Companies / WRK

WRKR LTD

ASX:WRKSoftware & Services
2.18B shares on issueASX (delayed) · snapshot 11 Sept 20262.23B fully diluted+2.3% if every option and right converts$0.064price · delayed$139.3Mmarket cap · indicative

Today’s holders own 97.8% of what they think they own, once every option and right converts.

Low
Dilution risk

Share count grew 27% in 24 months; 2 cash raises in 24 months; 0% of shares in the money

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runwaycash-generative (no net burn)
Share-count growth (24m)26.6%
Raise cadence (24m)2 cash raises
Options & rights overhang2.3% of shares
In-the-money supply0.5% of shares
Pending proposed issuesnone

WRKR LTD had 2.18B shares outstanding as of September 2026. The company raised capital twice in the past 24 months, for a total of A$27.0M, with the most recent being a A$12.0M Placement and SPP in July 2026. Options and rights on issue could convert into 50M new shares, representing 2.3% of the current share count, with the nearest expiry in September 2026. At the June 2026 quarter, WRKR LTD reported A$22.5M in available cash. No funding runway figure applies as the latest quarter reported non-negative net cash flow, and no proposed securities issues are pending. The share count is the ASX market reading; the filed 2A series ends earlier, so growth over the window is not stated.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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2.3%
Options & rights overhang
0.5%
In-the-money supply · most strikes not on record
1
Raises · last 12 months
No net burn
Cash cover · cash-generative

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 2.18B per ASX (delayed) (snapshot 11 Sept 2026).
1.8B2.0B2.2BDec 24Oct 25Sept 26Cash raise · 20 July 2026Cash raise · 6 Aug 20252.18B

Cash runway

—
The latest quarterly report shows no net cash burn, so there is no cash-out date.
$22.5M 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: $10.2M cash at quarter end (item 4.6). 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)

DateFormSecurityOn issue, per this filingSource
4 Sept 20262A · quoted issueWRK : ORDINARY FULLY PAID2.16BAppendix 2A
2 Sept 20262A · quoted issueWRK : ORDINARY FULLY PAID2.16BAppendix 2A
31 Aug 20262A · quoted issueWRK : ORDINARY FULLY PAID2.15BAppendix 2A
26 Aug 20262A · quoted issueWRK : ORDINARY FULLY PAID2.15BAppendix 2A
18 Aug 20262A · quoted issueWRK : ORDINARY FULLY PAID2.14BAppendix 2A

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 (2.16B) need not equal the current count above (2.18B).

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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

2 cash raises in the last 24 months · 1 in the last 12 months

every 11.4 monthsaverage gap between raises
1.8 monthssince the most recent
6 Aug 2025 – 20 July 2026first to most recent in this window
$12.0M
Placement and SPP
20 July 2026 COMPLETE
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5 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.

10.0M of option supply could convert within 12 months — 0.5% of shares on issue
10.0M in the money, expiring in the window
Out-of-the-money options are excluded — at today’s price they expire rather than convert. So is condition-triggered supply, which has no expiry and no price, and convertibles that convert on their own terms rather than on a date.
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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.

About 54% of the 15% placement capacity left — about 46% 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

2.3%
Options & rights overhang · of current shares
0.5%
In-the-money supply · most strikes not on record
49.5M
Potential new shares
Sept 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered10.0M · 0.5% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered39.5M · 1.8% 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: 10.0M priced (of which 10.0M in the money), 39.5M 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
24.8M49.5M$0.064 now0.25× today ($0.016) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.032) — 10.0M of the priced supply in the money, 0.5% of shares on issue0.75× today ($0.048) — 10.0M of the priced supply in the money, 0.5% of shares on issue1× today ($0.064) — 10.0M of the priced supply in the money, 0.5% of shares on issue1.25× today ($0.080) — 10.0M of the priced supply in the money, 0.5% of shares on issue1.5× today ($0.096) — 10.0M of the priced supply in the money, 0.5% of shares on issue2× today ($0.128) — 10.0M of the priced supply in the money, 0.5% of shares on issue3× today ($0.192) — 10.0M of the priced supply in the money, 0.5% of shares on issue5× today ($0.320) — 10.0M of the priced supply in the money, 0.5% of shares on issue10× today ($0.640) — 10.0M of the priced supply in the money, 0.5% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.064 today, 10.0M securities are in the money (0.5% of shares on issue) — a floor, because an exercise price is on record for only 20.2% 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.
  • 39.5M (79.8% 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
WRKAHOptionsPrice-triggered$0.02227 Sept 202610.0MFiling
WRKALPerformance rightsCondition-triggered——1.5MFiling Meeting
WRKACPerformance rightsCondition-triggered——38.0MFiling 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.

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.
  • WRKAJCondition-triggered2.8M securities → 031 Aug 2026 Appendix 2A
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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

DateDirectorTypeSharesOptionsOtherValueSource
18 Aug 2026Duncan McLennanBuy entitlement/SPP400k———3Y notice
18 Aug 2026Emma DobsonBuy entitlement/SPP400k———3Y notice
18 Aug 2026Paul CollinsBuy entitlement/SPP400k———3Y notice
18 Aug 2026Trent LundBuy entitlement/SPP400k———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

10 Sept 2026Change of Director's Interest Notice - DM
4 Sept 2026Application for quotation of securities - WRK
2 Sept 2026Application for quotation of securities - WRK
31 Aug 2026Application for quotation of securities - WRK
31 Aug 2026Change to Chief Executive Officer Remuneration
26 Aug 2026Application for quotation of securities - WRK
20 Aug 2026Appendix 4G and Corporate Governance Statement
20 Aug 2026$PAppendix 4E and Annual Report
20 Aug 2026Change of Director's Interest Notice - ED
19 Aug 2026Change of Director's Interest Notice - DM
19 Aug 2026Change of Director's Interest Notice - PC
19 Aug 2026Change of Director's Interest Notice - TL
18 Aug 2026Application for quotation of securities - WRK
16 Aug 2026Completion of Share Purchase Plan
6 Aug 2026Change of Company Secretary
5 Aug 2026Change of Director's Interest Notice - TL
3 Aug 2026Change of Director's Interest Notice (Paul Collins)
30 July 2026Change in substantial holding from WAM/WMI/WAX
30 July 2026Substantial Shareholder Notice
30 July 2026Substantial Shareholder Notice

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