X2M Connect Limited (ASX:X2M), an Australian Internet of Things (IoT) technology company providing productivity improvements, cost savings and improved public safety to enterprise and government clients in the utilities sector, has announced the successful completion of its non-renounceable Entitlement Offer. The offer, initially announced on 15 July 2025, closed on 1 August 2025. The company connects devices such as water, gas and electricity meters and other utility sensors to the internet, enabling data exchange and the remote control of these devices.
The Entitlement Offer saw strong participation from eligible shareholders, with valid applications received for 16,037,439 share entitlements. Due to the high demand, the board approved the allocation of additional shares, accepting additional applications up to three times the shareholders’ entitlement. In total, 23,761,594 new shares will be issued, raising $308,900.82 before costs. Each new share issued includes a one-for-one free attaching option, exercisable at $0.016 with an expiry date of 31 December 2027.
The new shares and options are expected to be issued on 8 August 2025, with trading of the new shares anticipated to commence on 11 August 2025. These new shares will rank equally with the existing fully paid ordinary shares already on issue. A remaining shortfall of 126,954,945 new shares exists following the entitlement offer allocations. Cygnet Capital has the right to take up all shortfall shares within the next three months, as previously stated in the ASX announcement.
X2M Connect expressed its gratitude to shareholders who participated in the Entitlement Offer for their ongoing support. The company focuses on servicing the utility sector in the Asia-Pacific region, with subsidiaries operating in Japan, South Korea, Taiwan and China, and has recently extended its focus into the Middle East.
