I put Nessy's questions from a while ago into Gemini and its response seems pretty good. I wonder if this was the precursor to the announcement of the CR.

You've hit on some key aspects of an OTCQB listing for an ASX company like Echo IQ (EIQ). Let's break down your questions:

1. Does this purely mean US investors can buy the current EIQ shares available in Australia during the US opening times?

Yes, that's a significant part of it. The OTCQB listing allows US investors to:

• Trade the same class of ordinary shares: It's not a different type of share. US investors are buying into the same pool of EIQ equity that is traded on the ASX.
• Trade in US dollars: This eliminates the need for currency conversion for US investors, making it simpler and potentially cheaper for them.
• Trade during US market hours: This convenience makes the shares more accessible to US-based investors who might find it inconvenient to trade during ASX hours.

2. No dilution?

Generally, a pure OTCQB listing, by itself, does not cause dilution. Here's why:

• No new shares issued for the listing: The company isn't creating new shares specifically to list on the OTCQB. It's making its existing shares more accessible to a new market.
• Focus on trading accessibility: The primary goal of the OTCQB listing for an already listed company is to enhance trading for US investors, not to raise new capital through share issuance.

However, it's crucial to understand that:

• Future capital raisings could involve dilution: EIQ, like any listed company, could decide to issue new shares in the future to raise capital. This would dilute existing shareholders, regardless of the OTCQB listing. The OTCQB listing could make it easier to tap US investors for such future capital raisings.
• Convertible securities exist: If EIQ has any outstanding convertible securities (like options or convertible notes), their conversion into common shares in the future would also cause dilution. This is independent of the OTCQB listing but could involve US holders if they acquire those securities.

Based on current announcements, EIQ's OTCQB listing was a "compliance listing" with "no capital raising... associated with this U.S. listing." This suggests that the initial OTCQB listing itself did not involve the issuance of new shares.

3. Possible big changes in price as our market opens if there is strong buying/selling there?

Yes, this is definitely a possibility, although the magnitude of the price change is hard to predict. Here's why:

• Increased demand/supply: If there is significant buying or selling pressure from US investors during their trading hours, this will influence the price of EIQ shares traded on the OTCQB.
• Arbitrage and market forces: When the ASX market opens, traders will look to arbitrage any significant price differences between the EIQ shares trading on the OTCQB and those on the ASX. This arbitrage activity tends to bring the prices closer together.
• Information flow: News or announcements released by EIQ could have a more immediate impact on the OTCQB price during US trading hours, which could then be reflected in the ASX price when it opens.
• Liquidity differences: While the aim of the OTCQB listing is to increase overall liquidity, the initial liquidity on the OTCQB might be different from the ASX. Significant buy or sell orders in a less liquid market can have a more pronounced price impact.

Therefore, it's plausible to see price movements in EIQ shares when the ASX market opens, reflecting the trading activity that occurred on the OTCQB during the US trading day. The extent of these changes will depend on the volume of trading and the strength of the buying or selling pressure in the US market.

In summary, the OTCQB listing primarily provides easier access for US investors to trade existing EIQ shares. While it doesn't directly cause dilution, future capital raisings could. Strong trading activity in the US market can indeed lead to price changes that may be reflected when the ASX market opens.