I get that. You have to buy more options for the same delta as owning the underlying shares especially if they are out of the money calls. However, the short term nature of these makes me think it isn't a pure stock replacement. The 20k calls expire on Friday. I guess we will find out next week if there is something too this move.
Can you please explain your calculation on delta neutral. The sale of 693k shares, purchase of 2,000,000 (20k X 100) shares of out of the money calls that expire in 6 trading days. That doesn't seem delta neutral or a stock replacement strategy. The calls are out of the money and with the short term nature the time decay would crush these.