Ann: Proposed Loyalty Entitlements Issue of Options, page-21

Supply and demand, they will trade at whatever price the first seller is happy to let them go for.

It's safe to assume they won't trade more than 20c below heads, but how much of a premium they attract (through the nature of their leverage and TAOs outlook) is the question, wouldn't surprise me if they traded at 7c (5c premium) if heads stay at 22c (which they won't) so it's really quite impossible to say what the first options will trade at on market, because we have no idea will heads will be on whatever date they are released.

My fingers are crossed TAO get's a little bit of attention in the coming weeks, EV is just too low to be ignored, IMO.