This question involves dilution adjustment for employee stock options. The formula calculates the adjusted option value when new shares are issued:

$\text{Adjusted Value} = \frac{N}{N + M} \times \text{Option Value}$

Where:

• N = 60,000,000 (existing shares)
• M = 3,000,000 (new shares issued)
• Option Value = 4.39

Calculation: $\frac{60,000,000}{63,000,000} \times 4.39 = 0.95238 \times 4.39 = 4.1809$

This adjustment accounts for the dilution effect when new shares are issued, reducing the value per share of existing options.