Companies / ARC

ARC FUNDS LIMITED

ASX:ARCFinancial Services
90.0M shares on issueASX (delayed) · snapshot 11 Sept 202697.4M fully diluted+8.2% if every option and right converts$0.059price · delayed$5.3Mmarket cap · indicative

Today’s holders own 92.4% of what they think they own, once every option and right converts.

High
Dilution risk

Runway under 2 quarters; share count grew 130% in 24 months; 8 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway1.0 quarters of funding
Share-count growth (24m)130.0%
Raise cadence (24m)8 cash raises
Options & rights overhang8.2% of shares
In-the-money supply0.0% of shares
Pending proposed issuesnone

ARC FUNDS LIMITED's ordinary share count grew 130.0% between April 2024 and August 2026, to 90M shares. The company raised capital eight times in the past 24 months, with total disclosed proceeds of A$3.6M. The latest disclosed raise was a placement in August 2026. Options and rights on issue could convert into 7M new shares, equal to 8.2% of the current share count, with the nearest expiry in December 2026; none are currently in the money. At the June 2026 quarter, the company reported A$296K in available cash, representing approximately 1.1 quarters of funding at its recent spending rate. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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8.2%
Options & rights overhang
0.0%
In-the-money supply
3
Raises · last 12 months
1.0 qtrs
Cash cover · under 2 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 90.0M per ASX (delayed) (snapshot 11 Sept 2026).
40M60M80MDec 24Oct 25Sept 26Cash raise · 3 Aug 2026Cash raise · 27 May 2026Cash raise · 5 Dec 2025Cash raise · 28 Aug 2025Cash raise · 8 July 2025Cash raise · 2 May 2025Cash raise · 17 Mar 2025Cash raise · 6 Dec 202490.0M

Cash runway

1.0 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
The latest quarterly report funded operations to about Sept 2026 — that date has passed, and no later report is on record.
$293k cash after burn from the quarter ended 30 June 2026 · Runway is computed from Appendix 4C/5B filings and announced raise proceeds. Filed with the quarterly report: $524k cash at quarter end (item 4.6), 1.9 qtrs of funding on the company’s own estimate. Our figure above carries the filed quarter-end balance forward at the reported spend rate and adds announced raise proceeds.
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4 quarters on record — Cash runway history
Quarterly cash, net spend and cover trend from every Appendix 4C/5B on record up to 30 June 2026.
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Issuance timeline

Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)

DateFormSecurityOn issue, per this filingSource
31 Aug 20263H · cancellationARC : ORDINARY FULLY PAID90.0MAppendix 3H
10 Aug 20262A · quoted issueARC : ORDINARY FULLY PAID90.0MAppendix 2A
22 July 20262A · quoted issueARC : ORDINARY FULLY PAID79.8MAppendix 2A
13 July 20263H · cancellationARC : ORDINARY FULLY PAID79.3MAppendix 3H
16 June 20262A · quoted issueARC : ORDINARY FULLY PAID79.3MAppendix 2A
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31 filings on record — Full issuance history
Every quoted and unquoted issue and cancellation on record, plus unquoted securities (Appendix 4.2).
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Capital raises

8 cash raises in the last 24 months · 3 in the last 12 months

every 2.8 monthsaverage gap between raises
1.3 monthssince the most recent
6 Dec 2024 – 3 Aug 2026first to most recent in this window
—
Placement
3 Aug 2026 COMPLETE
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10 raises on record — Full raise history
Issue price, shares issued, brokers and stated purpose for every raise on record.
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Forward supply

Every dated event on record that could add securities to the register — option expiries to their stated dates and proposed issues over the next 18 months, on one timeline.

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1 dated event on record — Forward supply calendar
Option expiries and proposed issues on one forward timeline, with the securities each could add.
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Placement capacity

How much stock a company can place without asking holders. Listing Rule 7.1 allows 15% of ordinary securities in any 12 months, and every Appendix 3B states how much of it an issue uses.

About 8% of the 15% placement capacity left — about 92% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). One filing in the window states more under 7.1 than the whole allowance and is not counted, so usage may be higher than this. Holder-approved issues and any later ratification are not deducted, so the true headroom can be higher.
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Placement capacity — LR 7.1 / 7.1A
The filings behind the figure: every Appendix 3B in the window with what it says was issued under 7.1 and 7.1A, each row linked to its filing, and how many shares are left.
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Pending proposed issues

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

8.2%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
7.4M
Potential new shares
Dec 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered5.9M · 6.5% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered1.5M · 1.7% of shares
    Performance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.

