Options, page-63

I think you are looking at the TMZ options.
Yes, there is currently a bit of a gap that can be used to possibly make some money, however the conversion does take a few days at a minimum. I think with TMZ they will do the conversion within 10 business days of receiving the conversion form and payment.
Therefore, there is always the risk that in the meantime the price of the heads will drop and the profit disappears or alternatively the SP may go up and you are further ahead, or the gap may close.
There is also a further risk, with less liquidity in the options.