New to trading options. Need advice on Put option now in bankruptcy

roeco89 said:
Can somebody please help me understand why my option went straight down to .01 when market opened? I thought I was in a good position? Please lend some advice. Looks like there's no activity on the stock at all. Not sure what to do here.
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It appears the stock and options are halted.
 
roeco89 said:
So what exactly does that mean for me. What should I do in this position? I thought this put was going to be very profitable..
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I contacted Robinhood and they're telling me that I cannot exercise my option early because trading is halted? I need to get my profits off this option.. Any ideas on what to do?
 
roeco89 said:
I contacted Robinhood and they're telling me that I cannot exercise my option early because trading is halted? I need to get my profits off this option.. Any ideas on what to do?
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You would not want to exercise your option in this case as you will then be short stock, not out of your position. This could create other problems.
As mentioned by others, the OCC will generally post a memo on how they will be handling the situation if the stock does not reopen for trading. You can also contact them directly.
https://www.theocc.com/
 
FSU said:
You would not want to exercise your option in this case as you will then be short stock, not out of your position. This could create other problems.
As mentioned by others, the OCC will generally post a memo on how they will be handling the situation if the stock does not reopen for trading. You can also contact them directly.
https://www.theocc.com/
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Thank you for your advice.
 
lightninboy said:
Trading on WFT was suspended, huh? Well, you're obligated to get something out of your put sooner or later. Just a penny stock anyway.
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I'm starting to worry a little, I'm still confused lol. I contacted Robinhood and they told me there's nothing I can do to exercise or sell my option. They also said that they don't believe WFT will be traded anymore.
I feel as though I'm owed something here, just don't know how to collect it. Definitely doesnt feel like its worthless .. Can you explain a bit more on what I should do now. Feel like Robinhood should let me exercise early... I could be wrong but that's why I'm asking for help.

Thanks again for everything
Craig
 
ETJ said:
From OCC
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Thanks for the link! Does this mean that I will be able to sell my option for profit tomorrow? Just under a different symbol? Says it's on OTC, will Robinhood allow me to still close my option?
 
Simply not certain yet who will relist the option. Many exchanges won't bother with a OTC billboard name during expiration week unless they had open interest and the lead MM requests it, but I suspect it will list somewhere
Buy the new stock OTC and exercise? Sure
Will it be profitable? Depends on billboard spreads and again - total speculation on my part - but I wouldn't be shocked to see huge spreads in the billboard issue.
Simply have to watch tomorrow's pricing and communicate with your broker.
 
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