Company: IXHL
Filing Date: 2025-04-17
Form Type: PRER14A
Source: 0001213900-25-033013
Chunk: 58

Company: Incannex Healthcare Inc.
Filing Date: 2025-04-17
Form: PRER14A
Chunk 58
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 provision) as discussed below under the heading “—Effect of The Reverse Stock Split”. Assuming full
adjustment of the exercise price to the Floor Price, the aggregate number of shares of common stock issuable upon the exercise of all
of the Series A Warrants pursuant to the zero exercise price provisions therein would be 347,222,700.

<div align='center'>29</div>

Effect of the Reverse Stock Split

If our stockholders approve the Reverse Stock
Split and our board of directors elects to effect the Reverse Stock Split, we would adjust and proportionately decrease the number of
shares of our common stock reserved for issuance upon exercise of, and adjust and proportionately increase the exercise price of, options
and warrants and other rights to acquire our common stock. In addition, as of the effective time of the Reverse Stock Split, we would
adjust and proportionately decrease the total number of shares of our common stock that may be the subject of the future grants under
our stock plans. Also, as discussed above under the heading “Proposal No. 1 Approval of Issuance Proposal—Adjustments to Exercise
Prices and Underlying Shares— Series A Warrant Adjustments for Reverse Splits and Share Combination Events,” upon a Share
Combination Event (such as the Reverse Stock Split), if the Event Market Price (in this case, the lowest daily dollar volume-weighted
average price per share of our common stock during the period commencing on the trading day immediately following the Reverse Stock Split
and ending on the fifth trading day immediately following the Reverse Stock Split) is less than the exercise price of the Series A Warrants
then in effect (after giving effect to the proportionate adjustment for the Reverse Stock Split), at the close of trading on the last
day of the Share Combination Adjustment Period (in this case, the fourth trading day immediately following the Reverse Stock Split), the
exercise price then in effect on the fifth trading day following the Reverse Stock Split 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 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