A warrant is the right to buy a share at some time in the future at a predetermined price. It's usually used in business deals, but in a down market, it is a way for people to change the effective valuation of the company. In fact, I wouldn't be surprised if a company like Sirius XM or Ford said to Ford, you know, hey, if you put our satellite receiver and satellite into every single car, we'll give you the ability to buy a million shares for a dollar each.

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