Ann: Nova Progresses NASDAQ Dual Listing in the US, page-21

Understanding American Depositary Shares

An ADR is a negotiable certificate issued by a U.S. bank, under an agreement with a foreign company, and is evidence of ownership of ADSs, much the same way a stock certificate denotes ownership of equity shares.

ADSs are meant to facilitate the trading of shares. They can trade over-the-counter (OTC) or on a major exchange such as the New York Stock Exchange (NYSE) or the Nasdaq (Nasdaq), depending on how much the foreign company is willing to comply with U.S. regulations. Listing on a major exchange generally requires the same level of reporting as that done by domestic companies, as well as adherence to Generally Accepted Accounting Principles (GAAP).

The Benefits of ADSs

Foreign companies that choose to offer shares on U.S. exchanges gain the advantage of a wider investor base, which can also lower costs of future capital. For U.S. investors, ADSs offer the opportunity to invest in foreign companies without dealing with currency conversions and other cross-border administrative hoops.

A single ADS often represents more than one share of common stock.

So we may get an ADS that represents 20 common shares.

As part of listing, we are likely to raise capital.

The share price will continue to be under pressure until we list on the NASDAQ. Hoping to get a rerate after that.

Watch out for the preliminary prospectus at sec.gov for more details.

My view is that for a variety of valid reasons, it's better to be on the NASDAQ. The current OTC market has too many limitations. Whatever shares are currently held on the OTC will be converted to ADS's
Could be turning point being on the NASDAQ as the support on the ASX is anemic.