The options will expire if out of the money or be exercised if in the money by Oct 19.
Each of the 31,600 $2 calls allows the owner to purchase 100 shares till expiration for $2 a share. 3.1 million shares potential for $2 each. If O returns by this coming Friday these are worth millions otherwise they will be worthless the following Monday. It is assumed shorts have hedged using these to limit their loss should the stock move up. Once they expire a short would be vulnerable to a sudden price increase.
It should also be noted that puts covering nearly 1/2 million shares will be exercised in Oct.