Companies / X2M

X2M CONNECT LIMITED

ASX:X2MTechnology Hardware & Equipment
1.95B shares on issueASX (delayed) · snapshot 11 Sept 20263.03B fully diluted+55.4% if every option and right converts$0.008price · delayed$15.6Mmarket cap · indicative

Today’s holders own 64.3% of what they think they own, once every option and right converts.

Very high
Dilution risk

Share count grew 456% in 24 months; runway 2–4 quarters; 9 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway3.2 quarters of funding
Share-count growth (24m)455.9%
Raise cadence (24m)9 cash raises
Options & rights overhang55.4% of shares
In-the-money supply0.0% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

X2M CONNECT LIMITED's ordinary share count increased by 455.9% between July 2024 and August 2026, reaching 1.95B shares. Over the past 24 months, the company completed nine capital raises totalling A$22.0M, with the latest being a A$3.0M Placement and Securities Purchase Plan in July 2026. At present, there are options and rights on issue that could convert into 1.08B new shares, representing 55.4% of the current share count; none of these are currently in the money, and the nearest expiry is October 2026. As of June 2026, the company reported A$5.5M in available cash, covering approximately 3.2 quarters of operations. 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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55.4%
Options & rights overhang
0.0%
In-the-money supply
3
Raises · last 12 months
3.2 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. Latest count 1.95B per ASX (delayed) (snapshot 11 Sept 2026).
0.5B1.0B1.5B2.0BDec 24Oct 25Sept 26Cash raise · 24 July 2026Cash raise · 27 Feb 2026Cash raise · 24 Feb 2026Cash raise · 22 Aug 2025Cash raise · 7 Aug 2025Cash raise · 9 July 2025Cash raise · 17 June 2025Cash raise · 29 Apr 2025Cash raise · 11 Dec 20241.95B

Cash runway

3.2 qtrs
Two to four quarters of funding at the recent spend rate.
Funds operations to about Apr 2027 at the reported spend rate.
$5.5M 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: $1.3M cash at quarter end (item 4.6), 3.1 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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13 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
11 Aug 20262A · quoted issueX2M : ORDINARY FULLY PAID1.95BAppendix 2A
29 July 20262A · quoted issueX2M : ORDINARY FULLY PAID1.94BAppendix 2A
3 July 20263H · cancellationX2M : ORDINARY FULLY PAID1.57BAppendix 3H
5 June 20262A · quoted issueX2MOA354.9MAppendix 2A
27 May 20262A · quoted issueX2M : ORDINARY FULLY PAID1.55BAppendix 2A
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59 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

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

every 2.4 monthsaverage gap between raises
1.6 monthssince the most recent
11 Dec 2024 – 24 July 2026first to most recent in this window
$3.0M
Placement and Securities Purchase Plan
24 July 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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Retail offer

An offer existing holders can take part in — the one structural advantage retail has in a raise. Dated recently and not yet recorded as complete.

Share purchase plan
dated 24 July 2026 · 50 days ago
Placement and Securities Purchase Plan

Closing dates are not in the filings this site holds. Check the company's own announcement below before acting on this.

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Offer terms
The offer price, and how it compares with the last traded price.
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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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11 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 only Appendix 3B in the window claiming the 15% capacity states more than the whole allowance, so it cannot be counted.
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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

55.4%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
1.08B
Potential new shares
Oct 2026
Nearest expiry
What this supply is, and what converts it
  • Price-triggered1.04B · 53.6% of shares
    Options and warrants — they convert when the share price clears their exercise price.
    At least 362.4M of it states no exercise price — that much cannot be called in or out of the money.
  • Condition-triggered36.5M · 1.9% of shares
    Performance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
  • Converts on terms352k · 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: 680.0M priced, 399.2M 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
539.6M1.08B$0.008 now0.25× today ($0.002) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.004) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.006) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.008) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.010) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.012) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.016) — 0 of the priced supply in the money, 0.0% of shares on issue3× today ($0.024) — 440.7M of the priced supply in the money, 22.6% of shares on issue5× today ($0.040) — 519.9M of the priced supply in the money, 26.7% of shares on issue10× today ($0.080) — 679.0M of the priced supply in the money, 34.9% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.008 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 440.7M (22.6% 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.
  • 399.2M (37.0% 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.
  • 961k 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
X2MAWOptionsPrice-triggered$0.04026 Oct 202611.0MFiling
X2MAADOptionsPrice-triggered$0.05020 Dec 202615.3MFiling
X2MAAFOptionsPrice-triggered$0.01631 Dec 2027440.7MFiling
X2MATOptionsPrice-triggered$0.3417 Mar 2028961kFiling
X2MAAEOptionsPrice-triggered$0.0605 Aug 202880.6MFiling
X2MAZOptionsPrice-triggered$0.06723 Jan 202919.3MFiling
X2MOAOptionsPrice-triggered—2 June 2029354.9MFiling
X2MAABOptionsPrice-triggered$0.06725 Oct 202921.2MFiling
X2MAACOptionsPrice-triggered$0.06710 Dec 202911.8MFiling
X2MABOptionsPrice-triggered$0.02910 Dec 203079.2MFiling
X2MAUNotesConverts on terms——352kFiling
X2MAHOptionsPrice-triggered——7.5MFiling
X2MASPerformance rightsCondition-triggered——36.5MFiling 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.

6 classes ceased in the last 12 months and are 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.
  • X2MAVPrice-triggered12.2M securities → 03 July 2026 Appendix 2A
  • X2MAPPrice-triggered5.8M securities → 08 Oct 2025 Appendix 2A
  • X2MAQPrice-triggered987k securities → 08 Oct 2025 Appendix 2A
  • X2MARPrice-triggered1.5M securities → 08 Oct 2025 Appendix 2A
  • X2MALPrice-triggered2.1M securities → 015 Sept 2025 Appendix 2A
  • X2MAMPrice-triggered1.6M securities → 015 Sept 2025 Appendix 2A
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13 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 2026Callistus Mohan JesudasonSell—5.4M——3Y notice
2 June 2026Alan StockdaleOther placement—292k——3Y notice
2 June 2026Callistus Mohan JesudasonOther placement—4.2M——3Y notice
2 June 2026Damien JohnstonOther placement—833k——3Y notice
2 June 2026John StewartOther placement—417k——3Y notice
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22 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

11 Sept 2026Results of Meeting
9 Sept 2026$P3rd Partnership Agreement for High Density GPU Data Center
6 Sept 2026$PResults of Securities Purchase Plan
31 Aug 2026$PSigns non-binding partnership for Data Centres development
30 Aug 2026Appendix 4G
30 Aug 2026$PPreliminary Fi Report and Annual Report to shareholders
26 Aug 2026$PSigns Binding Agreement to Deliver AI-Enabled Data Centre
24 Aug 2026X2M Establishes Data Centre Subsidiary to Address Pipeline
12 Aug 2026Notice of Annual General Meeting/Proxy Form/Access Letter
12 Aug 2026SPP Offer Booklet, Prospectus, Access Letter
11 Aug 2026Update - Proposed issue of securities - X2M
11 Aug 2026Cleansing Notice SPP
11 Aug 2026Cleansing notice
11 Aug 2026Application for quotation of securities - X2M
31 July 2026$PQuarterly Activities/Appendix 4C Cash Flow Report
29 July 2026Cleansing notice
29 July 2026Application for quotation of securities - X2M
24 July 2026Proposed issue of securities - X2M
23 July 2026Proposed issue of securities - X2M
23 July 2026Proposed issue of securities - X2M

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