Ann: PARADIGM CLEARED FOR PHASE 3 TRIAL BY US FDA, page-181

Just noticed that another co has take steps to obtain Depository Receipts in USA.
ASX listed BRN. Not recommending the stock as such, but pointing out the case they make for bringing in more investors, particularly institutions that are limited in where they can put their money..
At this time IMO, PAR is a target for shorters. Having a more diverse investor base including institutions can only be a good thing.

If you think its a good idea, please let PAR management know..

From what i can tell it took less than a couple of months for BRN to get the deal done..
the announcement....with chunks deleted<>

BrainChip’s American Depositary Receipts (ADRs) begin trading on OTCQX under ticker symbol BCHPY on 03 November 2021 (US)

Instrument aimed at attracting US institutional investors

November 02, 2021 07:07 PM Eastern Daylight Time

ALISO VIEJO, Calif.--(BUSINESS WIRE)--BrainChip Holdings Ltd (ASX: BRN), (OTCQX: BCHPY), <> is pleased today to announce the launch of its sponsored Level 1 American Depositary Receipts Program (ADR Program). Trading will begin via the OTCQX Best Market under the ticker symbol BCHPY on November 3 at the US market open.

An ADR is a US trading instrument denominated in USD that allows non-US issuers to trade on a US trading platform such as the OTCQX or US exchange. Establishing this program is part of an ongoing strategy to make BrainChip more attractive to investors outside Australia and make the Company eligible to receive investment from North American institutions and fund managers.

The Company has set the ratio of 1 ADR equal to 40 shares of BRN stock listed on the ASX. The ADRs will be issued by The Bank of New York Mellon (BNYM), the company’s nominated depositary bank. BNYM facilitates the issuance and cancellation of ADRs in accordance with the instructions received from market participants (i.e., brokers / investors). The program operates in accordance with a Deposit Agreement, lodged with the U.S. Securities & Exchange Commission and for each ADR issued, the respective underlying BRN ordinary share is held in custody by BNYM. These shares cannot be lent under any circumstances, nor can they be traded for any purposes beyond that of the ADR program.

No additional shares will be issued, nor any additional capital raised as a result of the Level 1 ADR program launch.

{my italics following}

<> “The versatility and widespread appeal of an ADR program among US institutions will allow <> to continue on its path of pursuing high accessibility to the US capital markets. We believe the strong demand for high-growth potential,<> will result in an influx of US investment and ultimately an increase in shareholder value.”

"The <> foreign listed shares on the OTCQX will continue to trade under the symbol <>".

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