X2M Connect (ASX:X2M) has lodged a prospectus dated 9 November 2026 for a non-renounceable entitlement issue of 4 new shares for every 13 shares held by eligible shareholders at a record date, at an issue price of $0.004 per share, seeking to raise up to approximately $3.6 million, together with 1 new option for every two new shares issued and 1 bonus share for every four new shares issued.

Key Points

  • Non-renounceable entitlement offer at $0.004 per share to raise up to approximately $3.6 million, with 1 new option per 2 new shares and 1 bonus share per 4 new shares issued.
  • 176,622,352 Placement Options to be issued to sophisticated and professional investors at an exercise price of $0.008, expiring 2 June 2029, with no funds to be raised from their issue.
  • Up to 252,051,570 Lead Manager Options to be issued to Peak Asset Management and Alpine Capital or their nominees, with no funds to be raised from their issue.
  • The offer closes on 27 November 2026, with entitlement securities expected to be issued before 12:00pm AEDT on 4 December 2026.

Entitlement Offer Structure and Terms

According to the filing, the entitlement offer is structured on a 4-for-13 basis, meaning eligible shareholders registered at the record date of 12 November 2026 at 5:00pm AEDT are entitled to subscribe for 4 new shares for every 13 shares held. The issue price is $0.004 per share. In addition to new shares, participants will receive 1 new option for every 2 new shares issued and 1 bonus share for every 4 new shares issued. The prospectus was lodged with ASIC and ASX on 9 November 2026, with the ex-date set for 11 November 2026 and the offer opening on 17 November 2026.

Placement Options and Lead Manager Options

The prospectus also covers the issue of 176,622,352 Placement Options to sophisticated and professional investors who participated in the placement announced on 30 October 2026. These options are exercisable at $0.008 per option and expire on 2 June 2029. No funds will be raised through the issue of Placement Options. Separately, the filing discloses the issue of up to 252,051,570 Lead Manager Options to Peak Asset Management Pty Ltd and Alpine Capital Pty Ltd, or their nominees. No funds will be raised by the issue of these Lead Manager Options either.

Offer Timetable and Key Dates

The filing sets out an indicative timetable for the offer, noting the company dispatches the prospectus to eligible shareholders and opens the offer on 17 November 2026. The last day to extend the offer closing date is before 12:00pm AEDT on 24 November 2026, with the offer closing at 5:00pm AEDT on 27 November 2026. Securities are scheduled to be quoted on a deferred settlement basis from 30 November 2026. The announcement of offer results and issuance of entitlement securities are expected before 12:00pm AEDT on 4 December 2026. The company noted all dates are indicative and subject to change.