Company: IXHL
Filing Date: 2025-04-28
Form Type: 424B3
Source: 0001213900-25-036065
Chunk: 10

Company: Incannex Healthcare Inc.
Filing Date: 2025-04-28
Form: 424B3
Chunk 10
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 Combination Adjustment Period”)) is less than
the exercise price then in effect (after giving effect to the adjustment for such event), then, at the close of trading on the last day
of the Share Combination Adjustment Period, the exercise price then in effect will be reduced (but in no event increased) to the Event
Market Price and the number of Series A Warrant Shares issuable upon exercise of a Series A Warrant (such resulting number, the “Share
Combination Issuable Shares”) will be increased such that the aggregate exercise price, after taking into account the decrease in
the exercise price, will be equal to the aggregate exercise price on the date of issuance of the Series A Warrants for the remaining Series
A Warrant Shares then issuable pursuant to the Series A Warrant; provided, however, that in no event will the Event Market Price be lower
than the Floor Price; and provided further that notwithstanding the foregoing, if one or more Share Combination Events occurred prior
to Stockholder Approval being obtained and the reduction of the exercise price was limited by the Floor Price while it was $1.08 per share,
once Stockholder Approval is obtained, the Exercise Price will automatically be reduced to equal the greater of (x) the lowest Event Market
Price with respect to any Share Combination Event that occurred prior to Stockholder Approval being obtained, and (y) $0.216, the Floor
Price following receipt of Stockholder Approval. If one or more Share Combination Events occurs prior to Stockholder Approval being obtained
and the reduction of the exercise price to the Event Market Price, once Stockholder Approval is obtained, the exercise price will automatically
be reduced to the lowest Event Market Price with respect to any Share Combination Event that occurred prior to Stockholder Approval being
obtained and the Share Combination Issuable Shares will automatically be adjusted to equal the highest such number with respect to any
Share Combination Event that occurred prior to the Stockholder Approval being obtained, provided that in no event will the exercise price
be reduced below the Floor Price.

<div align='center'>2</div>

Adjustment of the Series
A Warrant exercise price is currently subject to a floor price of $1.08 per share and such floor price will be adjusted to $0.216 per
share following Stockholder Approval (such price, the “Floor Price”).

Assuming full adjustment of the exercise price of the Series A Warrants
to the Floor Price and the full exercise of the Series A Warrants pursuant to the