Core Viewpoint - CLINUVEL is preparing to upgrade its Level I American Depository Receipts (ADRs) to a Level II program listed on the Nasdaq Stock Market, while maintaining its primary listing on the Australian Securities Exchange (ASX) [2][3][9] Group 1: Upgrade Process - The company has initiated the filing of a Form 20-F registration statement with the U.S. Securities and Exchange Commission (SEC) and is engaging in legal, financial, and regulatory preparations [3][4] - The upgrade is anticipated to be completed before the end of 2025, contingent upon successful SEC review and meeting Nasdaq listing requirements [3][5] Group 2: Strategic Rationale - The move to a Level II ADR and Nasdaq listing aligns with the existing shareholder base, with approximately 28% of issued capital held by U.S.-based investors, and reflects growing interest from North American investors [5][9] - The upgrade is expected to enhance CLINUVEL's visibility and trading access in the U.S. market, particularly as the company develops a significant North American market for vitiligo treatments [5][6] Group 3: Current ADR Program - CLINUVEL's current Level I ADR program represents about 7% of the company's outstanding shares, and there are no plans for capital raising associated with the ADR uplisting [4][9]