I bought into the EP1 (then ED1) IPO back in 2018 like many...

I bought into the EP1 (then ED1) IPO back in 2018 like many others. The offer price was $2.50 inferring a market capitalisation of $535M according to the prospectus . Dixon clients were generously guaranteed a $20,000 allocation. Move on to 2019 when “the troubles” became evident - the share price sank, and still being a bit of a believer, I bought a further 30,000 shares at $0.78.

Over the past 2 years I’ve often wondered what knowledge Evans Dixon had of the headwinds at the time of the IPO and whether there was impropriety involved.

It now appears that the financial penalties are behind ED1 and that they were relatively small. Today’s share price of $0.65 gives a market cap of $152M. Does the drying up of fees from the likes of URF and NEW plus the reputational damage done fully explain a price implosion from $2.50 to $0.65? Or, might there never have been a case for value at $2.50?