AVLOA, page-52

If you are a trader looking at arbitrage, and have both options and heads (to keep it simple).

Example only (but similar to the situation this morning)
Heads Buy 4.5 Sell 4.6c
Options 1.8c (to buy at 2.5c)

Quick Maths
Sell 1m shares at 4.5c = $45k
Buy 1m options and convert at 1.8 + 2.5 = $43k

Depending on your costs, market liquidity, and how nimble you are, theoretically you could do arbitrage trades all day at these price points and make 5% trades.

So sure, those folks that are bored, or simply do this for a living, would be loathe to let it go more than 5-10% undervalued..

So its rare to see much more than 5% undervalued (in the money) options for too long.

Just my view... It's not financial advice , do your own everything...