Dumb options question

I'm looking at MSFT options right now. MSFT is trading at $28.00.

For some options, I noticed that the strike price is 15, while the options price is 12 (total = 27). This is a hypothetical example. Why is this lower than the stock price. What's to stop me from immediately exercising the option and making $1 on each option?

Thanks.

2 Comments
 

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