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Sometimes, a great manager needs to speculate and do things at uncertainty and risk, while motivating their subordinates. They are clearly working to save the company in OPs case.

Ah yes, with a late June notification.

Maybe communicate earlier hmmm?

That would be better management rather than hold my beer I'll probably close this round while I risk the livelihoods and futures of my rank and file.

But alas, communicating earlier is when things have the most uncertainty. I have had great managers that set expectations around how much uncertainty and change is built-in to what they're communicating, but in general, the earlier they share something, the more likely it is to not be certain yet, still it's often useful information to have.

(I'm only speaking in general, not specific to this situation.)

...to employees who will actually quit. Ethical managers never do it, great managers (measured from above of course) always do, strategically.

But are the people in question really managers, or just harvesters of stock options?