If the premium is $0.01 or above (in the money) on the last day of trading, and there is sufficient account equity, generally the option contract will be automatically exercised. If the premium is below $0.01 (out of the money), generally the option will expire (out of the money options short positions could potentially still get assigned).

Firstrade reserves the right to close an option position that may be subject to exercise or assignment, depending upon account equity, buying power, and market conditions.