Companies / ICE

ICETANA LIMITED

ASX:ICESoftware & Services
664.3M shares on issueASX (delayed) · snapshot 11 Sept 2026795.2M fully diluted+19.7% if every option and right converts$0.032price · delayed$21.3Mmarket cap · indicative

Today’s holders own 83.5% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 122% in 24 months; 3 cash raises in 24 months; options/rights overhang 20% of shares

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway30.2 quarters of funding
Share-count growth (24m)121.8%measured to the latest Appendix 2A, not to the share count above
Raise cadence (24m)3 cash raises
Options & rights overhang19.7% of shares
In-the-money supply4.1% of shares
Pending proposed issuesnone

ICETANA LIMITED's latest ordinary share count was 664M as of May 2026. The company has had three capital raises in the past 24 months, totalling A$9.9M, with the most recent being a A$4.0M placement in April 2026. There are options and rights that could convert into 131M new shares, representing 19.7% of the current share count, with 4% being in the money. The nearest expiry for these options is November 2026. As of June 2026, the company reported A$4.7M in available cash, covering approximately 30.3 quarters at its recent expenditure rate. No new proposed issues were lodged in the latest Appendix 3B filings.

AI-generated summary of this page's cited filings · updated 10 Sept 2026
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19.7%
Options & rights overhang
4.1%
In-the-money supply
2
Raises · last 12 months
30.2 qtrs
Cash cover · over 4 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 664.3M per ASX (delayed) (snapshot 11 Sept 2026).
300M400M500M600MDec 24Oct 25Sept 26Cash raise · 27 Apr 2026Cash raise · 22 Apr 2026Cash raise · 9 June 2025664.3M

Cash runway

30.2 qtrs
More than four quarters of funding at the recent spend rate.
More than three years of funding at the reported spend rate — far enough out that a dated estimate would be false precision.
$4.7M 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: $4.8M cash at quarter end (item 4.6), 36.0 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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15 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
2 July 20263G · unquotedICE : ORDINARY FULLY PAID664.3MAppendix 3G
1 July 20263G · unquotedICE : ORDINARY FULLY PAID664.3MAppendix 3G
6 May 20262A · quoted issueICE : ORDINARY FULLY PAID656.8MAppendix 2A
6 May 20262A · quoted issueICE : ORDINARY FULLY PAID539.3MAppendix 2A
26 Apr 20263H · cancellationICE : ORDINARY FULLY PAID531.8MAppendix 3H
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25 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

3 cash raises in the last 24 months · 2 in the last 12 months

every 5.3 monthsaverage gap between raises
4.5 monthssince the most recent
9 June 2025 – 27 Apr 2026first to most recent in this window
$4.0M
Placement
27 Apr 2026
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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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10 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.

No 15% placement capacity left — all of it used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure. 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

19.7%
Options & rights overhang · of current shares
4.1%
In-the-money supply · at current price
130.9M
Potential new shares
Nov 2026
Nearest expiry
What a price move would switch on
65.4M130.9M$0.032 now0.25× today ($0.008) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.016) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.024) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.032) — 27.4M of the priced supply in the money, 4.1% of shares on issue1.25× today ($0.040) — 36.5M of the priced supply in the money, 5.5% of shares on issue1.5× today ($0.048) — 55.3M of the priced supply in the money, 8.3% of shares on issue2× today ($0.064) — 122.0M of the priced supply in the money, 18.4% of shares on issue3× today ($0.096) — 129.9M of the priced supply in the money, 19.6% of shares on issue5× today ($0.160) — 130.9M of the priced supply in the money, 19.7% of shares on issue10× today ($0.320) — 130.9M of the priced supply in the money, 19.7% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.032 today, 27.4M securities are in the money (4.1% of shares on issue). No more priced supply until 1.25× today’s price, which takes it to 36.5M (5.5% 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
ICEAMOptionsPrice-triggered$0.1515 Nov 202650kFiling
ICEANOptionsPrice-triggered$0.1529 Nov 2026950kFiling
ICEAOOptionsPrice-triggered$0.04619 Oct 202718.8MFiling
ICEAPOptionsPrice-triggered$0.04617 July 202883kFiling
ICEAROptionsPrice-triggered$0.02510 Mar 202927.4MFiling
ICEAVOptionsPrice-triggered$0.05730 June 202931.3MFiling
ICEATOptionsPrice-triggered$0.08510 Dec 20295.9MFiling
ICEAUOptionsPrice-triggered$0.07229 Jan 20302.0MFiling
ICEASOptionsPrice-triggered$0.03210 Mar 20309.1MFiling
—OptionsPrice-triggered$0.05617 June 203035.4MFiling

“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.

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10 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
26 Nov 2025Clinton SnowOther50.7M1.5M——3Y notice
26 Nov 2025Colm O'BrienOther—750k——3Y notice
26 Nov 2025Matthew MacfarlaneOther—1.5M——3Y notice
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5 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$PFull Year Statutory Accounts
30 July 2026$PQuarterly Appendix 4C Cash Flow Report
30 July 2026$PQuarterly Activities Report
2 July 2026Notification regarding unquoted securities - ICE
1 July 2026Notification regarding unquoted securities - ICE
26 June 2026Results of Meeting
21 June 2026Proposed issue of securities - ICE
14 June 2026$PFirst sales of Antara Core
11 June 2026$PSBR Americas partnership
21 May 2026Proxy Form
21 May 2026Letter to Shareholders - Notice of General Meeting
21 May 2026Notice of General Meeting
20 May 2026Change in substantial holding
17 May 2026Change in substantial holding
17 May 2026Change in substantial holding
11 May 2026Change in substantial holding
6 May 2026Cleansing notice
6 May 2026Application for quotation of securities - ICE
6 May 2026Application for quotation of securities - ICE
29 Apr 2026Proposed issue of securities - ICE

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