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Have investors forgotten that P1 was free entitlements, that cost them nothing ?

In no way should the delay in P1 lodgement negatively impact the GCN share price, especially this late in the game. The only plausible reason may be:-

A) investors who got caught up in the hype and bought additional stock to be eligible for P1 entitlements are now selling

B) the delays with P1 are unfortunately rubbing off by association and are damaging GCN's credibility in the market

However, I struggle to accept the above two. Those that bought additional stock just to qualify would have likely sold out by now as they were not required to hold for any set period of time, so A) is hard to believe. P1 is it's own entity, I don't think there is anything GCN can do to expedite the lodgement process so again, B) is hard to accept also.

It seems that the delay in P1 lodgement is being used as a scape goat to justify GCN's shareprice, when IMO it simply comes down to GCN's own performance.

The share price declined due to delays in the launching of the additional WIFI locations and then further after the quarterly, a sign that the market was not content with the revenue figures nor increased costs.

It is just a coincidence that P1 has also been delayed during this time, so some blame is being attributed there. Had GCN outlayed cash for this, then fair enough. But delays in getting something for nothing should not impact the core investment being GCN - i.e if P1 doesn't come off (hypothetically), GCN shareholders have lost nothing correct ? There is only upside IMO, so the blame on P1 is not reasonable.

This is unless of course investors are purchasing GCN stock on the advice of certain parties that the prospectus will be lodged by X date in the hope of a bounce in GCN's share price and then having to dump the stock when this does not occur. Remember, this has happened several times over the past few months, people claiming it will be lodged this week, or next week, or by Friday.

This I think has some merit and unfortunately results in a snowball effect on the SP. If for whatever reasons parties believe speculation about "P1 lodging this week" and load up on stock hoping for the bounce, perhaps on T+3, then when it doesn't happen they are forced to sell.