Company: IXHL
Filing Date: 2025-04-28
Form Type: 424B3
Source: 0001213900-25-036065
Chunk: 27

Company: Incannex Healthcare Inc.
Filing Date: 2025-04-28
Form: 424B3
Chunk 27
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 working capital and general corporate purposes.

The selling stockholders
will pay any underwriting discounts and commissions and expenses incurred by the selling stockholders for brokerage, accounting, tax or
legal services or any other expenses incurred by the selling stockholders in disposing of these Shares. We will bear all other costs,
fees and expenses incurred in effecting the registration of the Shares covered by this prospectus, including, without limitation, all
registration and filing fees, Nasdaq listing fees and fees and expenses of our counsel and our accountants.

<div align='center'>DIVIDEND POLICY</div>

We have never declared or
paid any cash dividends on our capital stock. We intend to retain future earnings, if any, to finance the operation of our business and
do not anticipate paying any cash dividends in the foreseeable future. Any future determination related to our dividend policy will be
made at the discretion of our board of directors after considering our financial condition, results of operations, capital requirements,
business prospects and other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing
instruments and Delaware law.

<div align='center'>10

SELLING STOCKHOLDERS</div>

This prospectus covers the resale from time to time of up to an aggregate
of 75,902,171 Shares by the selling stockholders, consisting of (i) 9,687,045 shares of Common Stock, (ii) 1,887,045 shares of Common
Stock issuable upon the exercise of the Pre-Funded Warrants to purchase shares of Common Stock, and (iii) 64,328,081 shares of Common
Stock issuable upon the exercise of the Series A Warrants to purchase shares of Common Stock. Exercise of the Series A Warrants are subject
to receipt of Stockholder Approval and are not currently exercisable. The Shares registered for resale herein are pursuant to the March
2025 Securities Purchase Agreements between us and the selling stockholders and relate to shares held by the selling stockholders not
otherwise previously registered for resale.

Assuming full adjustment of the exercise price of the Series A Warrants
to the Floor Price and the full exercise of the Series A Warrants pursuant to the zero exercise price provisions, we would issue 347,222,700
shares of our Common Stock. However, only 75,902,171 shares are currently available for such issuance out of our authorized shares of
Common Stock. As such, we are only seeking to register