Investors are very aware of what preferred shares are sitting out there and the OS predictions can only be made with shares we know that will come into the OS.
There are warrants that have a long timeframe of conversion and strict rules for conversion that will not be in the OS for a while, and then there is the merger that still has no final deal in place.
It is baked in for some because they know the effect of the Pref C/Ds, but most have no idea unless they study the notes in the fins. Then there's the TA being gagged. But most read the OS and compare. I see a big haircut when that happens.
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