An instrument that gives the holder a right but not the obligation to buy <a title="Ordinary shares" href="https://quoteddata.com/glossary/ordinary-shares/">ordinary shares </a>at a pre-determined price (the strike price or exercise price) on a given date or within a range of dates.

This should not be confused with an <a href="https://quoteddata.com/glossary/option/">Option</a>, which applies to any security and not specifically to equities

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