It may require regranting a new strike price. I have no idea what their cap table looks like, but assume old employees have options with a strike price of $0.1

It may require regranting a new strike price. I have no idea what their cap table looks like, but assume old employees have options with a strike price of $0.10 and new employees are being given a strike of $1.00 (each based on the 409A valuation of the company at the time of grant). It may not be possible to change the old grants without updating the strike price or causing serious tax issues for current employees (to remain compliant as ISOs, the strike must be >= the 409A as of the grant date... failing to do that led to the stock options backdating issues of the 2000s).