Happy to be proven wrong, but I've seen this story play out many times on microcap stocks with underwritten options:
a) positive newsflow is not available/expected and as such heads fail to exceed exercise price in a meaningful way so as to prompt late option buying and conversion
b) underwritten options are sold immediately on conversion, depressing share price
c) investors/traders expect b) and as such compound a) by not buying
Not saying that I don't expect positive share price action, I just don't expect it before option expiry given news about flow rates isn't due before then.
APC Price at posting:
9.8¢ Sentiment: Buy Disclosure: Held
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