Attention, those of you who own National Beverage Corporation (FIZZ): FIZZ has announced a special dividend, in the amount of $1.50 per share. As a result, the strike prices for open December options on FIZZ have been adjusted down to compensate. For example, a client who sold a $50 call and a $45 put on FIZZ will now have a $48.50 call and a $43.50 put. You should see this adjustment made to the options at your brokerage prior to expiration on December 16th.
At this time, there is no need for action to be taken on FIZZ. If your call options are exercised at expiration, your shares will be assigned and removed from your account. Any loss in the sale of stock that you incur at that point will be made up when you receive the dividend payment itself. You may calculate the total profit on the position by using the original call strike price.