Withdrawing Options

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.

Expired Options

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.

Refunds

When withdrawing options or proceeds from expired options, you also receive a refund for any unspent funds that were deposited when placing the orders to buy those options.

Here is a table of the most common scenarios and their outcomes when withdrawing:

Expired	Scenario	Outcome
No	Your order was filled at the exact price you deposited	You only receive your fill
No	Your order was filled at a lower price than you deposited	You receive your fill and a refund for unspent funds
No	Your order was not filled	You only receive a refund
Yes	Your order was filled at the exact price you deposited	You only receive the proceeds of the options, if any
Yes	Your order was filled at a lower price than you deposited	You receive the proceeds of the options, if any, and a refund for unspent funds
Yes	Your order was not filled	You only receive a refund

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.