If a stock has reached an option's strike price, that option will most likely be exercised. It's unlikely that the option will truly "expire," though that is technically up to the person who owns the call. You can expect someone to buy your shares that cover the call, even if the call is only $0.01 above the strike price. The brokerage will close the option trade and remove the call from your account. The shares you owned to cover the call will be sold at the strike price, minus any trading costs. This transaction might not be reflected in your account immediately, but it should update by the start of the next trading day.