The right is just that. A right. Like, 'you have the right to remain silent or freedom of speech is your right.
In this case you have the right to buy MPV at 3.50 until near the end of Nov.
If you want to can sell the right to by MPV to someone else before the end of Nov nears.
If you do not buy the shares and the price goes up afterward you still have the right to remain silent.