I am short the puts. Ideally, I close them before the SPO then sell them again right after (though I might pick a higher strike at that point).
Yes, a good portion of the dividends to be paid during the life of these puts is in their price. At ex-div one dividend (actually somewhat less, as they are now OTM) will be subtracted, but since the share price will also drop their price will probably not change much. But if the share price recovers quickly, as Jet suggests, then they get cheaper, and that's a good time to unload them. These have wide bid/ask spreads, so unloading before SPO and reloading after at a higher price is not going to be easy. Worth a try though.