Ask HN: Have YC alumns seen adverse effects from pricing common stock early?

It is my understanding that it can be advantageous for both the investor and entrepreneur to use preferred stock in early financing deals. From the entrepreneur's perspective the common stock value will remain low.

Has anyone seen effects in practice, perhaps surrounding recruitment, of pricing common stock early for a YC (or other) deal?

Part two: Right now our company has 10M common shares, with a par value of .00001. Is there a "trick" that incubators use to keep the common stock value low when dealing with such small investment amounts?

Edit: formatting.