Company: IXHL
Filing Date: 2025-04-16
Form Type: S-1/A
Source: 0001213900-25-032577
Chunk: 19

Company: Incannex Healthcare Inc.
Filing Date: 2025-04-16
Form: S-1/A
Chunk 19
---
 2025, we received a letter (the “Notice”) from the Staff of Nasdaq (the “Staff”) notifying us that, we were not in compliance with Nasdaq Listing Rule 5450(b)(2)(A) (the “MVLS Listing Rule”), which requires us as a Nasdaq Global Market issuer to maintain a minimum Market Value of Listed Securities (“MVLS”) of at least $50.0 million. The Notice stated that we have 180 calendar days, or until July 2, 2025, to regain compliance with the MVLS Listing Rule. To regain compliance, our MVLS must meet or exceed $50.0 million for a minimum of ten consecutive business days during the 180-day compliance period ending on July 2, 2025. If we fail to regain compliance by this date, shares of our Common Stock may be subject to delisting. As a Nasdaq Global Market issuer, our market value of publicly held shares (“MVPHS”) (which includes outstanding shares of our Common Stock other than shares of our Common Stock held by executive officers, directors or affiliates), is also required to retain a market value of $15 million pursuant to Nasdaq Listing Rule 5450(b)(2)(C). Since April 4, 2025, with limited exceptions, and as of the date of this prospectus, the MVPHS has been less than the required $15.0 million. This deficiency would also be grounds for delisting from the Nasdaq Global Market. We may seek to cure these deficiencies by seeking to list our shares of Common Stock on the Nasdaq Capital Market, which has less stringent requirements than the Nasdaq Global Market, prior to the July 2025 deadline. However, in order to do so, we must then comply with the requirements of the Nasdaq Capital Market. There can be no assurance that we will qualify for any Nasdaq market tier when and as needed.

In particular, the requirements for all Nasdaq market tiers, including the Nasdaq Capital Market, impose a minimum $1.00 per share bid price requirement. To comply with this requirement, the closing price for our Common Stock must not fall below $1.00 for a 30 consecutive trading day period. Since March 7, 2025, the closing bid price for our Common Stock has been below $1.00 per share. If we are unable to maintain a minimum closing price of $1.00 per share for the preceding 30 consecutive trading days, we will receive