Are Graphic States breaking this PDF in Acrobat?

The attached PDF looks right in Chrome, Mac PDF Preview, Edge and even mobile but it looks wrong in Acrobar.
The attached file `test.pdf` looks ok in all, including Acrobat.

The difference I noticed is that `test.pdf` doesn't have `GS` elements.

Any idea why `gs` element might affect Acrobat rendering?

Regards.
Fernando.-