An instrument that give their holders the right to purchase a certain number of shares of the firm'scommon stock at a specified price over a certain period of time is called

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This description matches a stock purchase warrant, which is a type of derivative security that gives the holder the option to purchase a set number of shares at a predetermined price within a specific time period. The other choices - a call feature and conversion feature - are not specific to stock options and do not necessarily involve the purchase of shares.

An Instrument That Give Their Holders the Right to Purchase