From CNBC: 2024-06-12 09:55:18

Keith Gill, known as Roaring Kitty & GameStop rally inspiration, faces dilemma with 5M GameStop shares & 120K call options. His $20 strike price calls expire June 21. Gill needs $240M to exercise, but only has $29.4M in cash. E-Trade may sell if he doesn’t act, risking market manipulation concerns.

E-Trade may liquidate Keith Gill’s options if he can’t exercise them, under client agreement. To avoid an escalating situation, Gill could consider rolling options to a later expiration date. Selling early could raise market manipulation concerns and put downward pressure on stock.

Keith Gill could potentially become 4th-largest GameStop shareholder if he exercises all of his calls, but he faces financial challenges. Alternatively, he could sell some shares to fund the transaction. Gill reassured followers with a meme about “Options Basics 101” amidst his options dilemma.

Read more: Roaring Kitty has some tough choices to make on his GameStop options