No worries. i'm going to explain it simply because my understanding is rather simple. Others can correct any errors or omissions.
Kazia trades on NASDAQ under the ticker KZIA. The shares traded on NASDAQ are depository notes. There are one NASDAQ listed depistory notes to every ten Kazia ordinary share (as listed on the ASX).
The NASDAQ traded depository notes represent shares held by Bank of New York Mellon Corporation (BNYMC). So the only way shares can be traded on NASDAQ (as depository notes) is as shares held by BNYMC.
Kazia, as a small cap biotech, has had to raise capital over the years, including earlier this year. The capital raisings have occurred through issuing new shares on the ASX. There have not been any shares issued through capital raisings on NASDAQ. The only shares that make it onto NASDAQ are the shares held by BNYMC. So, as things go, as more shares get issued and listed on the ASX through the necessary capital raising that a small cap company like KZA has had to make, they have slowly drifted onto the NASDAQ.
This drift has come about through what is termed in formal economics as an "arbitrage" trade. The net demand/supply for Kazia shares on NASDAQ has been generally been greater than relative demand/supply on the ASX because the supply of new shares, issued through capital raises, can only become liquid on the ASX, thus supply comes onto the ASX and flows onto NASDAQ through relatively higher demand to supply than on the ASX via BNYMC increasing its holding in KZA shares and making them available as depository notes to be traded on the NASDAQ.
Check the recent announcements, but I think BNYMC is now holding something like about 31% of Kazia ordinary share stock. These are the shares available for trade as 10:1 depistory notes on NASDAQ.
