ADRs - 50:1 direct from PH at Perth gigConsolidation -...

ADRs - 50:1 direct from PH at Perth gig

Consolidation - ditto

I've been through another biotech ASX NASDAQ listing a few years ago. Outcome not great to be honest. I think listing was too early in their drug development.
The process will be the same (my assumption) in that a US nominee bank has to purchase inventory of IMU shares (either on or off ASX market). Therefore no dilution as ASX shares transferred to US for direct sale to US investors (and works both ways can transfer back if demand reduces).

Prior to listing nominee bank will bundle 50 IMU shares to 1 ADR (ratio could be any number BUT NASDAQ share price cannot drop below $1 (or company will be delisted - given 60/120 days for SP to improve).
So PH did advise 50:1 likely ratio = approx $4.00 US at todays ASX SP.

My view on this is that JP Nominees Bank Australia are quietly buying - now up to 9% IMU holding from 5% not long ago.
This may be a coincidence or in anticipation of NASDAQ listing and if so they can then transfer (sell) to their holding bank - JP Morgan Chase who are the largest bank in US with a balance sheet of $3.3 trillion - noting major shareholders include Blackrock.

What is a coincidence is IMU being invited to present at JP Morgan conference recently. One of the chosen few from Australia.

Ducks lining up - one major blow your socks off announcement and it's imminent- imho of course.