Anteris PRE 14A seeks 3-year equity issuance flexibility
Anteris Technologies Global Corp. (Nasdaq AVR) has filed a PRE 14A calling a fully virtual special meeting for 4 Sep 2025.
Shareholders will vote on: (1) ASX’s three-year waiver of Listing Rule 7.1, allowing equity issuances above the current 15 % cap without prior ASX shareholder approval, and (2) authority to adjourn the meeting to gather more proxies if Proposal 1 lacks support.
The board argues the waiver aligns AVR with U.S. peers and provides funding flexibility for the DurAVR THV program, while Nasdaq’s 20 % and change-of-control rules will still govern large deals.
Proposal 1 needs 75 % of votes cast; Proposal 2 needs a simple majority. Illustrative scenarios show potential shareholder dilution from 8 % up to 73 %, depending on deal size and price. Record date is 11 Aug 2025; CDI holders must instruct CDN to vote on their behalf.
The board unanimously recommends voting FOR both proposals.
Positive
- None.
Negative
- None.
Insights
TL;DR: Waiver boosts capital flexibility but poses dilution; 75 % hurdle means outcome hinges on broad shareholder backing.
The filing is strategically significant. If approved, AVR can bypass ASX’s 15 % issuance cap for three years, expediting fund-raising for DurAVR. This brings the company in line with U.S. norms yet still constrained by Nasdaq’s 20 % thresholds, limiting extreme dilution unless shareholders consent. The board quantifies dilution risk up to 73.5 %, providing unusual transparency. Requiring 75 % of votes cast is a high bar; coordinated support from major holders (L1 Capital 16.4 %, Sio 8.4 %) is essential. Failure would slow access to equity markets and could impede clinical milestones. Overall impact: positive but contingent on voter turnout.
TL;DR: Flexibility aids funding roadmap; dilution risk could pressure valuation—net effect depends on pricing discipline.
From a portfolio view, Proposal 1 lowers execution risk for future offerings, potentially reducing financing overhang. However, illustrative tables show material dilution at lower share prices; investors must weigh near-term capital needs against long-term ownership erosion. Adjournment authority is routine. I classify the filing as neutral overall: benefits offset by dilution uncertainty.
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☒ | Preliminary Proxy Statement |
☐ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
☐ | Definitive Proxy Statement |
☐ | Definitive Additional Materials |
☐ | Soliciting Material Pursuant to §240.14a-12 |
ANTERIS TECHNOLOGIES GLOBAL CORP. |
(Name of Registrant as Specified In Its Charter) |
N/A |
(Name of Person(s) Filing Proxy Statement, if other than the Registrant) |
☒ | No fee required |
☐ | Fee paid previously with preliminary materials |
☐ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11 |
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1. | to approve ASX Limited’s (the “ASX”) grant to the Company of a waiver from ASX Listing Rule 7.1 to permit the Company to issue new securities without obtaining the approval of the Company’s stockholders under ASX Listing Rule 7.1, and otherwise on the terms and conditions summarized in this Proxy Statement (the “ASX Waiver Proposal”); |
2. | to approve the adjournment of the Special Meeting, if necessary, to solicit additional proxies if there are not sufficient votes in favor of the ASX Waiver Proposal (the “Adjournment Proposal”); and |
3. | to consider and transact such other business as may properly come before the Special Meeting. |
Toowong, Queensland | By Order of the Board of Directors, | ||
Australia | /s/ Wayne Paterson | ||
Wayne Paterson | |||
August 18, 2025 | Vice Chairman of the Board of Directors and Chief Executive Officer | ||
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NOTICE OF SPECIAL MEETING OF STOCKHOLDERS | 1 | ||
TABLE OF CONTENTS | 2 | ||
FORWARD-LOOKING STATEMENTS | 3 | ||
SPECIAL MEETING PROXY STATEMENT SUMMARY | 4 | ||
PROXY STATEMENT | 4 | ||
QUESTIONS AND ANSWERS | 5 | ||
MATTERS TO BE CONSIDERED AT THE SPECIAL MEETING | 11 | ||
PROPOSAL ONE – THE ASX WAIVER PROPOSAL | 11 | ||
PROPOSAL TWO – THE ADJOURNMENT PROPOSAL | 15 | ||
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT | 16 | ||
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Date and Time: | September 4, 2025, at 5:00 p.m. Central time (being 8:00 a.m. AEST September 5, 2025) | ||
Location*: | Live webcast via the Internet at www.virtualshareholdermeeting.com/AVR2025SM | ||
Record Date: | Close of business on August 11, 2025 (being 8:00 a.m. AEST August 12, 2025) | ||
* | Our Special Meeting will be conducted via live webcast. You may attend and vote during the Special Meeting via the live webcast via the Internet at the link above (subject to time restrictions). You will not be able to attend the Special Meeting in person. There will be no physical location for stockholders to attend. |
