Companies / CDE

CODEIFAI LIMITED

ASX:CDECommercial & Professional Services
1.20B shares on issueASX (delayed) · snapshot 11 Sept 20261.81B fully diluted+51.1% if every option and right converts$0.004price · delayed$4.8Mmarket cap · indicative

Today’s holders own 66.2% of what they think they own, once every option and right converts.

Very high
Dilution risk

Share count grew 354% in 24 months; runway 2–4 quarters; 7 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway2.3 quarters of funding
Share-count growth (24m)354.2%
Raise cadence (24m)7 cash raises
Options & rights overhang51.1% of shares
In-the-money supply0.0% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

CODEIFAI LIMITED's ordinary share count, adjusted for a 1-for-10 consolidation in May 2025, grew 354.2% between August 2024 and August 2026, reaching a latest display of 1.20B shares. The company raised capital seven times in the past 24 months, totalling A$5.9M in disclosed proceeds, with the most recent a A$770K placement in July 2026. Options and rights on issue could convert into 613M new shares, representing 51.1% of the current share count, with no in-the-money value and the nearest expiry in April 2027. As of June 2026, the company reported A$817K in available cash, sufficient for approximately 2.3 quarters. One proposed securities issue is pending, with an expected date in September 2026.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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51.1%
Options & rights overhang
0.0%
In-the-money supply
3
Raises · last 12 months
2.3 qtrs
Cash cover · 2–4 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Adjusted for the 1-for-10 consolidation (15 May 2025). Latest count 1.20B per ASX (delayed) (snapshot 11 Sept 2026).
0.25B0.50B0.75B1.00B1.25BDec 24Oct 25Sept 261-for-10 consolidationCash raise · 17 July 2026Cash raise · 23 Jan 2026Cash raise · 22 Jan 2026Cash raise · 25 July 2025Cash raise · 7 July 2025Cash raise · 4 June 2025Cash raise · 5 Mar 20251.20B

Cash runway

2.3 qtrs
Two to four quarters of funding at the recent spend rate.
Funds operations to about Jan 2027 at the reported spend rate.
$813k 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: $340k cash at quarter end (item 4.6), 7.0 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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8 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
20 Aug 20262A · quoted issueCDE : ORDINARY FULLY PAID1.20BAppendix 2A
2 Aug 20263G · unquotedCDE : ORDINARY FULLY PAID1.18BAppendix 3G
29 July 20262A · quoted issueCDE : ORDINARY FULLY PAID1.18BAppendix 2A
3 July 20262A · quoted issueCDE : ORDINARY FULLY PAID1.07BAppendix 2A
11 June 20262A · quoted issueCDE : ORDINARY FULLY PAID998.1MAppendix 2A
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45 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

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

every 2.7 monthsaverage gap between raises
1.9 monthssince the most recent
5 Mar 2025 – 17 July 2026first to most recent in this window
$770k
Placement
17 July 2026 ACTIVE
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15 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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6 dated events 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 53% of the 15% placement capacity left — about 47% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). 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

51.1%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
613.3M
Potential new shares
Apr 2027
Nearest expiry
What this supply is, and what converts it
  • Price-triggered611.1M · 50.9% of shares
    Options and warrants — they convert when the share price clears their exercise price.
    At least 94.3M of it states no exercise price — that much cannot be called in or out of the money.
  • Condition-triggered1.9M · 0.2% of shares
    Performance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
  • Converts on terms245k · 0.0% of shares
    Convertibles with no exercise price — they convert on their own terms, so they are shares in all but name.

Exercise price on record: 516.8M priced, 96.4M 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
306.6M613.3M$0.004 now0.25× today ($0.001) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.002) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.003) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.004) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.005) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.006) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.008) — 0 of the priced supply in the money, 0.0% of shares on issue3× today ($0.012) — 125.8M of the priced supply in the money, 10.5% of shares on issue5× today ($0.020) — 125.8M of the priced supply in the money, 10.5% of shares on issue10× today ($0.040) — 399.3M of the priced supply in the money, 33.3% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.004 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 3× today’s price, which takes it to 125.8M (10.5% 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.
  • 96.4M (15.7% 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.
  • 117.5M more carries an exercise price above ten times today’s — off the right of this axis, and in every total on this page.
CodeSecurityTypeExercise priceExpiryOn issueSource
CDEAMOptionsPrice-triggered$0.01013 Apr 202727.4MFiling
CDEABOptionsPrice-triggered$0.03030 June 2028150kFiling
CDEACOptionsPrice-triggered$0.04030 Dec 2028117.5MFiling
CDEALOptionsPrice-triggered$0.01013 Apr 202998.4MFiling
CDEANOptionsPrice-triggered$0.03013 Apr 202910.0MFiling
CDEAOOptionsPrice-triggered$0.02014 Apr 2029263.4MFiling
CDEAJNotesConverts on terms——245kFiling
CDEAHPerformance rightsCondition-triggered——1.9MFiling
CDEADOptionsPrice-triggered——94.3MFiling

“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.

1 class ceased in the last 12 months and is not counted above
The company’s own Appendix 2A restates each of these at zero. They are excluded from the overhang, the in-the-money supply and every figure on this page. Each count is the filing’s own count of securities in the class, not a share count — a 2A never states what one security converts into.
  • CDEAAPrice-triggered75.0M securities → 03 July 2026 Appendix 2A
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9 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
30 June 2026John HoustonSell off-market164.4M75.0M—$750k3Y notice
20 Apr 2026Colin TurnerOther13.0M——$130k3Y notice
20 Apr 2026John HoustonOther10.0M125.0M——3Y notice
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4 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

31 Aug 2026$PCanva Launches ConnectQR on its App Marketplace
31 Aug 2026$PHalf Yearly Report and Accounts
26 Aug 2026Change of Auditors
20 Aug 2026Cleansing Notice
20 Aug 2026Application for quotation of securities - CDE
2 Aug 2026Notification regarding unquoted securities - CDE
31 July 2026$PQuarterly Activities/Appendix 4C Cash Flow Report
29 July 2026Cleansing Notice
29 July 2026Application for quotation of securities - CDE
24 July 2026Results of Meeting
22 July 2026Proposed issue of securities - CDE
22 July 2026Proposed issue of securities - CDE
22 July 2026Proposed issue of securities - CDE
22 July 2026$PCodefai Completes Capital Raising
19 July 2026$PTrading Halt
13 July 2026Supplementary Notice of Annual General Meeting 24.7.2026
6 July 2026Cleansing Notice
3 July 2026Change of Director's Interest Notice
3 July 2026Application for quotation of securities - CDE
25 June 2026Letter to Shareholders re Notice of Annual General Meeting

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