OCC
Optical Cable Corp.
stock NASDAQ

Yeah... unfortunately, this looks legitimate. LEAPS don’t guarantee the original time if the company is acquired for cash. OCC converted each contract to a $675 cash deliverable and accelerated expiration to 9/18. Since your $8/$10 calls require $800/$1,000, they settle at $0, and the CVR isn’t included. Brutal for sure... but likely not a Robinhood decision.
It might be worth asking Robinhood when they notified you. OCC warned beforehand that call holders had to exercise before the adjustment to receive the CVRs. It probably won’t restore the contracts, but maybe it’s the one angle worth trying

The easiest way to think about this is that your LEAPS didn’t really “lose 495 days of theta.” The thing they were written on ceased to exist.
Before the merger, your $8 call gave you the right to buy 100 ATAI shares for $800 sometime before 2028. But Lilly bought the company and every ATAI share was converted into $6.75 cash plus a separate CVR. ATAI stock no longer has a future market price.
OCC therefore replaced the 100-share deliverable with **$675 cash**.
That makes the math brutal but simple:
**$8 call:** right to pay $800 for $675 → $0 intrinsic value
**$10 call:** right to pay $1,000 for $675 → $0 intrinsic value
And there’s no longer any time value because ATAI can’t rally to $10 next year—the stock won’t exist next year.
The CVR is the part that feels unfair, but there’s an important distinction: **shareholders received the CVR; listed call holders did not own shares.** The CVRs are also specifically non-transferable except in limited circumstances and aren’t exchange-traded securities. OCC therefore excluded them from the adjusted option deliverable.
So this isn’t Robinhood stealing the remaining life of the LEAPS. It’s a corporate-action risk built into owning options. A 2028 expiration doesn’t guarantee that the underlying company will continue existing until 2028.
Unfortunately, unless OCC or the broker processed the adjustment incorrectly, there probably isn’t any normal recourse. The investment thesis effectively ended when the company was acquired for cash.

You don't need Reddit, you need the OCC. Go to the OCC website and find their action on the ATAI acquisition and what happens to your LEAPS.

Bought 102 ATAI LEAPS for 2027/2028. OCC just moved expiration to next week. Am I screwed?

Those are the option's prices, not the stock's. A call can bleed premium all day and still finish in the money.
Exercise keys off the strike alone. OCC auto-exercises anything a penny ITM at the close, so what matters is where the stock settled against your strike. What was the strike?

Yeah... unfortunately, this looks legitimate. LEAPS don’t guarantee the original time if the company is acquired for cash. OCC converted each contract to a $675 cash deliverable and accelerated expiration to 9/18. Since your $8/$10 calls require $800/$1,000, they settle at $0, and the CVR isn’t included. Brutal for sure... but likely not a Robinhood decision.
It might be worth asking Robinhood when they notified you. OCC warned beforehand that call holders had to exercise before the adjustment to receive the CVRs. It probably won’t restore the contracts, but maybe it’s the one angle worth trying

The easiest way to think about this is that your LEAPS didn’t really “lose 495 days of theta.” The thing they were written on ceased to exist.
Before the merger, your $8 call gave you the right to buy 100 ATAI shares for $800 sometime before 2028. But Lilly bought the company and every ATAI share was converted into $6.75 cash plus a separate CVR. ATAI stock no longer has a future market price.
OCC therefore replaced the 100-share deliverable with **$675 cash**.
That makes the math brutal but simple:
**$8 call:** right to pay $800 for $675 → $0 intrinsic value
**$10 call:** right to pay $1,000 for $675 → $0 intrinsic value
And there’s no longer any time value because ATAI can’t rally to $10 next year—the stock won’t exist next year.
The CVR is the part that feels unfair, but there’s an important distinction: **shareholders received the CVR; listed call holders did not own shares.** The CVRs are also specifically non-transferable except in limited circumstances and aren’t exchange-traded securities. OCC therefore excluded them from the adjusted option deliverable.
So this isn’t Robinhood stealing the remaining life of the LEAPS. It’s a corporate-action risk built into owning options. A 2028 expiration doesn’t guarantee that the underlying company will continue existing until 2028.
Unfortunately, unless OCC or the broker processed the adjustment incorrectly, there probably isn’t any normal recourse. The investment thesis effectively ended when the company was acquired for cash.

You don't need Reddit, you need the OCC. Go to the OCC website and find their action on the ATAI acquisition and what happens to your LEAPS.

Bought 102 ATAI LEAPS for 2027/2028. OCC just moved expiration to next week. Am I screwed?

Those are the option's prices, not the stock's. A call can bleed premium all day and still finish in the money.
Exercise keys off the strike alone. OCC auto-exercises anything a penny ITM at the close, so what matters is where the stock settled against your strike. What was the strike?

Question: Do you like FINRA, SEC, DTC, DTCC, and the OCC?
Do you think they operate in the best interest of retail traders?