Perhaps I should know the answer myself, but don't. NT is undergoing a 10:1 reverse split I believe on December 1. We have a bunch of out of the money call options with a strike price of $5. We were told by the Options Calling Center that the impact of this reverse split on the underlying options would most probably be that each option would represent the right to 10 shares of the stock instead of 100. According to this there should hypothetically be no impact on the valuation of the options. However, the broker had suggested that the options would also undergo its own reverse split, and that instead of having 100 options, one will now have 10 options, only that each option will be worth 10 times the price. To me, the first way makes more sense, but would like to verify this is so.