How rare that an idea that MAY actually be worth $ is posted here at ET. Almost unheard of. Now why do you say 'no' so easily. Have you done any DD?
To arb this, you need to go long the pinksheets, which did a whopping 1,500 shares on friday last week. Even if you get those shares, the listed shares are hard to borrow due to the low float, etc. You could synthetically short it via options [-call,+put] but the volume in the options is extremely light making the spreads wider. Plus there's a divi coming up which could also complicate matters.