Proposal | Matter | Board Recommendation | ||||
1 | Approval of ASX Limited’s (the “ASX”) grant to the Company of a waiver from ASX Listing Rule 7.1 to permit the Company to issue new securities without obtaining the approval of the Company’s stockholders under ASX Listing Rule 7.1, and otherwise on the terms and conditions summarized in this Proxy Statement (the “ASX Waiver Proposal”). | FOR | ||||
2 | Approval of the adjournment of the Special Meeting, if necessary, to solicit additional proxies if there are not sufficient votes in favor of the ASX Waiver Proposal (the “Adjournment Proposal”). | FOR | ||||
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1. | to approve the ASX’s grant to the Company of a waiver from ASX Listing Rule 7.1 to permit the Company to issue new securities without obtaining the approval of the Company’s stockholders under ASX Listing Rule 7.1, and otherwise on the terms and conditions summarized in this Proxy Statement (the “ASX Waiver Proposal”); and |
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2. | to approve the adjournment of the Special Meeting, if necessary, to solicit additional proxies if there are not sufficient votes in favor of the ASX Waiver Proposal (the “Adjournment Proposal”). |
• | “FOR” the approval of the ASX Waiver Proposal; and |
• | “FOR” the approval of the Adjournment Proposal. |
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• | delivering to the attention of the Secretary a written notice of revocation of your proxy at Toowong Tower, Level 3, Suite 302, 9 Sherwood Road, Toowong QLD 4066, Australia; |
• | delivering to us an authorized proxy bearing a later date (including a proxy via the Internet or by telephone); or |
• | attending the Special Meeting and voting electronically, as indicated above under “How do I vote during the Special Meeting?” but note that attendance at the Special Meeting will not, by itself, revoke a proxy. |
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Proposal | Matter | Vote Required | Broker Discretionary Voting Allowed | Effect of Broker Non-Votes | Effect of Abstentions | ||||||||||
1 | Approval of the ASX’s grant to the Company of a waiver from ASX Listing Rule 7.1 to permit the Company to issue new securities without obtaining the approval of the Company’s stockholders under ASX Listing Rule 7.1, and otherwise on the terms and conditions summarized in this Proxy Statement. | Affirmative Vote of 75% of Votes Cast on the Matter | No | No Effect | No Effect | ||||||||||
2 | Approval of the adjournment of the Special Meeting, if necessary, to solicit additional proxies if there are not sufficient votes in favor of the ASX Waiver Proposal. | Affirmative Vote of the Majority of Shares Present in Person or Represented by Proxy at the Meeting and Entitled to Vote on the Matter | No | No Effect | Same as Vote Against | ||||||||||
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• | “FOR” the approval of the ASX Waiver Proposal; and |
• | “FOR” the approval of the Adjournment Proposal. |
• | will be counted as present for purposes of establishing a quorum; and |
• | will not be counted in connection with the other proposals or any other non-routine matters that are properly presented at the Special Meeting. For each of these proposals, your shares will be treated as “broker non-votes.” |
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• | Nasdaq Listing Rule 5635(a), which requires stockholder approval prior to the issuance of Common Stock (or other securities convertible into or exercisable for Common Stock) in connection with the acquisition of the stock or assets of another company, if such securities are not issued in a public offering for cash, and (i) the Common Stock has, or will have upon issuance, voting power equal to or in excess of 20% of the voting power outstanding before the issuance of such securities, or (ii) the number of shares of Common Stock to be issued is or will be equal to or in excess of 20% of the number of shares of Common Stock outstanding before the issuance of such securities; |
• | Nasdaq Listing Rule 5635(b), which requires stockholder approval prior to an issuance of securities that will result in a “change of control” of the Company. Although Nasdaq has not adopted any rule as to what constitutes a “change of control” for purposes of Rule 5635(b), Nasdaq has previously indicated that the acquisition of, or right to acquire, by a single investor or affiliated investor group, as little as 20% of the Common Stock (or securities convertible into or exercisable for Common Stock) or voting power could constitute a change of control; |
