Ann: Removal from Official List, page-37

This is the official number of shares and options as of December 2023:

Common Stock converted: 3,771,972
CDIS yet to convert Dec 2023: 1,922,828 (now converted 23 Jan)

Total = 5,694,800

https://announcements.asx.com.au/asxpdf/20240102/pdf/05z34vfbq01wxj.pdf

I suspect any nervous ASX holders would have sold in the last few weeks of the ASX listing. The price was very volatile and they had opportunity to sell on a spike, or be triggered by stop losses. This may mean that anyone who decided to keep their shares actually believed the company would do well, were willing to go through the process of linking their DRS to a new broker and maybe were willing to hold SEZL a little while longer too. Or it may mean that there were just a bunch of lazy shareholders who don't care and will just leave their holding in DRS form. Either way it doesn't mean that any or all 1.4m of shares will be sold once transferred.