Company: IXHL
Filing Date: 2025-05-28
Form Type: 8-K
Source: 0001213900-25-047988
Chunk: 1

Company: Incannex Healthcare Inc.
Filing Date: 2025-05-28
Form: 8-K
Item: Item 1.01
Chunk 1
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 be no assurance that the Sales Agents will be able to complete future placements pursuant to the Amended and
Restated Sales Agreement, even if instructed to do so. The number of Shares that the Company may ultimately sell under the Amended
and Restated Sales Agreement after delivering a placement notice will fluctuate based on a number of factors, including the market
price of its common stock during the sales period, the limits it may set in any instruction to sell Shares, and the demand for its
common stock during an applicable sales period.

Attached hereto as Exhibit
5.1 to this Current Report is the opinion of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P. C., relating to the legality of the issuance
and sale of the Shares.

Warrant Cancellation Letter Agreement

As previously disclosed, on May 15, 2025, the
Company entered into letter agreements (the “ First Letter Agreements”) with holders (the “ Warrant Holders”) of
the Company’s Series A warrants to purchase common stock (the “ Series A Warrants”), which were previously issued in
a private placement on March 10, 2025 pursuant to those certain securities purchase agreements, dated as of March 7, 2025, by and between
the Company and each such Warrant Holder (each, a “ Securities Purchase Agreement”). The Company has made payment for the cancellation
of approximately 50.4% of the issued and outstanding Series A Warrants pursuant to the First Letter Agreements.

On May 27, 2025, the Company entered into additional
letter agreements (the “ Second Letter Agreements”) with the Warrant Holders for the potential cancellation of the remaining
Series A Warrants. Pursuant to the Second Letter Agreements, any aggregate net proceeds (meaning the gross proceeds, less the placement
agent fee of 3.0% of the gross proceeds and less certain deal related legal expenses) to the Company in connection with the future sale
and issuance of shares of its common stock pursuant to the Amended and Restated Sales Agreement up to approximately $11.3 million received
during the period commencing on the date of the Second Letter Agreements and ending the earlier of (i) the date that is 75 days after
the date of the Second Letter Agreements and (ii) the fifth calendar day following the first public announcement of topline data from
the Phase 2 portion of the RePOSA Phase 2