They will probably be issued close to at-the-money. At-the-money options have the most time value. As you get further in-the-money or further out-of-the money, time value decreases and they become less option like. At-the-money option behave more like options. Deep ITM behave like a levered position in the stock or an ITM forward because there is a smaller chance that the stock price will go below the strike. Deep OTM don't have much value, so what's the point in issuing them; they don't raise that much money for the company.