I thought BTEBY would be automatically aligned with BLT. If that was the case the bid would automatically be at 5.50 right now which translates to 1.10 usd and 1.18 AUD. The MM bid is 5.30. Why is this? The ask seems aligned around 5.50 but what if I wanted to sell my shares I would have to sell lower than the BLT price. Just seems odd. You would think the bid/ask would be as close as possible with all the MM float shares so it couldn't fluctuate much from the BLT closing price. The MM wouldn't trade with himself only the investors. I.E. a bid of 5.48 and an ask of 5.50. So if I wanted to sell I sell at 5.48 and buy at 5.50. No major price fluctuations. I admit I don't know much about ADR's but this would seem like the most logical way for trading to be performed.
