Warrants, like stock options, are valuable because they give the holder the right to do what?

Redeem the bond for a fixed number of shares of common stock.

Rank equally or higher than all other debt in the event of bankruptcy.

Buy common stock from the issuer at a certain price on or up to a certain date.

Take legal action against the borrower to demand immediate repayment if the borrower misses a payment on any other debt outstanding.