Backlisting into the ASX via a shell miner was a whole heap easier than the USA, which is expensive and has numerous requirements to get on the boards. I think it was explained that the alternative source of funds was via USA venture capitalists and they rob you blind via dilution. I am not convinced yet that RWL is any better though so far. For EMC it made sense, they were small and needed the cash to fund, and a lot of Israeli companies were going this route possibly due to outreach from company brokers in Israel.
Now, RWL then bought in for MABR. Its important to their overall product mix, they need purification in the portfolio, but it isnt the company, its another product line in a company that has several (desal, animal waste, large plants...).
They really didnt have a choice in buying EMC, it was listed on the ASX. They had to "merge" since this was the cheapest way to buy in at the time. A takeover would have been harder. They have now driven retail holders old as they accumulate to get the ownership back over time.
But RWL doesnt want to be on the ASX, never has. It was a necessary evil to get MABR. I believe the process to date is being run exactly to their plan. The push down whilst systematic accumulation from Ron and co. The current cap raising is again USA centric, the SPP will be scaled back, hoovering up yet more straggling retail shares. Every trick in the book is being played to capture the company back.
Begs the question, will they take it to the USA boards, or say they will and then instead just take it back private, becoming Fluence in name but in the same structure as RWL was previously. It would be very easy to force us all to give up all our shares in a shift to the USA boards, declare the temporary delisting, pay us out, paying low dollars in a beaten down price, only for the listing to never materialise over there.
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