Companies / W2V

WAY 2 VAT LTD.

ASX:W2VSoftware & Services
261.0M shares on issueASX (delayed) · snapshot 11 Sept 2026344.7M fully diluted+32.1% if every option and right converts$0.050price · delayed$13.1Mmarket cap · indicative

Today’s holders own 75.7% of what they think they own, once every option and right converts.

Very high
Dilution risk

Runway under 2 quarters; share count grew 193% in 24 months; 7 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway1.9 quarters of funding
Share-count growth (24m)192.9%
Raise cadence (24m)7 cash raises
Options & rights overhang32.1% of shares
In-the-money supply0.0% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

WAY 2 VAT LTD.'s ordinary share count grew 192.9% between August 2024 and June 2026, to 261M shares. This change is adjusted for an approximately 1-for-10 share consolidation that occurred in December 2025. The company raised capital seven times in the past 24 months, with total disclosed proceeds of A$14.0M; the most recent was a A$2.1M placement in September 2026. Options and rights on issue could convert into 84M new shares, representing 32.1% of the current share count, with the nearest expiry in December 2028. As of the June 2026 quarter, the company held A$2.8M in available cash, approximately 1.9 quarters of funding. One proposed securities issue is pending, with an expected issue date in September 2026.

AI-generated summary of this page's cited filings · updated 10 Sept 2026
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32.1%
Options & rights overhang
0.0%
In-the-money supply
3
Raises · last 12 months
1.9 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. Adjusted for the 1-for-10 consolidation (12 Dec 2025). Latest count 261.0M per ASX (delayed) (snapshot 11 Sept 2026).
220M240M260MDec 25May 26Sept 26Cash raise · 4 Sept 2026Cash raise · 30 Mar 2026261.0M

Cash runway

1.9 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
Funds operations to about Dec 2026 at the reported spend rate.
$2.8M 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: $1.9M cash at quarter end (item 4.6), 1.4 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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14 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
9 July 20263H · cancellationW2V : ORDINARY FULLY PAID261.0MAppendix 3H
18 June 20263G · unquotedW2V : ORDINARY FULLY PAID259.6MAppendix 3G
18 June 20263G · unquotedW2V : ORDINARY FULLY PAID259.6MAppendix 3G
18 June 20262A · quoted issueW2V : ORDINARY FULLY PAID261.0MAppendix 2A
20 May 20262A · quoted issueW2V : ORDINARY FULLY PAID259.6MAppendix 2A
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62 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 3.5 monthsaverage gap between raises
0.3 monthssince the most recent
2 Dec 2024 – 4 Sept 2026first to most recent in this window
$2.1M
Placement
4 Sept 2026 ACTIVE
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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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14 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 — a share consolidation inside the last 12 months puts the filings and the share count in different units.
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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

1 proposed issue pending — Appendix 3B lodged, securities not yet issued. New shares from these issues are not in the counts above until quoted.
Paid plan
1 pending issue on record — Pending issue detail
Size, price, fees, broker and placement-capacity usage for each pending issue.
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Options & convertible securities

32.1%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
83.7M
Potential new shares
Dec 2028
Nearest expiry
What a price move would switch on
41.8M83.7M$0.050 now0.25× today ($0.013) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.025) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.038) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.050) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.063) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.075) — 37.1M of the priced supply in the money, 14.2% of shares on issue2× today ($0.100) — 37.1M of the priced supply in the money, 14.2% of shares on issue3× today ($0.150) — 51.7M of the priced supply in the money, 19.8% of shares on issue5× today ($0.250) — 54.2M of the priced supply in the money, 20.7% of shares on issue10× today ($0.500) — 55.6M of the priced supply in the money, 21.3% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.050 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 1.5× today’s price, which takes it to 37.1M (14.2% 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.
  • 28.1M (33.6% 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
W2VAAOptionsPrice-triggered$0.1015 Dec 20287.5MFiling
W2VAEOptionsPrice-triggered$0.1031 Dec 20281.0MFiling
W2VAFOptionsPrice-triggered$0.1531 Dec 20283.0MFiling
W2VAGOptionsPrice-triggered$0.1731 Dec 20281.0MFiling
W2VAJOptionsPrice-triggered$0.07018 June 202937.1MFiling
W2VAPOptionsPrice-triggered$0.1014 Aug 2033167kFiling
W2VAQOptionsPrice-triggered$0.2014 Aug 2033167kFiling
W2VAROptionsPrice-triggered$0.3014 Aug 2033167kFiling
W2VASOptionsPrice-triggered$0.103 Oct 20331.3MFiling
W2VATOptionsPrice-triggered$0.203 Oct 20331.3MFiling
W2VAUOptionsPrice-triggered$0.303 Oct 20331.3MFiling
W2VAIOptionsPrice-triggered$0.1029 Jan 20361.5MFiling
W2VAHOptionsPrice-triggered$0.1025 Feb 2036167kFiling
W2VADOptionsPrice-triggered——8.7MFiling
W2VABOptionsPrice-triggered——19.4MFiling

“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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15 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
18 June 2026Adoram Ga'ashOther incentive664k———3Y notice
18 June 2026Amos SimantovOther1.9M14.5M——3Y notice
18 June 2026David BuckinghamOther incentive728k———3Y notice
18 June 2026Robert EdgleyOther incentive73k1.6M——3Y notice
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13 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

8 Sept 2026$PInvestor Presentation
8 Sept 2026Proposed issue of securities - W2V
8 Sept 2026$PWay2VAT completes A$2.109m Placement
6 Sept 2026$PTrading Halt
30 Aug 2026$PHalf Year Results Announcement
30 Aug 2026$PHalf Yearly Report and Accounts
27 Aug 2026$PResponse to ASX Price Query
16 Aug 2026$PWay2VAT Extends Existing Secured Loan
5 Aug 2026Investor Presentation
30 July 2026Way2VAT Company Update - Investor Webinar
28 July 2026Appointment of Joint Company Secretary
27 July 2026$PQuarterly Activities/Appendix 4C Cash Flow Report
9 July 2026Notification of cessation of securities - W2V
29 June 2026$PWay2VAT Secures Larger, Longer-Term Debt Facility
26 June 2026Updated Change of Director's Interest Notice - Adoram Gaash
26 June 2026Updated Change of Director's Interest Notice - D Buckingham
26 June 2026Updated Change of Director's Interest Notice - Robert Edgley
25 June 2026Change of Director's Interest Notice - Adoram Gaash
25 June 2026Change of Director's Interest Notice - Amos Simantov
25 June 2026Change of Director's Interest Notice - David Buckingham

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