Company: IXHL
Filing Date: 2025-04-17
Form Type: PRER14A
Source: 0001213900-25-033013
Chunk: 20

Company: Incannex Healthcare Inc.
Filing Date: 2025-04-17
Form: PRER14A
Chunk 20
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 which for Nasdaq purposes is generally deemed to occur when, as a result of an issuance, an investor or a group of
investors acquires, or has the right to acquire, 20% or more of the outstanding equity or voting power of a listed company and/or
such ownership or voting power would be the company’s largest ownership position. However, Nasdaq will consider facts and
circumstances in its discretion in determining whether a change of control has or may occur in connection with a transaction.

Pursuant to Nasdaq Listing Rule 5635(d), stockholder
approval is required prior to the issuance of securities in connection with a transaction (or a series of related transactions) other
than a public offering involving the sale, issuance or potential issuance of common stock (or securities convertible into or exercisable
for common stock) equal to 20% or more of the common stock or 20% or more of the voting power outstanding before the issuance at a price
that is less than the lower of (i) the “Nasdaq Official Closing Price” (as reflected on Nasdaq.com) immediately preceding
the signing of the binding agreement for such issuance; or (ii) the average “Nasdaq Official Closing Price” of the common
stock (as reflected on Nasdaq.com) for the five trading days immediately preceding the signing of the binding agreement for such issuance.
This price is referred to as the “Minimum Price.”

This Proposal No. 1 is requesting approval pursuant
to Nasdaq Listing Rule 5635(d) and not any other section of Nasdaq Listing Rule 5635.

Required Approvals for the Exercise of the Series A Warrants

The terms of the Series A Warrants require that
we seek stockholder approval as may be required by the rules and regulations of the Nasdaq Stock Market LLC for their exercise and certain
adjustments set forth therein. Accordingly, we are seeking stockholder approval of the following (the “Warrant Stockholder Approval”):

| (a) | to consent to any adjustment to the exercise price (as low as the Floor Price of $0.216 per share) and/or number of shares of common      
 stock underlying the Series A Warrants (from 11,574,090 to up to 115,740,900, assuming full adjustment of the exercise price to the Floor 
 Price and before giving effect to the zero exercise price provision and up to 347,222,700 assuming full adjustment of the exercise        
 price to the Floor