My working theory is there are some are sitting on a pile of 10c...

My working theory is there are some are sitting on a pile of 10c options that have decided that a return of 20% an option is a good low risk return. This is what is capping the price at circa 12c. After that there will new levels set based on the next risk reward bracket
I personally am waiting till first production to take them up mine, of course the risk is they expire before first production or we all convert and sell at once.