You may very well be right. They may have already sold. That's why I put the ?. How in this world do you know they have already "done what they did" You don't anymore than I know they haven't. You are just guessing.
Someone that has an option at $1.20 will see no profit until the pps exceeds $1.20. Are you saying those option holders are buying now in anticipation of it reaching or exceeding the option price? If so, that is a pure guess. Nothing more. You just made it up because it sounds good. No foundation what-so-ever for that assumption. I could make a case that they would be stupid to risk their own money when they will make a fortune on their options with zero investment if the company is successful.