By bizn_fun 
There is no suggestion the firm has done anything illegal.
Application forms for Equity for Punks told investors to check they had read the prospectus which outlined the risk factors, as well as the detailed terms and conditions.
Gareth Fitzgerald, who spent £1,000 on his shares, accepts there is always a risk with this type of investing which would have been explained in the small print.
But he says the deal Brewdog made with TSG and its impact on small investors has left him disillusioned with a firm that presented itself as progressive.
“You know when you invest in shares their value can go up or down.
“But that’s probably where I fell foul because you assume there is going to be some proper resale value at some point for your shares.
“We’ve basically just put money in to buoy up their business and there’s no way we can now sell it.”
Brewdog has been contacted about the investors’ concerns but declined to comment further.
In a statement issued on an online forum for Equity for Punk investors, current chief executive James Taylor confirmed that business consultants Alix Partners were reviewing the firm’s “strategic options” and “investment opportunities”.
He added: “It remains business as usual across our bars, venues and breweries.
“We remain fully committed to our customers, our crew, our partners – and to you, our Equity Punk community.
“Your continued support is a fundamental part of Brewdog’s journey, and we will keep you updated as the process progresses.”