Generally in my very very short experience, early days before...

Generally in my very very short experience, early days before Options are “in the money” ie the heads are trading below the strike price- that is the absolute best time to DYOR and make a call on the stock.
I imagine at the time APC was trading around 5c then APCOB would have been worthless at 0.1c but it lets you accumulate a far higher volume of options/ potential heads at that price $1000/.001 = 1,000,000 options Vs $5000/.05 = 100,000 heads
Your’e essentially making the bet that the company will succeed enough to get “in the money” and you either sell a much larger multiple (long) before the exercise date- or convert at 13c+ (whatever your target) and hold long/ sell to free carry- you would need a spare $120k to convert 1,000,000 @ 12c strike
that $1000 at 0.1c would be $70,000 @ 7c today

Correct me if my math is wrong