Why IMU is a multi multi bagger, page-21476

This might be slightly off topic, but the reason I'm asking is related to IMU being a multi bagger. So here goes...

I have my free allotment of IMUOE which I can exercise to convert to heads. That's 533,714 @ $0.118 so the total cost to me in doing so is $63,214.26.

If on the other hand I buy the heads outright at around the current share price and then immediately sell the options I would appear to be approximately $30,000 better off and end up owning the same number of heads. Am I missing something here, as maths was never my strong point?

Using a share price equivalent to the current exercise price (which is not far off the current SP) the cost of purchasing the heads is the same ie $63,214.26 less the sale of the options at current price .059 ie $31607.13 means I get to own the same number of heads for half the price of exercising the options (less brokerage). Is there any reason why people would contine to hold on to the options? I know they could increase in value, but so too the heads and you would already own these. Any insights?