Re: Value of options...
Let me explain my personal experience, which may or may not reflect the pricing of BIT's stock option plan.
As an employee of an ASE-traded company, I was granted options at a price which was an average of the 10 most-recent closing prices prior to the approval of granting options by the board of directors.
When I initially joined the company I'm currently at, they had promised me options at a fixed price (0.40), but the approval for granting options at the board meeting was much later (two months or so afterwards), at which time the trading value was around 2.00-2.50. As it turned out, the CFO said, "oops, sorry, we can't offer the options to you as promised at 0.40... we have to take the average of the last 10 trading days prior to the board meeting, so your options are exercisable at 2.40". He implied that it was not their desire for the options to be expensive, but that it was done in compliance with ASE regulations. I don't know why "10" was the magic number and where/if it is written somewhere.
Again, I'm assuming this may be a similar situation for BIT (haven't calculated recent average). I'm sure they can offer options at, or above, current market value, but not substantially below.
But don't take my word for it... I should be in bed by now... shouldn't trust anyone who's sleep-deprived. <g>
Ben |
