Afternoon trading May 24, page-23

can someone explain the options.
Say I buy $1,000 worth of option at $0.01 so thats 100,000 options and the exercise price is 0.025
The current price of the underlying BSM share is 0.034

So if I excercise all the options right away for $2,500 and then sell at market for $3,400 isn't that a straight profit of $900 (arbitrage). Am I missing something?

I am ignoring the commissions for this example.