It was reported earlier this month that billionaire Tianqiao Chen, founder of Shanda Interactive Entertainment, had taken a significant stake in Lending Club (NYSE:LC). Shares of Lending Club have cratered since the resignation of former CEO Renaud Laplanche. The move by Chen appeared to be an opportunity to take advantage of the discount in the price of the company.
Today an SEC filing, regarding beneficial ownership of Lending Club, indicates that Tianqiao Chen also owns a good amount of options on Lending Club. Chen controls a whopping 15.7 million in call options at an exercise price of $3 to $4 per share. The options expire on June 17, 2016.
These options are on top of the 29,047,930 in Lending Club stock he owns. With the shares trading over $4/share today – these options may end up as a profitable move.
See the filing below.
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