A warrant bestows its owner with the: right to sell securities directly to the firm at the prior day's closing price for a stated period of time. right to purchase securities directly from the firm at a fixed price for a stated period of time. obligation to purchase securities directly from the firm at a fixed price for a stated period of time. right to sell securities directly to the firm at a fixed price for a stated period of time. obligation to sell securities directly to the firm at a fixed price for a stated period of time.