ADR is a curious beast. Normally as a stocks price falls the market cap comes down too. But ADR issue so many shares that every time I check in thinking the valuation is cheaper, I'm continually surprised that the market cap has in fact risen.
Back in late 2019 when the share price hit 5c the market cap was $10m. Today at 2c post the capital raise the market cap will be $40m. Bizarre given the performance of the company.
ADR Price at posting:
2.1¢ Sentiment: None Disclosure: Not Held
