I have been following SunEdison (SUNE) for quite a while now, especially since recent my arbitrage find in its stock and options. That trade promised a $0.24 - $0.26 per share return over the next ten months. Even though it is profitable by itself at no market risk, it is also quite a long trade in terms time: not everyone wants to lock up capital for such a long period of time for a high single-digit return (I consider my broker's margin requirements as a point of reference to calculate returns for this sort of trades). Hence, I decided to get back to SunEdison's options to see if there are arbitrage opportunities for a shorter period of time. And I have found one: (Source: TD Waterhouse) The game is the same: long synthetic call, short the stock. To be more conservative, I input the following assumptions into my calculation: we are selling puts at bid prices, while we are buying calls at ask prices. This approach ensures that we have the tightest spread available. Also note the high volumes for the at-the-money options. This means that we should get filled at reasonable prices, even we place relatively big orders (e.g. 50-100 contracts). Here is the outlay: (Source: author's calculations) In essence, by doing the above strategy, an investor pockets an $0.11 profit per share, scalable up to 10,000 shares (100 options contracts) in the current market environment: (Source: author's calculations) My broker, Questrade, requires a margin of $3.00 per each shorted share trading under $1. This means that, if I want to deal with 10 options contracts and, therefore, sell 1000 shares of SUNE, I have to lock up capital worth 3000 shares, or around $1770. This implies a 6.2% riskless return before transaction and other fees (e.g. interest on shorted stock). I find it quite attractive for a three-and-a-half-month holding period. Moreover, if the stock goes above $1 per share, I will be able to reduce my margin requirement and employ the money elsewhere. For example, I may look into SolarCity (SCTY), where another WhoTrades contributor also identified an arbitrage opportunity.