Why would the company do that? I'm a shareholder and I certainly...

Why would the company do that? I'm a shareholder and I certainly wouldn't support that idea. There's a reason shares have voting rights and options do not. Anyone buying options isnt supporting the company, they're buying leverage and a decaying asset and you know that from the minute you buy them. Those options were issued for free with a past capital raise, if you've bought them than that's on you. If they expire worthless then that cleans up the capital structure in my view.

If the stock was trading at 2 cents there would be no lamenting expiry. Why would anyone buy options when the stock at 1 cent at its market cap already provides significant leverage? Greed, that's the only answer.