Companies / JNS

JANUS ELECTRIC HOLDINGS LIMITED

ASX:JNSUtilities
182.6M shares on issueAppendix 2A · as of 27 Aug 2026212.0M fully diluted+16.1% if every option and right converts$0.68price · delayed$111.6Mmarket cap · indicative

Today’s holders own 86.1% of what they think they own, once every option and right converts.

Very high
Dilution riskprovisional — limited history

Runway under 2 quarters; share count grew 247% in 24 months; 11 cash raises in 24 months; since relisting as JNS; prior history under RNE not included

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway1.3 quarters of funding
Share-count growth (24m)246.6%since relisting as JNS; prior history under RNE not included
Raise cadence (24m)11 cash raisessince relisting as JNS; prior history under RNE not included
Options & rights overhang16.1% of shares
In-the-money supply5.9% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

JANUS ELECTRIC HOLDINGS LIMITED has seen its ordinary share count increase by 211.5% between May 2025 and August 2026, reaching 164M shares. During this period, the company completed 11 capital raises totalling A$33.5M in disclosed proceeds, with the most recent being a placement in July 2026. There are currently no pending proposed securities issues. A total of 29M shares are potentially issuable under options and rights, representing 17.9% of the current share count. Of these, 7% are in the money, with the nearest expiry date being May 2027. As of June 2026, the company reported A$6.1M in available cash, sufficient for approximately 1.3 quarters.

AI-generated summary of this page's cited filings · updated 10 Sept 2026
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16.1%
Options & rights overhang
5.9%
In-the-money supply · most strikes not on record
6
Raises · last 12 months
1.3 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. Shown since relisting as JNS (12 May 2025); prior history under RNE is not included. Latest count 182.6M per Appendix 2A (filed 27 Aug 2026).
0M50M100M150MMay 25Jan 26Sept 26Cash raise · 30 July 2026Cash raise · 22 July 2026Cash raise · 18 May 2026Cash raise · 4 May 2026Cash raise · 2 Apr 2026Cash raise · 29 Sept 2025Cash raise · 28 May 2025Cash raise · 27 May 2025Cash raise · 15 May 2025Cash raise · 15 May 2025Cash raise · 13 May 2025

Cash runway

1.3 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
Funds operations to about Oct 2026 at the reported spend rate.
$6.0M 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: $2.0M cash at quarter end (item 4.6), 0.7 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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5 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 Sept 20263H · cancellationJNS : ORDINARY FULLY PAID164.1MAppendix 3H
27 Aug 20262A · quoted issueJNS : ORDINARY FULLY PAID164.1MAppendix 2A
29 July 20262A · quoted issueJNS : ORDINARY FULLY PAID160.9MAppendix 2A
14 July 20262A · quoted issueJNS : ORDINARY FULLY PAID128.6MAppendix 2A
6 July 20263G · unquotedJNS : ORDINARY FULLY PAID127.7MAppendix 3G

Each filing states the count for the security it names, as at its own reference date and in the units of that filing — so the newest row (164.1M) need not equal the current count above (182.6M).

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32 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

11 cash raises in the last 24 months · 6 in the last 12 months · counted since relisting as JNS (12 May 2025); prior history under RNE is not included

every 1.6 monthsaverage gap between raises
1.4 monthssince the most recent
13 May 2025 – 30 July 2026first to most recent in this window
—
Placement
30 July 2026 ACTIVE
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13 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 estimate — the filings already exceed 15% of the share count we can measure, which means securities were added to the base during the year that we cannot see. The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure.
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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

16.1%
Options & rights overhang · of current shares
5.9%
In-the-money supply · most strikes not on record
29.4M
Potential new shares
May 2027
Nearest expiry
What this supply is, and what converts it
  • Price-triggered24.7M · 13.5% of shares
    Options and warrants — they convert when the share price clears their exercise price.
    At least 13.9M of it states no exercise price — that much cannot be called in or out of the money.
  • Condition-triggered4.7M · 2.6% 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: 10.8M priced (of which 10.8M in the money), 18.6M 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
14.7M29.4M$0.68 now0.25× today ($0.17) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.34) — 10.8M of the priced supply in the money, 5.9% of shares on issue0.75× today ($0.51) — 10.8M of the priced supply in the money, 5.9% of shares on issue1× today ($0.68) — 10.8M of the priced supply in the money, 5.9% of shares on issue1.25× today ($0.85) — 10.8M of the priced supply in the money, 5.9% of shares on issue1.5× today ($1.02) — 10.8M of the priced supply in the money, 5.9% of shares on issue2× today ($1.36) — 10.8M of the priced supply in the money, 5.9% of shares on issue3× today ($2.04) — 10.8M of the priced supply in the money, 5.9% of shares on issue5× today ($3.40) — 10.8M of the priced supply in the money, 5.9% of shares on issue10× today ($6.80) — 10.8M of the priced supply in the money, 5.9% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.68 today, 10.8M securities are in the money (5.9% of shares on issue) — a floor, because an exercise price is on record for only 36.8% 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.
  • 18.6M (63.2% 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
JNSAPOptionsPrice-triggered—14 May 2027833kFiling
JNSAOOptionsPrice-triggered—14 May 20271.7MFiling
JNSANOptionsPrice-triggered—14 May 20272.5MFiling
JNSAQOptionsPrice-triggered—14 May 2028400kFiling
JNSAROptionsPrice-triggered—14 May 20285.0MFiling
JNSATOptionsPrice-triggered$0.2010 Apr 2029500kFiling
JNSAUOptionsPrice-triggered$0.3010 Apr 20291.0MFiling
JNSAVOptionsPrice-triggered$0.301 July 20291.0MFiling
JNSAXOptionsPrice-triggered$0.181 July 20315.3MFiling
JNSAYOptionsPrice-triggered$0.186 July 20313.0MFiling
JNSASOptionsPrice-triggered——3.5MFiling
JNSAWPerformance rightsCondition-triggered——4.7MFiling 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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12 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
27 Aug 2026Ben HuttBuy2.8M———3Y notice
12 July 2026Ben HuttBuy855k———3Y notice
1 July 2026Ben HuttOther incentive—5.3M4.1M—3Y notice
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10 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

2 Sept 2026Notification of cessation of securities - JNS
27 Aug 2026Change of Director's Interest Notice - Ben Hutt
27 Aug 2026Application for quotation of securities - JNS
26 Aug 2026FY26 Results & Shareholder Update
26 Aug 2026Corporate Governance Statement and Appendix 4G
26 Aug 2026$PAppendix 4E and Annual Report
13 Aug 2026Revised Securities Trading Policy
11 Aug 2026FY26 full year results and investor briefing call
6 Aug 2026Ceasing to be a substantial holder - Peter Koller
31 July 2026Becoming a substantial holder
29 July 2026$PQuarterly Activities/Appendix 4C Cash Flow Report
29 July 2026Proposed issue of securities - JNS
29 July 2026Application for quotation of securities - JNS
29 July 2026Cleansing Prospectus
28 July 2026JNS Commences Trading on the Frankfurt Stock Exchange
23 July 2026Proposed issue of securities - JNS
23 July 2026$PJNS receives firm commitments for A$7.68M placement
22 July 2026$PTrading Halt
19 July 2026North American Order Book Update - Webinar Presentation
16 July 2026North American Order Book Update - Investor Webinar

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