why nasdaq

There appears to be some confusion as to why an Australian company would wish to lis on NASDAQ. A few posts have suggested that u.S. investors can buy ASX shares through an Australian broker. Not So. For US investors

It has been setup to be very difficult to buy overseas shares
The brokerage is very high(>US$500 per trade) if the client comes up with the idea and says they want to buy Prima Biomed.
Normal retail shareholders cannot be told/advised by a broker to buy say Prima Biomed on the ASX. This is illegal and the only way around this if each of the 50 states ?Blue Sky Laws? http://www.seclaw.com/bluesky.htm . Essentially every single state must clear for a US citizen to buy overseas shares and this is done differently in each state create a complicated web of regulations. Only sophisticated hedge funds that have a large amount of assets are exempt.
However, with a NASDAQ listing the US investor can now very easily buy shares. There is no need to have a Blue Sky as the SEC will clear the Prima Biomed stock.
Shares are traded in US$ on NASDAQ. US investors like this and are patriotic to buying assets in US$. Also worth noting American's believe the world starts at New York, finishes at L.A. and has tourist resort somewhere in the Pacific. Anything ouside these borders they don't wish to know. The ADR /Nasdaq listing opens the company to millions more retail investors and as many funds are mandated to invest purely in U.S. listed companies the door is now open.
Also there are literately thousands of hedge funds that can trade biotechs buying $1-2M worth of stock and love this range of company. A lot of the funds mandates are for US listed companies only.
If anyone interested I'll post more on how US system works.
Happy New Year to all PRRR holders.