Warrants can be exchanged for stocks, but there are conditions. You can exercise the options upon expiration and exchange for stocks according to the requirements of the warrants, or you can transfer the warrants to obtain cash and then purchase stocks.

Remember, if the warrant is not exercised when it expires, it will be invalid and become a blank piece of paper! !

Warrants refer to those issued by the issuer of the underlying security or a third party other than it, which stipulate that the holder has the right to buy or sell to the issuer at an agreed price within a specified period or on a specific expiration date. The underlying security, or the marketable security for which the settlement difference is collected in a cash settlement.

The substantiation of warrants reflects a contractual relationship between the issuer and the holder. After the holder pays a certain amount of price to the issuer of the warrant, he obtains a right from the issuer. . This right allows the holder to purchase/sell a certain amount of assets to the warrant issuer at an agreed price on a specific date or within a specific period in the future. Warrants to buy stocks are called call warrants, and warrants to sell stocks are called put warrants (or put warrants). There are three types of warrants: European-style warrants, American-style warrants and Bermuda-style warrants. The so-called European-style warrants are warrants that can only be exercised on the expiration date. The so-called American warrants are warrants that can be exercised at any time before the expiration date. The so-called Bermuda-style warrant means that the holder has the right to buy or sell the underlying security on a set number of days or an agreed expiration date. The holder obtains a right rather than a responsibility. It has the right to decide whether to fulfill the contract, while the issuer only has the obligation to perform. Therefore, in order to obtain this right, investors need to pay a certain price (premium). The difference between warrants (actually all options) and forwards or futures is that what the holder of the former obtains is not a responsibility, but a right. The holder of the latter is responsible for executing the purchase and sale contract signed by both parties, that is, he must Trade the specified underlying asset at a specified price at a specified future time.

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