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π (8N^2+23+NA) 45 12 ≤22 3°πC2c2d4ε-3[8(24C2d2log2(2^34c^de-4))^²+23 13 3 19 +C3d^3(1og2(2532c2d2ε-2))2C3+16186(C2d)3d3(10g2(2734c4dε-4))3] ≤2233πC2C3dmax{10.75,4.75+C3)€-3[8-24²(1og2(2734c^dε-4))2+23 13 +(log2(2532c2d:2ε-2)2c3+16186(10g2234dε-4))] 13 ≤2233πC2C3dmax{10.75,4.75+C31ε-3[824^2(1og2(234)+41og2(c)+9)2(1+log2(de- +(1og2(232) + 2log2(c) + $)2Ca(1 + 1og2(de=-1)2c +16186(10g2(234)+4l0g2(c)+9)(1 + 1g2(d:=) ≤223π[8·242 (14+ 4+ 9)10g2(c)²2 + 23 + (8.2+ 24)4.5)10g(c)^ 13 +16186(14+4+ 9)log2(c))C2C3max{10.75,.75+Cs1€-3(1+log2(de-1)max(3.2c ≤223π[8·242+23+1+16186 13 .C{C3(27log2(c))" max(3.23)$max{10.75,4.75+C3)ε-3(1+10g2(dε-1))max{3,2C3} max(3.20s) max{10.75.4.75+C3)ε(1+ 1og2(de-1))max{3,2Cs ≤(1.6× 108)C2C3(27log2(c)) +log2 (de-1))max(3,2C3}. Second strike price fixed at k2 = 2.01 Strike Price k1 Reference Estimated (mid) Estimated (high) Estimated (low) 1.74 0.317163 0.318514 0.324408 0.312619 1.80 0.275635 0.270604 0.280077 0.261131 1.85 0.246069 0.239256 0.248482 0.230031 .90 0.217595 0.215355 0.223858 0.206853 .96 0.193578 0.195811 0.203952 0.187671 2.01 0.173564 0.172656 0.183125 0.162187 2.06 0.159380 0.155583 0.161787 0.149379 2.12 0.142249 0.131429 0.142335 0.120523 2.17 0.134635 0.136207 0.145155 0.127260 222 0.127487 0.127613 0.136500 0.118725

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