BEFOREPAY GROUP LIMITED

ASX:B4PFinancial Services

50.0M shares on issueASX (delayed) · snapshot 11 Sept 202658.3M fully diluted+16.5% if every option and right converts$1.75price · delayed$87.5Mmarket cap · indicative

Today’s holders own 85.8% of what they think they own, once every option and right converts.

Moderate

Dilution risk

Runway under 2 quarters; options/rights overhang 16% of shares; share count grew 6% in 24 months

Absolute levels — not a ranking against other companies.

Cash runway0.8 quarters of funding

Share-count growth (24m)6.0%

Raise cadence (24m)0 cash raises

Options & rights overhang16.5% of shares

In-the-money supply0.5% of shares

Pending proposed issuesnone

BEFOREPAY GROUP LIMITED's ordinary share count grew 6.0% between June 2024 and August 2026, reaching 50M shares. The company has not raised capital in the past 24 months and has no proposed securities issues pending. Options and rights on issue could convert into 8M new shares, representing 16.5% of the current share count, with the nearest expiry in July 2031; none are currently in the money. As of the June 2026 quarter, the company had A$3.6M in available cash, sufficient for approximately 0.8 quarters at its recent spending rate.

AI-generated summary of this page's cited filings · updated 11 Sept 2026

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16.5%

Options & rights overhang

0.5%

In-the-money supply · most strikes not on record

Raises · last 12 months

0.8 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 50.0M per ASX (delayed) (snapshot 11 Sept 2026).

Cash runway

0.8 qtrs

Less than two quarters of funding at the recent spend rate — near-term funding pressure.

The latest quarterly report funded operations to about Aug 2026 — that date has passed, and no later report is on record.

$3.6M 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: $7.4M cash at quarter end (item 4.6), 8.0 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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12 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)

Date	Form	Security	On issue, per this filing	Source
31 Aug 2026	2A · quoted issue	B4P : ORDINARY FULLY PAID	50.0M	Appendix 2A
5 Aug 2026	3H · cancellation	B4P : ORDINARY FULLY PAID	49.8M	Appendix 3H
10 July 2026	3H · cancellation	B4P : ORDINARY FULLY PAID	49.8M	Appendix 3H
16 Apr 2026	3H · cancellation	B4P : ORDINARY FULLY PAID	49.8M	Appendix 3H
14 Jan 2026	3H · cancellation	B4P : ORDINARY FULLY PAID	49.8M	Appendix 3H

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27 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

No equity raises in the last 24 months.

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4 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.

No Appendix 3B in the last 12 months reports an issue under the 15% placement capacity (as at 2026-09-12).

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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

16.5%

Options & rights overhang · of current shares

0.5%

In-the-money supply · most strikes not on record

8.3M

Potential new shares

July 2031

Nearest expiry

What this supply is, and what converts it

Price-triggered6.8M · 13.5% of shares
Options and warrants — they convert when the share price clears their exercise price.
At least 6.5M of it states no exercise price — that much cannot be called in or out of the money.
Condition-triggered1.5M · 3.0% 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: 242k priced (of which 242k in the money), 8.0M 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

At $1.75 today, 242k securities are in the money (0.5% of shares on issue) — a floor, because an exercise price is on record for only 2.9% of this supply. No price up to ten times today’s switches on any more priced supply.

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.
8.0M (97.1% 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.

Code	Security	Type	Exercise price	Expiry	On issue	Source
B4PAK	Options	Price-triggered	$0.88	1 July 2031	242k	Filing
B4PAM	Performance rights	Condition-triggered	—	—	1.5M	Filing Meeting
B4PAL	Options	Price-triggered	—	—	6.5M	Filing

“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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3 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

Date	Director	Type	Shares	Options	Other	Value	Source
2 Dec 2025	Brian Hartzer	Sell on-market	—	242k	—	—	3Y notice
23 Sept 2025	Daniel Moss	Sell on-market	—	—	—	—	3Y notice
23 Sept 2025	Stefan Urosevic	Sell on-market	—	173k	—	—	3Y notice