They are planning for a level III ADR listing. Not sure if they need a SP of a particular price, as the ADRs may be able to be for a bundle of shares. i.e, the ADR may be for 1:20 NVA shares. That is the ADR ratio, and is primarily to allow for better optics regarding the SP and to allow institutions to get around rules on investing in stocks below a floor price.
Not 100% that this is the plan here, but there are options.
ADR Levels
ADRs are additionally categorized into three levels, depending on the extent to which the foreign company has accessed the U.S. markets.
Level I
This is the most basic type of ADR, where foreign companies either don't qualify or don't want their ADR listed on an exchange. This type of ADR can be used to establish a trading presence but not to raise capital.
Level I ADRs found only on the over-the-counter market have the loosest requirements from the Securities and Exchange Commission(SEC) and are typically highly speculative. While they are riskier for investors than other types of ADRs, they are an easy and inexpensive way for a foreign company to gauge the level of U.S. investor interest in its securities.
Level II
As with Level I ADRs, Level II ADRs can be used to establish a trading presence on a stock exchange and can’t be used to raisecapital. Level II ADRs have slightly more requirements from the SEC than Level I ADRs, but they get higher visibility and trading volume.
Level III
Level III ADRs are the most prestigious. With these, an issuer floats a public offering of ADRs on a U.S. exchange. They can be used to establish a substantial trading presence in the U.S. financial markets and raise capital for the foreign issuer. Issuers are subject to full reporting with the SEC.1
American Depositary Receipt (ADR)Certificatesissued by a US depository bank, representing foreignsharesheld by the bank, usually by a branch orcorrespondentin the country ofissue. One ADR may represent a portion of a foreign share, one share or a bundle of shares of a foreigncorporation. If the ADR's are "sponsored," the corporation providesfinancialinformation and other assistance to the bank and may subsidize the administration of the ADR. "Unsponsored" ADRs do not receive such assistance. ADRs are subject to the samecurrency, political, andeconomic risksas theunderlyingforeign share.Arbitragekeeps the prices of ADRs andunderlyingforeign shares, adjusted for theSDR/ordinary ratio essentially equal.American depository shares (ADS)are a similar form of certification.
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