Without the underwriting, all unexercised options would expire...

Without the underwriting, all unexercised options would expire immediately.

The underwriter steps in to the shoes of the 'dead' option holder at the same time as death occurs. At that time there is a transfer of entitlement.

Somers underwrites a minimum of 15.625m shares if there are enough to go around.

The company does not want more than 18.75m to be issued. Interesting!!

If the underwriting agreement had not happened before expiry, then 'too late' to save the unexercised options.