X2M Connect Limited (ASX:X2M) has lodged an Appendix 3B with ASX disclosing a proposed non-renounceable pro rata entitlement offer to issue up to 1,133,766,432 ordinary fully paid shares at AUD $0.004 each, with up to 453,506,573 attaching options expiring 2 June 2029 to be issued at no cost, with an offer closing date of 27 November 2026 and an issue date of 4 December 2026.

Key Points

  • Up to 1,133,766,432 new ordinary fully paid shares to be issued at AUD $0.004 per share on a 4-for-13 pro rata basis
  • Up to 453,506,573 attaching options (ASX: X2MOA), expiring 2 June 2029, to be issued at no cost on a 1-for-2 basis relative to new shares issued
  • The offer is non-renounceable; oversubscription is permitted with no stated limits, and any scale back is at the Board's discretion on a pari passu basis
  • Record date is 12 November 2026; offer documents to be dispatched 17 November 2026; issue date is 4 December 2026
  • Lead managers for the offer are Alpine Securities Pty Ltd and Peak Asset Management Pty Ltd

Entitlement Offer Structure and Pricing

The offer is structured as a non-renounceable pro rata entitlement issue, with eligible shareholders entitled to subscribe for 4 new ordinary fully paid shares for every 13 shares held on the record date of 12 November 2026. The offer price is AUD $0.004 per new share. Fractional entitlements will be rounded up to the next whole number. New shares issued under the offer will rank equally in all respects from their issue date with existing ordinary shares on issue. The ex-date for the offer is 11 November 2026, according to the filing.

Attaching Options Terms and Conditions

For every 2 new ordinary shares issued under the entitlement offer, subscribers will receive 1 attaching option (ASX: X2MOA), expiring 2 June 2029, at no cost. The maximum number of attaching options to be issued is 453,506,573. These options are an existing class already quoted or recorded by ASX. Fractional option entitlements will also be rounded up to the next whole number. Oversubscription for attaching options is permitted with no stated limits, and any scale back is at the Board's discretion, with pari passu treatment described as the current intention. The options will rank equally with existing securities of that class from their issue date.

Offer Timetable and Lead Managers

Offer documents are scheduled to be dispatched to eligible security holders on 17 November 2026. The offer closing date is 27 November 2026, with 24 November 2026 as the last day to extend the closing date. Trading in new securities on a deferred settlement basis is scheduled to commence 30 November 2026, with the issue date and last day to announce results set as 4 December 2026. Normal T+2 trading is scheduled to begin 7 December 2026, with first settlement on 9 December 2026. Alpine Securities Pty Ltd and Peak Asset Management Pty Ltd have been appointed as lead managers and brokers to the offer.