X2M Connect Limited (ASX:X2M) has issued a formal notice to option holders regarding a pro rata non-renounceable rights issue, offering 4 new shares for every 13 shares held on the record date at $0.04 per new share, with the offer seeking to raise up to $3.6 million before costs.

Key Points

  • Rights issue priced at $0.04 per new share on the basis of 4 new shares for every 13 shares held on the record date
  • One listed option (X2MOA) will be issued for every two new shares subscribed for, plus one bonus share for every four shares subscribed for
  • The offer aims to raise up to $3.6 million before costs
  • Record date is 5:00pm AEDT on 12 November 2026; the prospectus was lodged on 9 November 2026
  • Option holders must exercise their options prior to the record date to participate as eligible shareholders

Rights Issue Structure and Terms

According to the filing dated 9 November 2026, the rights issue is structured on a pro rata non-renounceable basis, offering eligible shareholders 4 new shares for every 13 shares held at the record date, priced at $0.04 per new share. In addition to the new shares, subscribers will receive one listed option, designated X2MOA, for every two new shares subscribed for, along with one bonus share for every four shares subscribed for. The company disclosed that the offer is intended to raise up to $3.6 million before costs, with the prospectus having been lodged with the exchange on 9 November 2026.

Option Holder Participation Requirements

The filing states that option holders wishing to participate in the rights issue must have exercised their options prior to the record date, set at 5:00pm AEDT on 12 November 2026, and must qualify as an eligible shareholder as defined in the prospectus. The company disclosed that it will send the prospectus or an access letter to all eligible shareholders on 17 November 2026. The filing directed option holders to the rights issue announcement made on 30 October 2026 and to the prospectus for further details, recommending that readers consult a professional adviser before making any investment decision.

Prospectus Lodgement and Company Secretary Sign-Off

The prospectus underlying the rights issue was lodged with the exchange on 9 November 2026 and is available on the exchange's website. Capitalised terms used in the option holder notice are as defined in the prospectus. The notice was signed by Oliver Carton in his capacity as Company Secretary of X2M Connect Limited. The filing explicitly states that the letter to option holders does not constitute investment advice and does not contain all information required to make an investment decision.