• | Nasdaq Listing Rule 5635(c), which requires stockholder approval prior to the issuance of securities when an equity compensation arrangement is made or materially amended, pursuant to which Common Stock may be acquired by officers, directors, employees, or consultants, subject to certain exceptions outlined in such rule; and |
• | Nasdaq Listing Rule 5635(d), which requires stockholder approval prior to the issuance of securities in connection with a transaction, other than a public offering, involving the sale, issuance or potential |
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• | the Company remains subject to, and complies with, the Nasdaq listing rules and relevant United States federal and state securities laws for Delaware corporations with respect to the issuance of new securities; |
• | the grant of the Waiver to the Company must be approved by a special resolution of the Company’s stockholders, which is the stockholder approval sought in this Proposal One; |
• | the Waiver will remain in force for a period of three years commencing on the date of the Special Meeting (assuming stockholder approval of this proposal); |
• | the Company must include a statement in or with its full year financial statements that are provided to the ASX that summarizes the Waiver and confirms that the Company remains subject to, and continues to comply with, the requirements of the Nasdaq listing rules and relevant United States federal and state securities laws for Delaware corporations with respect to the issuance of new securities. Prior to publishing this statement, the Company must confirm with ASX that there has been no change to ASX’s policy settings in relation to security holder approval requirements; and |
• | the Company must immediately advise the ASX if the Company becomes aware of any change to the application of the Nasdaq listing rules or relevant United States federal and state securities laws for Delaware corporations with respect to the issuances of new securities, or that the Company is no longer in compliance with the requirements of the Nasdaq listing rules or the relevant United States federal and state securities laws for Delaware corporations with respect to the issuances of new securities. |
• | the Company fails to comply with any of the conditions set forth above; |
• | there are changes to the Nasdaq listing rules concerning the issuance of new securities; or |
• | there are changes to ASX’s policy settings in relation to security holder approval requirements arising from the current review of those settings or any subsequent review. |
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• | the market price for the Company’s Common Stock may be significantly lower on the date of any issuance of the Company’s equity securities than on the date hereof; and |
• | the Company may issue its equity securities at a price that is a discount to the market price for the Company’s equity securities on the date of issuance or the equity securities may be issued as part of acquisition consideration for an asset or another entity, |
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Common Stock (Including in the Form of CDIs) Issued and Outstanding Before the Offering | Offering Size (US$) | Price per Share of Common Stock in the Offering (US$) | Number of Shares of Common Stock Issued in the Offering | Total Number of Shares of Common Stock (Including in the Form of CDIs) Issued and Outstanding After the Offering | Dilutionary Effect of the Offering | ||||||||||||
36,062,370 | $50,000,000 | $15.00 | 3,333,333 | 39,395,703 | 8.46% | ||||||||||||
$12.00 | 4,166,666 | 40,229,036 | 10.36% | ||||||||||||||
$8.00 | 6,250,000 | 42,312,370 | 14.77% | ||||||||||||||
$4.00 | 12,500,000 | 48,562,370 | 25.74% | ||||||||||||||
$2.00 | 25,000,000 | 61,062,370 | 40.94% | ||||||||||||||
$75,000,000 | $15.00 | 5,000,000 | 41,062,370 | 12.18% | |||||||||||||
$12.00 | 6,250,000 | 42,312,370 | 14.77% | ||||||||||||||
$8.00 | 9,375,000 | 45,437,370 | 20.63% | ||||||||||||||
$4.00 | 18,750,000 | 54,812,370 | 34.21% | ||||||||||||||
$2.00 | 37,500,000 | 73,562,370 | 50.98% | ||||||||||||||
$100,000,000 | $15.00 | 6,666,666 | 42,729,036 | 15.60% | |||||||||||||
$12.00 | 8,333,333 | 44,395,703 | 18.77% | ||||||||||||||
$8.00 | 12,500,000 | 48,562,370 | 25.74% | ||||||||||||||
$4.00 | 25,000,000 | 61,062,370 | 40.94% | ||||||||||||||
$2.00 | 50,000,000 | 86,062,370 | 58.10% | ||||||||||||||
$150,000,000 | $15.00 | 10,000,000 | 46,062,370 | 21.71% | |||||||||||||
$12.00 | 12,500,000 | 48,562,370 | 25.74% | ||||||||||||||
$8.00 | 18,750,000 | 54,812,370 | 34.21% | ||||||||||||||
$4.00 | 37,500,000 | 73,562,370 | 50.98% | ||||||||||||||
$2.00 | 75,000,000 | 111,062,370 | 67.53% | ||||||||||||||
$200,000,000 | $15.00 | 13,333,333 | 49,395,703 | 26.99% | |||||||||||||
