well, I could be wrong. I was thinking of something else just now.
Basically, if I could buy a share for less than market I would immediately sell it and take a profit. That will drive down the price.
However I was just thinking that there would likely be a clause whereby the buyers could not sell for a certain time period (say a year) in order to prevent that. So maybe I am wrong. Time Value of Money would still kick in... 5% or so a year?
however, I must say that in watching stocks in general for most of 4 years now, that is the pattern I have seen. Got to go with what you observe.
Example: MSF Medcomsoft (TSX). Warrants were exercised in mid-August at .65. Stock plummeted from .70 to .50 for no reason. Excellent growth and numbers. Almost profitable.