Based on the statement below, they plan to issue new ASX shares to give to the USA banks/Brokers to sell as ADR/ADS as part of the IPO and to be traded on the NASDAQ. I expect the ratio will be 20 ASX shares to 1 ADR
"As part of its listing plans, the company is preparing to undertake a US initial public offering and list American depositary shares on the NASDAQ exchange.Chief executive officer Christopher Gerteisen said the company has received many enquiries from US investors and institutions due to Nova’s “flagship” Estelle gold project being a US asset."
Nova Minerals targets NASDAQ dual listing to improve US investor access (*********.com.au)
General Chat, page-7545
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