Exiting Design Mode causes my ActiveX Listbox to stop working

Hi Everyone,

I have an interesting issue that I really need some help with.

I'm running Microsoft? Excel? for Microsoft 365 MSO (Version 2304 Build 16.0.16327.20200) 64-bit.

I opened a new workbook, entered data in cells B2:B11 and named that range rManagers.
I then added a activex listbox to the worksheet and set the following properties.
ListFillRange = rManagers
ListStyle = 1 - fmListStyleOption
MultiSelect = 1 - fmMultiSelectMulti

This gave me a listbox with 10 items and a checkbox for each item.
Closed the workbook and reopened.
Listbox works as expected. I can check 1 or more boxes in the list. So far so good. No problems.
On Developer Tab, I clicked Design Mode to enter design mode, then clicked it again to exit design mode. No changes to the control.

This is where it gets interesting.

The listbox is no longer interactive. I click the checkboxes and nothing happens. When I select a cell outside of the listbox the checked list items are then highlighted.

Closing and reopening the workbook clears the issue but as soon as I enter design mode and exit, it's back.

I've not seen this behavior in earlier versions of Excel. I've attached the sample file.

Any advice?

Thanks in advance. I really appreciate you all.

Terry