Many projects postpone the listings, not only Romad. They are waiting for a better market conditions.
It is not very good for the reputation of the project to postpone listing several times. It is necessary to start a listing because a lot of people are waiting it.
Anyone who has coins of the project wants to see listing and bidding on this coin. But probably the same way everyone wants the coin price to be appropriate, which is why the team postpones the listing.
I thing that investors must have a choice to sell tokens or not to sell. If there is no listing there is no choice.