You can withdraw options from Knox Finance as ERC-1155 options tokens 24 hours after the auction has been processed. Withdrawals may be made at any time if the auction has been cancelled.
If you let in-the-money options expire before withdrawing them, they are automatically exercised. Upon withdrawal, you will receive the proceeds of the options (their intrinsic value) instead of ERC-1155 options tokens.
Here is a table of the most common scenarios and their outcomes when withdrawing:
A buyer places a limit order to buy 20 call options up to a maximum price of $100, depositing $2000 to do so. However, the Dutch auction reaches its clearing price at $70, so the buyer only pays 20 x $70 = $1400 for the options. Upon exercising the options (or their expiry), the buyer is refunded the unspent $600.