I think if you analyse the volume and look at movement statements, most ILAO have moved from impatient to patient holders.
Also keep in mind they're deep in the money, so no urgency to trade them; can just hold them as people seem to be doing. Only major consequence of them is you need to include them within the market cap and EV less cash from conversion of them.
Also keep in mind a lot went to the original top 20, hence volumes on options aren't material.
Blaming something trading 0 volume (today for e.g.) for the reason of something is not meeting its intrinsic value is akin to seeing trees and not the forest. The reason is lack of buying full stop. $0 ILAO traded and only $25k ILA today.
(20min delay)