If ARXOA exercise at 3.6 cents then why are 0.9 cents if the...

If ARXOA exercise at 3.6 cents then why are 0.9 cents if the current ARX share price is 5 cents?

Looks like easy arbitrage to me... Or am i missing something?

If you are looking at buying and holding the options would be the best bet - you get a half cent discount (10%) on the share price and in return, you lose flexibility, add complexity to the transaction but also have some increased protection should the share price tank before you need to send the money in (ie, you're maximum loss is about 1 cent per share at the moment).

I am holding long term so used the price difference to grow my holding - sold the heads and bought more options in their place.

From the sellers perspective, many will most likely be happy with the price for the options as they are not intending to actually convert them - they probably don't have the cash to convert the shares they've got.