I think there is a "default" lockup of 60 or 90 days for PIPE investors, but its as good as "no lockup" practically speaking.

Obviously they are going to dump on retail, because a 20x mNAV is crazy high. However, what can be done about it?

I refused to go into Strive because the offer was 2.2x mNAV which I refused to do (MSTR trades at 1.7x and yes smaller companies may have higher mNAVs, but my view is long-term things will compress to match MSTR).