Company: IXHL
Filing Date: 2025-04-17
Form Type: PRER14A
Source: 0001213900-25-033013
Chunk: 54

Company: Incannex Healthcare Inc.
Filing Date: 2025-04-17
Form: PRER14A
Chunk 54
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 Split

Our board of directors is seeking authority to
effect the Reverse Stock Split with the primary intent of increasing the price of our common stock to meet the price criteria for continued
listing on Nasdaq. Our common stock is publicly traded and listed on the Nasdaq Global Market under the symbol “IXHL.” Our
board of directors believes that, in addition to increasing the price of our common stock to meet the price criteria for continued listing
on the Nasdaq Global Market, the Reverse Stock Split would also make our common stock more attractive to a broader range of institutional
and other investors. Accordingly, for these and other reasons discussed below, we believe that effecting the Reverse Stock Split is in
the Company’s and the stockholders’ best interests.

Additionally, as previously disclosed,
we received a written notice from Nasdaq (the “MVLS Notice”), indicating that we were no longer in compliance with the minimum
Market Value of Listed Securities (“MVLS”) of at least $50.0 million required for continued listing on the Nasdaq Global Market,
as set forth in Nasdaq Listing Rule 5450(b)(2)(A) (the “MVLS Requirement”) for continued listing on The Nasdaq Global Market.
The Company was afforded an initial compliance period of 180 calendar days, or until July 2, 2025, for the MVLS Requirement. The
MVLS Notice notes that to regain compliance, our MVLS must close at or above $50 million for a minimum of ten consecutive business days
during the compliance period. The Company intends to monitor its MVLS and consider its available options to regain compliance with the
MVLS Requirement, including by way of transferring the listing of its common stock to the Capital Market.

As a Nasdaq Global Market issuer, our market value
of publicly held shares (“MVPHS”) (which includes outstanding shares of our common stock other than shares of our common stock
held by executive officers, directors or affiliates), is also required to retain a market value of $15 million pursuant to Nasdaq Listing
Rule 5450(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