Yeah, there's also general morale among the rank and file.

Everyone's locked up for six months (except a few directors who are selling into the greenshoe). You can tell people to not even look at or think about the price for six months but human nature is what it is. Everyone's going to look at the IPO price and mentally anchor that as the minimum that they'll be able to cash out their options for. Most people will mentally come up with a range of IPO price as the min and some much larger price as the max.

To have the price immediately start dropping like this is not great for employee morale.