Company: IXHL
Filing Date: 2025-04-17
Form Type: PRER14A
Source: 0001213900-25-033013
Chunk: 35

Company: Incannex Healthcare Inc.
Filing Date: 2025-04-17
Form: PRER14A
Chunk 35
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Alliance
Global Partners and the remaining approximately 66,215,128 of our authorized shares were reserved
for issuance upon the exercise of the Warrants issued in the Private Placement. Accordingly, no shares of common stock are available for
future purposes or issuances. As of the closing of the Private Placement on March 10, 2025, we issued Pre-Funded Warrants to purchase
up to 1,887,045 shares of our common stock and Series A Warrants to purchase up to 11,574,090 shares of our common stock. Assuming full
adjustment of the exercise price equal to the Floor Price of $0.216 per share and exercise pursuant to the zero exercise price provisions,
the exercise of the Series A Warrants would result in the issuance of up to 347,222,700 shares of our common stock. An increase in the
authorized shares of common stock is necessary to allow for the issuance of the Series A Warrant Shares and we are required to seek approval
for this increase pursuant to the terms of the Series A Warrants. Both Proposal Nos. 1 and 2 must be approved in order for the Series
A Warrants to become exercisable upon completion of the Special Meeting. In addition, approval of this Proposal No. 2 and the filing of
the Certificate of Amendment to our Amended and Restated Certificate of Incorporation contemplated hereby would allow us to have enough
authorized shares of our common stock to effect the Amended 2023 Plan if approved in Proposal No. 3. Approval of Proposal No. 4 (the Reverse
Stock Split Proposal) and filing of the Certificate of Amendment to our Amended and Restated Certificate of Incorporation contemplated
thereby (at a reverse stock split ratio at or greater than 1-for-4.5) would also allow us to effect have enough authorized shares of our
common stock to effect the Amended 2023 Plan if approved in Proposal No. 3, but we are contractually prohibited from completing a reverse
stock split prior to September 6, 2025, unless we are expressly required to effect a reverse stock split as a result of changes in applicable
laws effected after the closing of the Private Placement related to the listing requirements of the trading market (currently Nasdaq)
or we obtain a waiver from the investors who purchased at least 50.1% of the Shares and Pre-Funded Warrants sold in the Private Placement.

Reasons for the Authorized Share Increase

Our board