Panda 1.0 (415), Catalina 10.15.4
There is some inconsistency when repeating format command to remove nested formatting which were previously applied.
Example 1: select text and press Cmd+IB (italic, bold). Now press Cmd+I again to remove italic formatting: this works great, italic formatting is removed.
Example 2: select text and press Cmd+BI (bold, italic). Now press Cmd+B again to remove bold formatting: nothing happens even if you press Cmd+B repeatedly.
Example 3: select text and press Cmd+BU (bold, underline). Now press Cmd+B again to remove bold formatting: the markdown indicators are swapped instead. You should press Cmd+B twice to remove bold formatting.
Example 4: select text and press Cmd+L (list). Now press Shift+Cmd+T (quote). Pressing Shift+Cmd+T again does nothing. Pressing Cmd+L again removes all formatting (!).