Key Energy Services Inc. (KEGX)

[Imagineer66]

Anyone else get a warrant expiration notice? Here is what I got. I'm confused about the Cashless Exercise option.

Re: Wts Key Energy Svcs Inc
Cusip# 49309J111
Please call the E*TRADE Corp Actions Team 1-800-ETRADE1 Monday-Friday 8 am-6 pm Est. by cut off 12/11/2020 to submit your instruction.
OPT 01: Exercise
OPT 02 Cashless exercise
50 warrants = one (1) share of new Key Energy common stock (cusip 49309J202) at $2,175.73 per share.
Exercise instructions are to be submitted in multiples of 50 warrants.
Funds must be available in account.
These warrants may be exercised on a cashless "net share settlement" basis.
The cashless exercise is determined utilizing a formula based on the fair market value of the common stock on instruction date. If the formula results in a negative figure, the instruction will be rejected.
Holders are urged to refer to the warrant agreement dated December 15,2016 and the Key Energy Services, Inc. Officer's certificate dated February 27, 2020.
Response after cut off is best effort.