This IPO was only shared as an example here of the forms and...

This IPO was only shared as an example here of the forms and pathway taken as there seems to be several different ways to go about it. (What's that saying about the cat).

Roth did not underwrite or was involved in AHI recent IPO but interesting the comment and confusion of the warrents involved.

AHI issue IPO was a bit complicated, as the $10.50 price was to buy 2 ADR @ 5.25 with a further free option to buy another ADR at $5.25 in the future.

You are correct that IXHL is a straightforward 1:25 ADR, The warrents for IXHL are only available to Roth as the underwriters and are a type of bonus share allotment available to them (to onsell to clients) should the IPO perform well and share price ascends to the level we are hoping/expecting.

Bring on news this week, for no other reason but to save my F5 key on my keyboard.