Which of the following statements concerning warrants is correct?

a) Warrants are long-term naked options that must be exercised within 10 years after issuance regardless of the firm's common stock price.

b) Warrants are long-term put options that have value because holders can sell the firm's common stock at the exercise price regardless of how low the market price drops.

c) Warrants are long-term call options that have value because holders can buy the firm's common stock at the exercise price regardless of how high the stock's price has risen.

d) Both convertible bonds and bonds with warrants bring new equity capital into the firm when exercised. .

e) none of the above