Hi @hubbo27, as I understand it, there won't be a capital raise...

Hi @hubbo27, as I understand it, there won't be a capital raise associated with the listing. Thus, at this stage, the Company will not refer to the circa 120m share option that you mentioned, that option is now dead. The bank of ADSs for the compliance listing should consist of shares purchased from the ASX (IHL), or, via an off market sale from a large holder as per the suggestion of @retireearly54.

I would predict that the Company would only want (initially) a few million ordinary shares to 'kick-around' on the NASDAQ anyway, until they are ready to conduct a capital raise in the future - supply and demand. But who knows...

This post is my personal opinion only, and is not fact nor is it advice.