Company: IXHL
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0001213900-25-036057
Chunk: 53

Company: Incannex Healthcare Inc.
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 53
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(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. As discussed above, on April 23, 2025, we received the Bid Price Notice from the Staff notifying us, because the closing bid price for our common stock closed below $1.00 per share for 30 consecutive trading days, we no longer meet the minimum bid price requirement for continued inclusion on The Nasdaq Global Market pursuant to the Bid Price Requirement. While we have been provided an initial period of 180 calendar days to regain compliance with the Bid Price Requirement, if we do not regain compliance 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 the Company’s 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. In the event we are delisted from Nasdaq, the only established trading market for our common stock would be eliminated, and we would be forced to list our shares on the OTC Markets or another quotation medium, depending on our ability to meet the specific listing requirements of those quotation systems. As a result, an investor would likely find it more difficult to trade or obtain accurate price quotations for our shares. Delisting would likely also reduce the visibility, liquidity, and value of our common stock, reduce institutional investor interest in our company, and may increase the volatility of our