A share option certificate is a warrant that lets the holder receive shares of the company that issued it at a set price by exercising it within a set period. Covered warrants come as rights to buy (calls) and rights to sell (puts). On the exercise date, they are settled by paying or receiving the difference between the strike price and the price of the underlying.
Warrant
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- Last reviewed
- September 25, 2026
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A warrant is a security that represents the right to buy or sell a stock or other asset at a set price. Warrants include share option certificates, which a company issues on its own shares, and covered warrants, which a third party such as a securities company issues on another company's shares.