The real reason the underwriters quit is because they saw the financials and felt guilty about investing in a business as successful as GMV. It was simply an unfair windfall, like winning a lottery. Ditto, every investor they showed it to, felt the same way. They wouldn’t be able to sleep at night, making that much profit. So they all did the ethical thing and walked away. What other explanation could there be?
GMVD - NASDAQ IPO, page-643
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