000
Fred Stewart 45,000
Robert Schultz 60,000
Kirk Look 160,000
John Leivonen 35,000
Edwin Levy 30,000
George McGill 80,000
James Dinning 35,000
Mary Ann Dillahunty 40,000
Matt Coffey 240,000
We can expect some on the list to excercise their options on Monday morning and likely sell the shares to pocket some small amount of extra cash for Christmas.
For example, George McGill could exercise at $1.74 and then sell 80,000 shares immediately for $1.90 and net $12,800 for his troubles.
Others with smaller amounts may simply have forgotten about these options or will not bother and let them expire since the difference between strick price and close on Monday will be inconsequential. Especially if they all intend on selling Monday in which case the share price will likely drop below strike.
Brad Thompson may not even hold these options anymore due to the unusual circumstances surrounding his departure from the company.
MC and KL will be crossing their fingers and hoping like hell the share price drops below $1.74 CDN on Monday to save them the expense and future loss from having to convert and hold shares.
Note, these numbers are in addition to the 175,000 options MC has that expire on Wednesday, December 13 and have a strike price of $1.45.
So by Wednesday, MC could be the proud (and sorry) owner of 415,000 newly minted ONC shares that will have cost him about $671,000... more than half his annual wage.
I don't give a damn what most on this list do with their options and resulting shares. But if MC or KL choose not to exercise, or do excerise but then sell, then everyone should take is as a clear message that ONC is headed for a long, sad downward spiral to oblivion.