Company: IXHL
Filing Date: 2025-04-17
Form Type: PRER14A
Source: 0001213900-25-033013
Chunk: 24

Company: Incannex Healthcare Inc.
Filing Date: 2025-04-17
Form: PRER14A
Chunk 24
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 of shares of common stock equal to the product
of (x) the aggregate number of shares of common stock that would be issuable upon a cash exercise of the Series A Warrant multiplied (which
is subject to adjustment, as described below, to a number of shares that is up to 10 times the number of shares underlying the Series
A Warrant at issuance) by (y) three (3.0). This amount is subject to proportional adjustments stock splits, dividends, reclassifications
and similar adjustments.

Fractional Shares. No fractional
shares of common stock will be issued in connection with the exercise of a Warrant. In lieu of fractional shares upon exercise of a
Series A Warrant, we would round down to the nearest whole share. As to any fraction of a share issuable upon exercise of a
Pre-Funded Warrant, the Company will, at its election, either pay a cash adjustment in respect of such final fraction in an amount
equal to such fraction multiplied by the exercise price or round up to the next whole share.

Exercise Limitation.A holder will not
have the right to exercise any portion of the Warrants if the holder (together with its affiliates) would beneficially own in excess of
4.99% (or, upon election by a holder prior to the issuance of any warrants, 9.99%) of the number of shares of common stock outstanding
immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the Warrants.
However, any holder may increase or decrease such percentage to any other percentage not in excess of 9.99%, upon at least 61 days’
prior notice from the holder to us with respect to any increase in such percentage.

Exercise Price. The exercise price of each
Pre-Funded Warrant is $0.0001 per Pre-Funded Warrant Share. The Series A Warrants have an initial exercise price of $2.16 per Series A
Warrant Share. These exercise prices of the Warrants and the number of shares underlying the Warrants are subject to adjustment as described
below.

Adjustments to Exercise Prices and Underlying Shares

: The
exercise prices of the Warrants and number of shares underlying the Warrants are subject to adjustment for stock splits, dividends, combinations,
recapitalization and similar events.

”: At the Adjustment Date (defined below), the exercise price of the Series A Warrants will be reduced (but in no event
increased