Company: IXHL
Filing Date: 2025-04-07
Form Type: 424B5
Source: 0001213900-25-029414
Chunk: 10

Company: Incannex Healthcare Inc.
Filing Date: 2025-04-07
Form: 424B5
Chunk 10
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 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'>S-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 zero strike
price exercise of the Series A Warrants at the Floor Price, we would issue 347,222,700 shares of our common stock. However, only 65,971,805
shares are currently available for such issuance out of our authorized shares of common stock. As such we are only seeking to register
54,397,715 shares of our common stock issuable upon exercise of the Series A Warrants pursuant to our registration statement on Form S-3
(File No. 333-286047), as it may be amended and supplemented from time to time. Following and assuming approval of the Charter Amendment
Proposal (as described below), we will, as needed, seek to register the remaining 292,824,985 shares of our common stock issuable upon
exercise of the Series A Warrants.

The Warrants may not be exercised
if the aggregate number of shares of Common Stock beneficially owned by the holder thereof immediately following such exercise would exceed
a specified beneficial ownership limitation (4.99%/9.99%); provided, however, that a holder may increase or decrease the beneficial ownership
limitation by giving 61 days’ notice to the Company, but not to any percentage in excess of 9.99% (the “Beneficial Ownership
Limitation”).

In connection with the Private
Placement, the Company entered into a registration rights agreement with the Purchasers on March 7, 2025 (the “Registration Rights
Agreement”),