Ann: SZL Files Confidential Registration for Proposed IPO, page-214

yep there has to be a reason, similar to my thinking on Zip.
Although I'm a bit more bullish on Sezzle than I am Zip as it appears to be in a better position, there could be a number of reasons why insto's aren't buying in atm, and not necessarily bad ones.
My thinking is we're closer to listing than people realise, there is possibly a number of things happening behind the scenes at the moment which we aren't privvy to.
Its just my thinking... even if we drop further (hopefully stay in the 5's though), but I'm pretty bullish on this once it lists