Company: IXHL
Filing Date: 2025-04-07
Form Type: 424B5
Source: 0001213900-25-029414
Chunk: 7

Company: Incannex Healthcare Inc.
Filing Date: 2025-04-07
Form: 424B5
Chunk 7
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 Common Stock, subject
to adjustment to up to an aggregate of 347,222,700 shares of Common Stock as described therein (the “Series A Warrant Shares”
and together with the Pre-Funded Warrant Shares, the “Warrant Shares”) of Common Stock at an initial exercise price of $2.16
per share. The PIPE Shares, the Series A Warrants, Series A Warrant Shares, the Pre-Funded Warrants and the Pre-Funded Warrant Shares
are collectively referred to as the “Securities.”

<div align='center'>S-1</div>

The Pre-Funded Warrants are
exercisable (in cash or by cashless exercise) for shares of Common Stock for a nominal exercise price of $0.0001 per Pre-Funded Warrant
Share, are immediately exercisable upon issuance and expire when exercised in full.

The Series A Warrants are
not currently exercisable and will be exercisable following Stockholder Approval and expire two and one-half (2.5) years after the date
of Stockholder Approval. If a registration statement registering the resale of the shares of common stock underlying the Series A Warrants
is not effective or available following the date of Stockholder Approval, the holder may, in its sole discretion, elect to exercise the
Series A Warrants through a cashless exercise. The Series A Warrants also provide for a zero strike price exercise (referred to in the
text of the Series A Warrants as an “alternative cashless exercise”) following Stockholder Approval (even if a registration
statement registering the issuance or resale of shares of common stock underlying the Series A Warrant is effective) where the holder
of a Series A Warrant has the right to receive, without paying any additional cash to the Company, an aggregate number of shares equal
to the product of (x) the aggregate number of shares of common stock that would be issuable upon a cash exercise of the Series A Warrant
multiplied (which is subject to adjustment, as described below, to a number of shares that is up to 10 times the number of shares underlying
the Series A Warrant at issuance) by (y) three (3.0). This zero strike price exercise amount is also subject to proportional adjustments
for stock splits, dividends, reclassifications and similar adjustments. As a result of these zero strike price provisions, it is unlikely
investors would choose to cash exercise or cashless exercise these warrants, and we are unlikely