• Entitlement Offer closed with valid applications for 16,037,439 shares
• Additional 7,724,155 share applications accepted
• Total of 23,761,594 new shares issued, raising $308,900 before costs

X2M Connect Limited (ASX:X2M), an Australian Internet of Things (IoT) technology company, has announced the completion of its non-renounceable Entitlement Offer. The offer, which was announced on 15 July 2025, closed at 5:00pm on 1 August 2025. The company received valid applications from Eligible Shareholders for 16,037,439 share entitlements, as well as additional applications. The board determined that additional applications be accepted up to three times the shareholders' entitlement, and on that basis, an additional 7,724,155 share applications were accepted. The total number of new shares to be issued is 23,761,594, raising $308,900.82 before costs. Each validly applied and issued new share will receive a one-for-one free attaching option with an exercise price of $0.016 and an expiry date of 31 December 2027. The new shares and options are expected to be issued on 8 August 2025, and the new shares are anticipated to start trading on 11 August 2025. The new shares will rank equally with existing fully paid ordinary shares on issue. There is a remaining Shortfall of 126,954,945 new shares following the allocations under the Entitlement Offer, and the company has provided Cygnet Capital with the right to take up all the Shortfall Shares over the next three months.