Company: IXHL
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0001213900-25-036057
Chunk: 50

Company: Incannex Healthcare Inc.
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 50
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 with the Bid Price Requirement by the Compliance Date, then we may be eligible for an additional 180 calendar day compliance period. To qualify, we would need to transfer the listing of our common stock to The Nasdaq Capital Market and meet the continued listing requirement for the market value of publicly held shares and all other initial listing standards, with the exception of the Bid Price Requirement. To effect such a transfer, we would also need to pay an application fee to Nasdaq and would need to provide written notice to the Staff of our intention to cure the deficiency during the additional compliance period by effecting a reverse stock split, if necessary. This application and additional 180 -daycompliance period is subject to review and approval of the Staff. However, pursuant to the terms of the Securities Purchase Agreement, we are prohibited from effecting a reverse stock split prior to September 6, 2025, unless we are expressly required to effect a reverse split as a result of changes in applicable laws effected after the closing of the Private Placement related to Nasdaq listing requirements. To date, we are not aware of any such changes. In order to obtain a waiver of these provisions to effect a reverse stock split, we would need to obtain the waiver of the investors who purchased at least 50.1% of the shares of common stock and Pre -FundedWarrants issued in the Private Placement. We are currently seeking stockholder approval to authorize the reverse stock split and, if approved, may implement the reverse stock split at any time on or after September 6, 2025, unless we are required to effect it earlier due to changes in applicable laws or otherwise obtain consent from the investors. If our stockholders approve the Reverse Stock Split, our board of directors would have the sole discretion to effect the Reverse Stock Split and to fix the specific ratio for the Reverse Stock Split, provided that the ratio would be not less than 1 -for-2and not more than 1 -for-50. We believe that enabling our board of directors to fix the specific ratio of the Reverse Stock Split within the stated range will provide us with the flexibility to implement the split in a manner designed to maximize the anticipated benefits to us and our stockholders, as described below. The determination of the ratio of the Reverse Stock Split will be based on a number of factors, described further below under the heading “— Criteria to be Used for Decision to Apply the Reverse Stock Split.” If our stockholders approve the Reverse Stock Split, the Reverse Stock Split would become effective upon the