Getty (NYSE:GETY) announced this morning that it will redeem all outstanding warrants for $0.01 per warrant at 5 p.m. on October 19.

This move is not being accompanied by a warrant exchange offer because of just how hot the de-SPAC has been trading over the past month. Getty is allowed to redeem warrants at this price because its stock has finished at or above $18 for 20 of 30 trading days ending on the third date prior to when it gave this notice.

Getty, in fact, hit a high of $37.88 on August 2 and generally traded above $20 for that entire month. Because of this, many of its outstanding warrants may have already been exercised and holders will still be allowed to do so until the redemption date.  It is far less attractive to do so now, however, as Getty has slumped to a market open of $8.44 this morning.

There is still time for it to bounce back up, but warrant holders do not appear to be hopeful of this as its warrants (NYSE:GETY.WT) are down -84% to $0.06 on the news. Any unexercised warrants will automatically be redeemed for $0.01 on October 19.

Getty initially announced its combination with CC Neuberger Principal Holdings II on December 10, 2021 and it began trading as a de-SPAC on July 25. With its warrant overhang about to be eliminated, this marks one of the quickest and cleanest transitions from announcement, to close, to a warrant call in some time.

The Seattle-based company serves about 1 million customers, licensing them visual content from about 450,000 contributors covering about 160,000 news, sport and entertainment events annually.

Last month, it announced it generated $74.1 million in EBITDA from $233.3 million in revenue in the second quarter of 2022 and recently inked a multi-year extension of its partnership with Amazon (NASDAQ:AMZN), making Getty content accessible on its various digital platforms.