I believe that there are going to be both long term and short term holders/sellers of the SANA token. Short term sellers, especially if after the 90 day hold period for International investors and the 12 month hold for US Accredited Investors, they see the price of the tokens being around $.50 USD. That is a 500% ROI for those who purchased it at the $.10 USD. So they will sell. Some. Others if they see that grow on the price and the company will hold for a much higher long term capital gains.
Often, there are very big problems when a project is listed on an exchange that is not in top list. In this case, many people sell their tokens for any price, and than many projects can't recorver it for a long time.
Well, usually, those people, who sell tokens in any price are bounty hunters, and those projects issue utility token, not security one. That's why I don't think it can be a problem for AdSana.
I saw the answer of garyn, that they are in negotiations with several exchanges, that can list security tokens. I wonder what exact exchanges can list security token?