The Exercise Value of a Warrant Is

The exercise value of a warrant is:

A) the amount saved by purchasing the common stock by exercising the warrant rather than selling the common stock directly to investment bankers.
B) the amount saved by purchasing the common stock by exercising the warrant rather than buying the common stock in the open market.
C) the amount saved by purchasing the common stock by selling the warrant rather than selling the common stock directly in the open market.
D) the amount saved by purchasing the common stock by exercising the warrant rather than selling the common stock in the open market.