Exercise price on record: 5.9M priced, 1.5M where the filing never states one. A security with no exercise price is never counted in the money — nothing is paid to convert it, so there is no price for it to be above.

Each figure is the filing’s own count of securities, not a share count — a 2A never states what one security converts into.

What a price move would switch on
3.7M7.4M$0.059 now0.25× today ($0.015) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.029) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.044) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.059) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.074) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.088) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.118) — 5.9M of the priced supply in the money, 6.5% of shares on issue3× today ($0.177) — 5.9M of the priced supply in the money, 6.5% of shares on issue5× today ($0.295) — 5.9M of the priced supply in the money, 6.5% of shares on issue10× today ($0.590) — 5.9M of the priced supply in the money, 6.5% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.059 today, 0 securities are in the money (0.0% of shares on issue). At double today’s price it is 5.9M (6.5% of shares).

  • Priced supply in the money at the price on the axis — the curve, and the only thing on it. Ten prices, sampled: between two of them the true figure lies between the two.
  • 1.5M (20.3% of the supply above) states no exercise price at all. It cannot be called in or out of the money at any price, which is why it is hatched rather than plotted.
CodeSecurityTypeExercise priceExpiryOn issueSource
ARCAIOptionsPrice-triggered$0.1215 Dec 20265.9MFiling
ARCAHPerformance rightsCondition-triggered——1.5MFiling Meeting

“Nil” is a stated nil exercise price: nothing is paid to convert. An em dash means the filing names no exercise price at all. Security is read from the filing’s own class description; an em dash there means the description is not one this table labels. One row is one security class, at the number stated in the most recent quotation application that restated it — linked, and dated, in the last column.

A condition-triggered class has no exercise price and usually no expiry: what it vests on is set by a shareholder resolution, not by the register. Where the company lodged a notice of meeting before the class first appears here, it is linked as “Meeting” — that is where terms of this kind are put to shareholders. It is not confirmation that the document sets this class’s conditions, and no link appears where there is no such filing.

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2 option lines on record — In-the-money value & price ladder
What each line is worth in the money today, the price ladder to the next tranche that converts, and the filing description behind every code.
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Director dealings

DateDirectorTypeSharesOptionsOtherValueSource
4 Sept 2026Michael WalkerBuy off-market435k——$50k3Y notice
3 Sept 2026Michael WalkerBuy off-market240k435k—$13k3Y notice
20 July 2026Scott BeetonOther incentive500k———3Y notice
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24 notices on record — Full dealing history
Every change-of-director's-interest notice on record, with direction and consideration.
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Ownership

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Top-20 holders & substantial holder notices
Top-20 register snapshot and substantial-holder movements, each linked to its source notice.
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Latest announcements

9 Sept 2026Change of Director's Interest Notice - M Walker
31 Aug 2026Notification of cessation of securities - ARC
31 Aug 2026Appendix 4G and Corporate Governance Statement
31 Aug 2026$PAppendix 4E and FY26 Annual Report
19 Aug 2026Change of Company Secretary and Address of the Company
17 Aug 2026Becoming a substantial holder
14 Aug 2026Change in substantial holding
14 Aug 2026Change in substantial holding from NWL
13 Aug 2026Change in substantial holding
10 Aug 2026Cleansing Notice
10 Aug 2026Application for quotation of securities - ARC
3 Aug 2026Proposed issue of securities - ARC
3 Aug 2026$PARC Funds Establishes $5 Million Capital Placement Facility
31 July 2026$PQuarterly Activities/Appendix 4C Cash Flow Report
23 July 2026Becoming a substantial holder from TIP
22 July 2026Change of Director's Interest Notice - S Beeton
22 July 2026Cleansing Notice
22 July 2026Application for quotation of securities - ARC
14 July 2026Change of Director's Interest Notice - S Beeton
13 July 2026Notification of cessation of securities - ARC

Headlines link to the source PDFs on the ASX announcements platform. Data as of 12 Sept 2026.