RAD media and Publications, page-52

The ADR thing is the same as what Immutep do - listed as IMMP on the nasdaq as a 10:1 depository receipt.
you don’t get a lot of transparency on the shareholder registry as it’ll show ALL adrs as belonging to the one investment bank nominees account . It’s effectively an investment bank buying on the ASX on behalf of investors on another exchange. Like an etf.

overall, it’s mildly helpful, but I genuinely don’t think it’ll create any meaningful opportunity for us. Of course I may (happily) eat my words if we become a meme stock on robinhood.

Cheers

YS