What you said might be far from what would happen on listing day. Those exchanges are usually the exchanges that projects go to and get slaughtered by the market. Without a highly liquidity tier-1 exchange like Binance, bears usually take over on listings. All tokens I have seen on premarket have all traded well below their premarket prices post-launch. It might be the case for L3 as well. I'm not a fan of the projects so it's hard to say but listing below premarket prices might be the reality except the overall market conditions is upward.
this does make sense.
as far as things going on with all these projects that have pre-market before actual listing, price always go down than the pre market because excitement already left the market with the presence of pre-market.
no more price discovery for the new project right after listing but just buy and sell order based on the pre market price which if the project isn't good enough, not much people gonna get interested in buying and therefore lacking liquidity as you said since these exchanges aren't as liquid as the top exchange like binance.
kinda reminds of how blast is not even half of its pre market price after few weeks it got listed
but it also means that whoever received airdrop they better off selling at pre market for chance of better price despite the need of collateral.