I think selling some LDO for cash is a smart move and reduces risk of running out of money or needing to sell at worse prices later. But, it does feel like no lockup may be a mistake.
I’m not so concerned about buyers immediately dumping on market, more so that the deal may not close if the price shifts lower while governance is voting on the terms; in this case some investors (particularly smaller investors alongside dragonfly) might just decide to market buy instead of funding the sale contract. I think a short vesting period (maybe between 3 months linear vesting with no lockup/cliff) plus small discount (10-20%?) vs proposed twap price would have better assurance of the deal closing.