"because of the indifferent amount of shares listed on each...

"because of the indifferent amount of shares listed on each exchange"

No, when the ADRs were established they were set up at a fixed rate of equivalence where 1 ADR = 5 MSB shares. Then in January 2024, MESO had a split so now 1 ADR = 10 MSB shares. (And anyone holding ADRs had their number of ADRS cut in half so they still had the same number of MSB shares.) The reason for all of this has been to keep the Meso share price above $1 which is a requirement to be listed by NASDAQ.

Arbitrage helps keep a balance between the share prices on both markets. When arbitrage isn't sufficient, JP Morgan, who is custodian of the ADRs and holds the MSB shares that underly them, can release more ADRs to be sold on nasdaq. The total MSB shares stays the same between both markets. But as Reg has noted, the ADRs now represent over 30 percent of all shares due to increasing demand in the U.S. I expect that percentage to increase after approval.

p.s. It is getting dark outside. I can hear people blowing things up. SO went out to watch. Too hot for me.