Only half a rotation shouldn’t have gotten the screw up that far. the rubber may just have been distorted a little bit by the process of puncturing it.
A possible fix for wobbly stands
I gave the fix a try, since one of my stands is like this; weight of my hand resting on the keyboard is enough to tilt its back legs off the table. It doesn’t bother me personally since I prefer not using the stands, but I was curious.
Results: doesn’t seem to have made much difference one way or the other, sorry - the stand is still prone to tipping over after tweaking multiple screws. I noticed that if I loosen one leg up too much, the top and bottom flex away from each other on their own. I guess the bottom half wants to be flat but the top’s pulling it out of shape. Maybe sticking something inbetween as a spacer would work around it, but I don’t have anything to hand that wouldn’t fall out.
In every case we’ve tested or heard about (save one), the top and bottom are both flat when separated. Do note that you need to be pressing above the rubber pads, not on the very outside edges.
It may be that the fix won’t work in all cases.
The one case where this fix didn’t work (before yours) is a case where the stand had been mis-assembled. The two notches on the bottom side weren’t aligned. Is that the case with your bad stand?
Unfortunately that’s not the problem here, they’re both lined up.
After the screw manipulation, if you hold the bad stand up against a good stand, how many of the legs are curved away? Just one or more than one? If it’s only one, is it the thinnest of 'em?
I’m going to try a daub of dark-colored caulking to hide the small puncture.
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We’ve got plenty of spare silicone pads if you end up needing 'em 
The thin leg clockwise from the notch appears to stick up noticeably more than the adjacent ones, though it’s still only a fraction of a mm. I’ve noticed that even pressing down on the curve between the two thin legs is enough to cause wobble - the other stand won’t budge if I use the same amount of force on it there.
One one stand, I found that reinserting the central screw and leaving it slightly loose fixed the problem. My speculation is that if the central screw is too tight, or, perhaps, inserted at a slight angle, that can be enough to make one or more of the arms wobble.
This fix didn’t work on the other stand, though.
That’s super weird…And yeah, You…may have bad plastics. If you’re bored and curious and want to try full disassembly of the bad stand, that may tell us more about what’s going on.
(But it’s by no means required)
A quick loosen all around worked for me.
I am also having this issue, was going to email but will try the fix.
I wanted to add in that I have this same issue with mine. Both of my stands are wobbly and don’t sit quite flat.
My board was delivered Feb 28th.
I’ll probably give the screw thing a try and see if that helps.
very slight loosening of the central screw solved my issue
I’m the guy that took the photo shown in the newsletter - loosening the screws worked for me!
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Quick report: Loosening the screws worked very well for one and somewhat well for the one of my stands that presented this issue.
I can confirm that loosening some screws helped a big deal. On the other hand, I think I have one stand where one screw was so tight that the threading was completely broken. I noticed this after trying to loosen the screw which had no effect and, taking a closer look, I saw that the two halves of the stand/foot where actually coming apart. Trying to tighten the screw had no effect and I could keep turning and turning that screw driver without any resistance.
I just came around this old thread when looking for a solution for the wobbly stands issue. The untightening procedure described here worked perfectly for me. This again proves the value of a community forum and Keyboardio’s decision to let the M01 come with a screwdriver.
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I actually thought it was just me bending things up by just the weight of my hand resting over time. I’m pretty lightweight though.
I’ll give this procedure a try next week, but interesting that this is still happening on new stands a year later (mine was shipped in April 19), I figured it might be a good to share.
EDIT: Fixed it for me. Sweet! Thanks for the video.