thesword, yes, that is how I see it working too. There will be no collapse in the ADR price unless RAM starts diluting again. The prices should track to one another.
It's also my understanding that at Level 3 ALL incumbent SH MUST convert to ADR at the ratio of 1 for 150 (just like how an R/S behaves). It's not an option.
A lot of folks though got in between .25 and .50 (or higher). Recovering back to B/E at those post ADR levels ($37.50 and $75 respectively) could and will be very difficult after full ADR conversion IMO.
I personally feel that getting back to .25 or .50 (PRE ADR conversion) would be a lot easier following good news on FDA, CA, etc.
Moving the price from $9 to $75 will be more difficult (especially if RAM is diluting) IMO.
JMHO
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