FortifAI Ltd Applies to Quote 50 Million Ordinary Shares After Class C Performance Rights Conversion on 4 November 2026

Sonal Goyal

06 November 2026 05:54 PM AEDT

FortifAI Ltd Applies to Quote 50 Million Ordinary Shares After Class C Performance Rights Conversion on 4 November 2026

Image Source: Krish Capital Pty Ltd

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FortifAI Ltd (ASX:FTI) has lodged an application for quotation of 50,000,000 fully paid ordinary shares following the conversion of Class C Performance Rights (ASX security code FTIAB), with the securities issued on 6 November 2026 for nil cash consideration.

Key Points

50,000,000 ordinary fully paid shares applied for quotation under ASX security code FTI, with an issue date of 6 November 2026.
The shares were issued for nil cash consideration, arising from the conversion of Class C Performance Rights (FTIAB).
The last date the performance rights were converted was 4 November 2026.
Following quotation, FTI ordinary fully paid shares on issue will total 396,461,538.
The new securities will rank equally in all respects from their issue date with existing ordinary shares on issue.

Performance Rights Conversion Details

According to the filing, the 50,000,000 ordinary shares arise from the conversion of Class C Performance Rights classified under ASX security code FTIAB. The conversion involved existing securities reclassified into the existing quoted ordinary share class. The filing states the securities are being issued pursuant to the conversion of Class C Performance Rights, with reference made to a company disclosure dated 12 October 2026. No cash consideration was received for the shares, and an estimated value of AUD $0.28 per security was provided in the application.

Issued Capital Following Quotation

Upon quotation of the 50,000,000 new ordinary shares, FortifAI's total quoted securities in the FTI ordinary fully paid class will stand at 396,461,538 shares. The company's unquoted securities include several classes of options and performance rights. These comprise options expiring between January 2028 and June 2030 with various exercise prices, and 152,237,144 performance rights remaining under ASX code FTIAB. The filing notes the figures in the issued capital section are automatically generated and may not reflect the entity's current issued capital if other forms are currently with ASX for processing.

Unquoted Securities on Issue

The filing discloses multiple classes of unquoted options on issue following the quotation. These include 11,500,000 options expiring 29 August 2028 at $0.15, 47,100,000 options expiring 27 June 2030 at $0.05, 3,000,000 options expiring 23 January 2028 at each of $0.15, $0.20, and $0.25, 266,668 options expiring 14 June 2029 at $0.45, 3,216,667 options expiring 19 August 2029 at $0.45, and 2,097,902 options expiring 7 May 2029 at $1.0725. The 152,237,144 remaining performance rights under code FTIAB are also listed as unquoted securities.

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