Zion Oil & Gas Inc (ZNOG)

[Moses1492]

Bearspread you said regarding the 2021 calls: "By then the large writers will have "closed their positions" with no one left to sell to. Wonder that time decay will do by then"

My question is how can the writers close out their position on their sold calls without first buying them back? The original writers of the calls will be forced to hold their secured ZN shares UNLESS they buy back to close. If they sold to open at 5 cents they can cover by buying back at 5 cents or sub 5 cents if they get lucky as the buy & sale prices are in intervals of 5 cents.

If the writers of the calls don't buy back to cover their open sold calls, they will have to ride the price of ZN out until the options expire for at least a year before they are free to sell the under pinning ZN shares