Well the Redditers did it. GME closed above 320 which means that over 95% of the calls are in the money to be exercised by contract. They are still holding their shares with 120% of the stock shorted as of this morning. Holders on the other side of the contracts must buy shares or provide cash to fulfill the contracts or default. If the contract holder defaults it goes to the deal making middleman. The contracts have about 3 days to be fulfilled so the ride isn’t completely over.
AMC also closed over 13 which means 90% of the contracts on the call side can be exercised at a profit and have to be fulfilled.
Historic day in the market despite a down day overall... but it’s not done yet.
Nice
reed13k wrote:
“Well the Redditers did it. GME closed above 320 which means that over 95% of the calls are in the money to be exercised by contract. They are still holding their shares with 120% of the stock shorted as of this morning. Holders on the other side of the contracts must buy shares or provide cash to fulfill the contracts or default. If the contract holder defaults it goes to the deal making middleman. The contracts have about 3 days to be fulfilled so the ride isn’t completely over.”
So that means Monday will be an ‘interesting’ day?
Thank you for your summary of GME and AMC. Please keep it up. Methinks it is part of The Plan.