If all company assets are cash, the share represents money. Money of the same currency cannot be exchanged for a different amount merely because it is packaged inside a share certificate.
Therefore, where the share represents only money, trading it above or below its proportionate cash value creates the same issue as exchanging unequal amounts of the same currency.
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Equity Investment: When Are Shares Tradable?
If all company assets are cash, the share represents money. Money of the same currency cannot be exchanged for a different amount merely because it is packaged inside a share certificate.
Therefore, where the share represents only money, trading it above or below its proportionate cash value creates the same issue as exchanging unequal amounts of the same currency.