CRO Technicals, page-86

If you actually go back and review what happened you see the following:

• Deal was done on 6 December 2019 at a value of $5.775m https://hotcopper.com.au/documentembed?id=uOMxKKzFkiWRTLKhOROKAxjvSTYP4A61yBaZo%2BV2ke92GA%3D%3D (which I think you'll agree is a fair value).
• 1 May 2020 it was announced that the completion timetable had been pushed out to 30 September 2020 due to COVID impacts on the provision of professional services required to complete the compliance issues https://hotcopper.com.au/documentembed?id=uOMxKKzFkiWRTLKhOROKAxjvSTYP5w64wBCZo%2BV2ke92GA%3D%3D (I think we can all recall the impact that COVID had on businesses nationally during that time)
• 30 October 2020 it was announced that they were continuing to work through compliance issues for the transaction completion. Given the time between the initial announcement of the deal by this time, it may have had something to do with the age of the independent expert report on the transaction, but I'm speculating here. https://hotcopper.com.au/documentembed?id=uOMxKKzFkiWRTLKhOROKAxjvSTYP5gq%2BzBaZo%2BV2ke92GA%3D%3D
• On 28 January 2021 it was announced that they're working on the final compliance issues and were working towards having notice of meeting & independent expert report out in February 2021 with proposed completion in March 2021 after shareholder approval (there you, looks like it was the independent expert report after all) https://hotcopper.com.au/documentembed?id=uOMxKKzFkiWRTLKhOROKAxjvSTYP5Q69zhmZo%2BV2ke92GA%3D%3D
• On 19 April 2021 notice of general meeting to approve Appstab acquisition sent to shareholders https://hotcopper.com.au/documentembed?id=uOMxKKzFkiWRTLKhOROKAxjvSTYP5Qu4zxiZo%2BV2ke92GA%3D%3D
• on 20 May 2021 results of meeting approving the acquisition https://hotcopper.com.au/documentembed?id=uOMxKKzFkiWRTLKhOROKAxjvSTYP5Qm4zReZo%2BV2ke92GA%3D%3D
• On 4 June 2021 announces completion of the merger https://hotcopper.com.au/documentembed?id=uOMxKKzFkiWRTLKhOROKAxjvSTYP5Qa%2FzxGZo%2BV2ke92GA%3D%3D

It's all there. The value of the business was $5.775m and the vendors of Appstab had to wait for 18 months for it be completed, following which the related party vendors then commence their escrow period. So none of the Appstab vendors had any shares when the SP got pumped to $0.21 and therefore couldn't trade during that time, none of them had shares when the $18m capital raise occurred and therefore couldn't trade during that time either.

If you agreed on 6 December 2019 to sell a house for $1m to be paid in 90.909 Bitcoin fixed at the exchange rate on that date (AUD$11k/BTC) and settlement was to occur on 1 June 2021 would you still expect to receive the 90.909 Bitcoin at settlement even though they're worth $4.3m at that time (AUD$47,307.88/BTC) or would you accept only 21.138 Bitcoin from the buyer just because the value of Bitcoin appreciated??