General discussion, page-12152

Hey Malka,

You have succinctly expressed my thoughts too.

For the information of shareholders, the ADR process is explained in this link

An investor wishing to purchase shares in a foreign company, can either buy the foreign shares in the local market through a broker in that country or, providing the foreign company in question has an ADR program, the investor can request the broker to buy ADRs. The broker may either purchase existing ADRs, or may arrange for a depositary bank (like Deutsche Bank) to issue newly created ADRs. Purchasing existing ADRs is executed between two US brokers during US trading hours and transfer of the ADRs to a new beneficial owner occurs in the same fashion as buying a US domestic security. The ADR depositary bank does not get involved.

The mechanism for issuing new ADRs involves a simple cross-border transaction. Following the instruction from a US investor, the US based broker contacts a broker in the issuing company's home market and acquires ordinary or common shares in that company. These underlying shares are then deposited with the depositary bank's local custodian. Upon confirmation that the custodian has received the local shares, the depositary issues the corresponding number of ADRs to the investor via the broker. This can be done via the issue of a physical ADR share certificate or via an electronic book-entry holding in the DTC system.
https://www.adr.db.com/drwebrebrand/about-drs/adrs
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Malka, I also noticed that .53c has been mentioned in previous filings prior to our IPO withdrawal, is this a coincidence?
This is an excerpt from our last Form F1/A Filing on 7th December. Our ordinary shares are listed on the Australian Securities Exchange under the symbol “IHL.” On December3, 2021, the last reported sale price of our ordinary shares on the Australian Securities Exchange was A$0.53 per ordinary share, equivalent to a price of US$9.38 per ADS, after giving effect to the Australian dollar/U.S. dollar exchange rate of A$1.00 to US$0.7076 (as published by the Reserve Bank of Australia as of December3, 2021), and an ADS-to-ordinary share ratio of 1 to 25. For the purposes of this preliminary prospectus, the estimated initial public offering price is US$9.38 per ADS.
https://docoh.com/filing/1873875/0001213900-21-063993/IXHL-F1A

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Now of course the IPO is not relevant because it has been withdrawn, but I do find it extraordinary that for the trading ups and downs of the past few weeks we could have ended the day at .53c, the exact same price?? as our previous Form F1/A Filing ?? With an after-hours transaction of 14.5 Million shares at .53c??



Time and patience will no doubt reveal all and whether our speculation that this after-hours trade could be linked to a US Brokers instructions to a local Broker to accumulate shares and then effect a transfer at .53c ??

My other back-of-mind thought here is; If this is a plan to create and package some ASX shares into IXHL AD's for trade on the NASDAQ, then I should imagine that the plan would not have been actioned if the SEC hurdles had not been already passed??.

Can we assume all the SEC requirements are now in the past now and the BOD is back in control of the listing date and the Notice of Effectiveness??

Good luck all holders