Bought 102 ATAI LEAPS for 2027/2028. OCC just moved expiration to next week. Am I screwed?
A few months ago I bought 102 ATAI call options, mostly $8 and $10 strikes, expiring in 2027 and Jan 2028. About $1k total. Obviously the whole bet was giving ATAI a year or two to run.
Lilly bought ATAI for $6.75/share + a CVR that can potentially pay another $2.50/share.
Now OCC has accelerated ALL my options to 9/18/26 and excluded the CVR from the option contracts.
So my Jan 2028 calls literally went from \~495 days remaining to 5 days. Basically 99% of the remaining time just disappeared, and since the cash payout is $6.75, my $8 and $10 calls are basically worthless.
I understand Robinhood didn't make this decision and apparently OCC rules allow expiration acceleration after a cash acquisition.
But... this is frustrating? I specifically paid for options that didn't expire until 2027/2028.
Is this really just how LEAPS work when a company gets acquired and I'm screwed? Is there any recourse here?
I'm especially curious about the $8 calls since shareholders get the CVR and could ultimately receive up to $9.25/share, but OCC completely excluded the CVR from the options.