Shares of beaten down stocks are like OTM call options on company assets

As the title says, shares of beaten down stocks are call options on company assets.

There is a point when the stock is near zero, yet the company has illiquid assets, including cash, which is hard to get because of anti-takeover tactics, so the stock is acting like an OTM call option on something valuable, but the "delta" is so small because those assets are not very liquid or attainable.

There is no theta, but the theta equivalent is the depreciation of the assets and or the burning of cash on unproductive endeavors.

Interested in a meta discussion, not really a strategy or an implementation discussion.