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Summary of reverse listing from my own legal studies and market knowledge (and with a little help from www.lioncapitalgroup.com)

A "reverse listing" is where the shares of a private company are acquired by a listed public company.

The listed public company is often a corporate shell (or close to it) and is effectively offering the private company its listing status in return for payment.

The transaction involves the private and public companies signing a share exchange agreement. The public company issues a substantial majority of its shares and board control to the shareholders of the private company, who pay for the public entity and contribute their private company shares to the public corporation they now control.

An IPO can take months whereas a reverse listing can be done in a shorter timeframe (measured in weeks). Reverse listing can also be cheaper than an IPO (the public company shareholders know what an IPO costs so they are looking to extract some sort of comparable value).

In ACL's case, the private company involved would be Alchemia Oncology.

Also, I've only seen/studied reverse listings on the ASX. I imagine that the listing rules and processes in each jurisdiction have their own quirks.