updated 11:10 pm EDT, Wed April 23, 2003
Apple today announced the successful completion of its , which expired at 5:00 p.m. PDT on Thursday April 17, 2003. Apple has accepted options to purchase 16.5 million shares of its common stock, and will issue new options to purchase approximately 6.9 million shares of its common stock in exchange. The remaining 9.7 million options will be cancelled, reducing Apple's issued overhang from 18.2 percent to 16.4 percent: "Issued overhang is defined as options outstanding as a percentage of total options and shares outstanding. Approximately 93 percent of eligible options were tendered in the exchange program. Pursuant to the terms of the exchange program, the new options will be issued on October 20, 2003, the first business day that is six months and one day from the expiration date of the offer."