After seeing a few of these comments, I think I'll clarify.
I'm aware of how stock options should work under stock splits. As others have said, in general, whether it's options or shares, the equity on each side of the split should remain constant. IE 3x the shares, 1/3 the value. In the case of options 3x the options, 1/3 the strike price.
My issue is that it's clear that the option amount did not auto-adjust. I've already executed the options. The kicker is, neither did the strike price. It looks like not only did I not get the number of shares from the options I vested when executing them, I overpaid for the ones I did get since the value didn't change. This likely means they're underwater and worth zero.
I guess my next step is to contact their law firm and see if I can get confirmation from them about the split, then I can push them to correct it. (through legal means if necessary)
I'm aware of how stock options should work under stock splits. As others have said, in general, whether it's options or shares, the equity on each side of the split should remain constant. IE 3x the shares, 1/3 the value. In the case of options 3x the options, 1/3 the strike price.
My issue is that it's clear that the option amount did not auto-adjust. I've already executed the options. The kicker is, neither did the strike price. It looks like not only did I not get the number of shares from the options I vested when executing them, I overpaid for the ones I did get since the value didn't change. This likely means they're underwater and worth zero.
I guess my next step is to contact their law firm and see if I can get confirmation from them about the split, then I can push them to correct it. (through legal means if necessary)