Ann: Sezzle to Commence Trading on the NASDAQ, page-223

Yeah I think I agree with your view. Sezzle should have known the need for a free float and it would be easy to see how many common shares were held by non-insiders (outsiders? lol). Then Nasdaq should have checked Sezzle had steps in place to ensure there would a free float before letting them launch. Obviously neither Nasdaq or Sezzle foresaw the demand on the day, which tripped Nasdaq's circuit breakers 3 times and ultimately put them in a T12 halt as it looked like the price was wrongly going to the moon. Nasdaq just want to uphold a fair marketplace and protect their participants from volatility. Imo both will be working hard to fix this asap.