"Here's a dumb question for you... If I dont buy it back and close the position, what happens if the stock is above $2.50? Below $2.50? Does it get "put" to me at $2.50, thus if I sold the Put at $1, in essence it only costs me $1.50?"
Above $2.50 it expires. Below $2.50 yes you own it at $1.50.
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