Anteris Technologies Executes 500 Unquoted Options at US$5.71 Strike, Issuing Common Shares

Overview of Anteris Technologies' Capital Structure and Market Listing

Anteris Technologies Global Corp. operates as a technology company with a dual capital structure consisting of both quoted and unquoted securities. Registered under Australian Registered Body Number (ARBN) 677960235, the company is listed on the Australian Securities Exchange (ASX) under the ticker AVR via Chess Depositary Interests (CDIs), enabling offshore entities to access the Australian market. This structure aligns with Anteris’ international operations and diverse shareholder base, with securities issued across multiple jurisdictions and currencies.

The company’s equity capital includes a mix of quoted and unquoted securities spanning several classes. As of the latest update, Anteris holds 15.2 million CDIs quoted on the ASX, representing the publicly tradable portion of its equity. In addition, the company maintains a significant volume of unquoted securities, including restricted stock units (RSUs), common shares, options, and warrants. This multi-class structure is typical for global technology companies aiming to balance employee incentives, investor relations, and capital raising flexibility across different regulatory environments.

Details on the Exercise of Unquoted Options

The recent company update outlines a standard capital management transaction involving the conversion of unquoted options into common stock. Specifically, 500 unquoted options with varying expiration dates and a uniform exercise price of US$5.71 per share were exercised on 18 June 2026. The corresponding common shares were issued on 22 July 2026, following the customary administrative processing period required to finalize the transaction in corporate records.

This exercise represented only a portion of the outstanding options of this type held by the exercising party. Notably, these options were not granted under an employee incentive scheme, indicating acquisition through alternative means such as prior investments or strategic arrangements. The exercising party includes key management personnel (KMP) or their associates, signifying insider participation. The 500 newly issued common shares rank equally with existing shares from their issue date.

Effect on Anteris Technologies' Unquoted Common Shares

The conversion incrementally increases Anteris’ unquoted common shares outstanding. Before this exercise, the company held roughly 82.2 million unquoted common shares under the AVRAAM security code. The addition of 500 shares is a modest increase but reflects ongoing option exercises typical in technology firms’ capital management. Each conversion signifies the realization of equity incentives and confidence in the company’s valuation at the strike price.

The AVRAAM-class common shares constitute the largest segment of Anteris’ unquoted equity, representing core ownership interests held by founders, employees, and strategic investors who may not participate in public markets. Converting options into this class enables holders to directly own equity, subject to any vesting or transfer restrictions.

Restricted Stock Units and Warrants in Anteris’ Equity Portfolio

In addition to common stock and options, Anteris holds 2.1 million restricted stock units (RSUs) under the AVRAAL security code. RSUs serve as equity compensation that vests upon meeting specified conditions, typically without requiring an exercise price. The company also has 5.3 million warrants outstanding under the AVRAA security code, which provide rights to purchase common stock at predetermined prices and terms, often used in financing or strategic partnerships.

The presence of multiple convertible security classes highlights Anteris’ diverse capital raising and incentive strategies. Collectively, these unquoted securities form a substantial equity base with potential dilution effects if exercised or converted in large volumes.

Option Expiry and Exercise Price Insights

The exercised options expired on various dates but shared the exercise price of US$5.71 per share. This indicates issuance across one or multiple grants with differing terms. The staggered expiration dates reflect typical grant practices over time or amendments during the company’s history.

The US$5.71 strike price represents the valuation benchmark when these options were granted. Exercising at this price suggests holders’ positive outlook on Anteris’ prospects. The mid-2026 exercise timing may reflect confidence in upcoming developments or personal financial strategies, though no explicit rationale was provided.

Publicly Quoted Securities and Investor Access

Anteris maintains 15.2 million CDIs quoted on the ASX under ticker AVR, providing Australian and international investors access to its equity. CDIs allow offshore companies to list on the ASX by issuing depositary interests backed one-to-one by underlying shares held by a custodian, preserving the company’s offshore corporate structure.

The quoted CDIs represent only a fraction of total equity, with unquoted securities comprising the majority. This structure is common for growth-stage technology companies balancing public market exposure with flexible incentive arrangements and founder holdings. Over time, more equity may convert to quoted form through secondary offerings or direct conversions.

Key Management Personnel Participation in Option Exercise

The update confirms that KMP or their associates exercised the unquoted options, indicating insider involvement. Such transactions can signal management’s confidence in the company’s valuation and future prospects, as exercising options requires capital commitment and results in direct ownership.

However, exercises may also relate to portfolio management or pre-planned schedules. The company did not disclose specific identities or holdings details, so investors may consult remuneration reports or historical disclosures for further context.

Remaining Unquoted Options and Potential Dilution

Following this exercise, Anteris still holds approximately 3.1 million unquoted options under the AVRAC security code, with varied expiration dates and exercise prices. This outstanding option pool represents potential future dilution if exercised. Shareholders should monitor exercise activity as it could materially increase the common share base.

The diversity of option terms reflects grants made over time under different conditions. As expiration dates approach, option holders must decide whether to exercise or let options lapse. The company does not disclose detailed future exercise price ranges or holder concentrations, which could provide insights into dilution timing and scale.

Regulatory Compliance and Disclosure Practices

Anteris’ disclosure of this option exercise via the Appendix 3G form complies with ASX Listing Rules and continuous disclosure obligations. Filed on 23 July 2026, three business days after settlement, this notification ensures transparency regarding changes in unquoted equity capital.

This regulatory framework protects investors by providing timely, detailed information about equity changes, including exercise dates, conversion mechanics, and insider involvement. However, it does not require revealing exercising parties’ identities or motivations, limiting external analysis of insider sentiment beyond the confirmed transaction facts.