If you analysis is true An early exercise at this
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More money In the coffers and unlikely sellers of the stock until much more appreciation.
However, I doubt that your proposal that the recent non qualified options would be excised soon unless the price goes up a lot.
A cashless exercise doesn’t make sense unless the stock goes up a lot because if the current price is near the exercise price almost all shares would need to be sold to fund the exercise - making the plan useless.
And why would they pay near the exercise price to exercise the options- they could just buy on the open market.
IMO