$12.00 | 16,666,666 | 52,729,036 | 31.61% | ||||||||||||||
$8.00 | 25,000,000 | 61,062,370 | 40.94% | ||||||||||||||
$4.00 | 50,000,000 | 86,062,370 | 58.10% | ||||||||||||||
$2.00 | 100,000,000 | 136,062,370 | 73.50% | ||||||||||||||
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Name of Beneficial Owner | Amount and Nature of Beneficial Ownership Common Stock(1) | Percentage(2) | ||||
Directors and NEOs | ||||||
J. Seaberg | 229,710(3) | * | ||||
W. Paterson | 945,855(4) | 2.3% | ||||
S. Denaro | 134,055(5) | * | ||||
G. Moss | — | * | ||||
D. Roberts | — | * | ||||
D. St Denis | 265,430(7) | * | ||||
M. McDonnell | 112,001(8) | * | ||||
All directors and executive officers as a group (seven persons) | 1,687,051 | 4.0% | ||||
5%+ Stockholders | ||||||
L1 Capital Pty Ltd | 6,741,401(9) | 16.4% | ||||
Sio Capital Management, LLC | 3,464,965(10) | 8.4% | ||||
Perceptive Advisors, LLC | 2,440,000(11) | 5.9% | ||||
* | Represents beneficial ownership of less than 1% of the outstanding Common Stock. |
(1) | Except as otherwise indicated, we believe that the beneficial owners of the Common Stock listed above, based on information furnished by such owners, have sole investment and voting power with respect to such shares, subject to community property laws where applicable. Beneficial ownership is determined in accordance with the rules of the SEC and generally includes voting or investment power with respect to securities. |
(2) | Percentage of ownership is based on 36,062,370 shares of our Common Stock issued and outstanding as of July 31, 2025 (including shares of Common Stock represented by CDIs). Shares of Common Stock underlying options or Restricted Stock Units (“RSUs”) exercisable within 60 days of July 31, 2025 are deemed outstanding for purposes of computing the percentage ownership of the person holding such option or RSUs but are not deemed outstanding for purposes of computing the percentage ownership of any other person. |
(3) | Reflects 19,710 shares of Common Stock and options to acquire 210,000 shares of our Common Stock exercisable within 60 days of July 31, 2025. |
(4) | Reflects 32,941 shares of Common Stock and options to acquire 912,914 shares of our Common Stock exercisable within 60 days of July 31, 2025. |
(5) | Reflects 23,722 shares of Common Stock held by Citicorp Nominees Pty Limited and options to acquire 110,333 shares of our Common Stock exercisable within 60 days of July 31, 2025 which are held by Sloane Pty Ltd as Trustee for the Denaro Family Trust. Mr. Denaro serves as the director and sole shareholder of Sloane Pty Ltd, which Mr. Denaro is deemed to beneficially own. |
(7) | Reflects 265,430 options to acquire 265,430 shares of our Common Stock exercisable within 60 days of July 31, 2025. |
(8) | Reflects 112,001 options to acquire 112,001 shares of our Common Stock exercisable within 60 days of July 31, 2025 which are held by Quadroo Pty Ltd, as Trustee for the McDonnell Family Trust. Mr. McDonnell and his spouse serve as directors of Quadroo Pty Ltd and share voting and investment power over such shares. |
(9) | Represents shares of Common Stock beneficially owned by L1 Capital Pty Ltd, as of December 16, 2024, as reported on the Schedule 13G filed by L1 Capital Pty Ltd with the SEC on January 23, 2025. The address for L1 Capital Pty Ltd is Level 45, 101 Collins Street, Melbourne, VIC 3000 Australia. |
(10) | Represents shares of Common Stock beneficially owned by Sio Capital Management, LLC (“Sio”), as of March 31, 2025, as reported on the Schedule 13G filed by Sio with the SEC on April 8, 2025. Sio is a registered investment adviser to certain affiliated funds that directly hold the shares of Common Stock for the benefit of their respective investors, and in such capacity, Sio has voting and dispositive power over such shares. The address for Sio is 600 Third Avenue, 2nd Floor, New York, NY 10016. |
(11) | Represents shares of Common Stock beneficially owned by Perceptive Life Sciences Master Fund, Ltd (the “Master Fund”), as of December 31, 2024, as reported on the Schedule 13G filed by Perceptive Advisors LLC with the SEC on February 14, 2025. Perceptive Advisors LLC serves as the investment manager to the Master Fund and may be deemed to beneficially own such shares. Mr. Joseph Edelman is the managing member of Perceptive Advisors LLC and may be deemed to beneficially own such shares. The address for the Master Fund, Perceptive Advisors LLC and Mr. Edelman is 51 Astor Place, 10th Floor, New York, NY 10003. |
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Toowong, Queensland Australia | By Order of the Board of Directors, | ||
August 18, 2025 | /s/ Wayne Paterson | ||
Wayne Paterson | |||
Chief Executive Officer and Vice Chairman | |||
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