Company: IXHL
Filing Date: 2025-05-15
Form Type: 8-K
Source: 0001213900-25-044002
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Company: Incannex Healthcare Inc.
Filing Date: 2025-05-15
Form: 8-K
Item: Item 1.01
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Item 1.01. Entry into a Material Definitive Agreement.

On May 15, 2025, Incannex Healthcare
Inc. (the “ Company”) entered into letter agreements (the “ Letter Agreements”) with holders (the “ Warrant
Holders”) of the Company’s Series A warrants to purchase common stock (the “ Series A Warrants”), which were issued
in a private placement on March 10, 2025 pursuant to those certain securities purchase agreement, dated as of March 7, 2025, by and between
the Company and such Warrant Holder (each, a “ Securities Purchase Agreement”). Pursuant to the Letter Agreements, any aggregate
net proceeds (meaning the gross proceeds, less the placement agent fee of 3.0% of the gross proceeds and deal related legal expenses)
to the Company received in connection with the sale and issuance of shares of its common stock pursuant to that certain Sales Agreement,
dated as of April 7, 2025, by and between the Company and A. G. P/Alliance Global Partners (the “ Sales Agreement”) up to $12,499,828
during the period commencing on the date of the Letter Agreement and ending the earlier of the date the Company raises $12,499,828 in
net proceeds under the Sales Agreement and the date prior to which the Company receives the requisite stockholder approval for the exercise
of the Series A Warrants (the “ Stockholder Approval”), the Company will pay to the Warrant Holders, with each Warrant Holder
receiving its pro rata portion of these net proceeds up to an amount equal to each Warrant Holder’s respective subscription amount
under its Securities Purchase Agreement (the “ Warrant Cancellation Payment”).

In consideration of the Warrant
Cancellation Payment, the Warrant Holder’s original number of Warrant Shares (as defined in the Series A Warrant) would be reduced
by a number of shares obtained by dividing the Warrant Cancellation Payment by $2.14, rounded down to the nearest whole share (the “ Warrant
Cancellation”). The Warrant Cancellation will have the same effect as cancellation of the original Series A Warrant and the Warrant
Holder will be issued new Series A Warrant evidencing the new Warrant Share amount. For example, if the Company were to pay to the Warrant
Holders an aggregate of $12.5 million in Net Proceeds, which would represent the entire aggregate subscription amount