Common Cents purchased CLNE today as it declined to around $7. The purchase consisted of several call options, each of which represents the right to buy 100 shares of the stock at a certain price.
More specifically, Common Cents purchased September 18 call options with a $6 strike price for $1.35 a piece. Common Cents' goal is to sell the options for a minimum of $1.45. CLNE will have to increase, at a maximum, 6.4% (or to $7.45) for the option contracts to reach $1.45. More information on options trading will come in a future 101 post.
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