Can you buy call options on penny stocks?

sopodo

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Let's say a US penny stock is trading at 5 cents a share, it has a market cap of 10M and 212M shares. Can you buy a call option? If so how many contracts would you be able to buy with say $500?

What would the strike price and expiry date be?
 
Generally speaking, the options exchanges require a certain minimum price (measured in dollars, not pennies) before listing an option on a given stock.
 
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