X2M Connect Limited (ASX:X2M) has issued a formal notice to option holders regarding a pro rata non-renounceable rights issue to eligible shareholders, offering 4 new shares for every 13 shares held at $0.004 per new share, with the aim of raising up to $3.6 million before costs, according to a filing dated 9 November 2026.

Key Points

  • Rights issue priced at $0.004 per new share on the basis of 4 new shares for every 13 shares held on the record date
  • One listed option (X2MOA) to be issued for every two new shares subscribed for, plus one bonus share for every four shares subscribed for
  • The rights issue aims to raise up to $3.6 million before costs
  • Option holders must exercise their options prior to the record date of 5:00pm AEDT on 12 November 2026 to participate
  • The prospectus was lodged on 9 November 2026, with eligible shareholders to receive it or an access letter on 17 November 2026

Rights Issue Structure and Terms

X2M Connect's rights issue is structured as a pro rata non-renounceable offer, giving eligible shareholders the entitlement to subscribe for 4 new shares for every 13 shares held on the record date at a price of $0.004 per new share. In addition to the new shares, subscribers will receive one listed option, designated X2MOA, for every two new shares subscribed for, together with one bonus share for every four new shares subscribed for. The total amount sought to be raised through the rights issue is up to $3.6 million before costs, according to the company's filing.

Option Holder Participation Requirements

The filing sets out specific conditions for option holders wishing to participate in the rights issue. Option holders are required to have exercised their options prior to the record date, which is set at 5:00pm AEDT on 12 November 2026, and must qualify as an eligible shareholder as defined in the prospectus. The notice states that the rights issue prospectus was lodged with the exchange on 9 November 2026 and is available on the exchange's website. The company said it will send the prospectus or an access letter to all eligible shareholders on 17 November 2026.

Prospectus and Further Information

The rights issue is being conducted under a prospectus dated 9 November 2026. The filing directs option holders to the rights issue disclosure made on 30 October 2026 for further information. The letter, signed by Company Secretary Oliver Carton, states that it does not constitute investment advice and does not contain all information required to make an investment decision, and recommends that recipients read the prospectus in full before making any investment decision and consult a professional adviser if in doubt. Capitalised terms used in the letter are as defined in the prospectus.