Company: IXHL
Filing Date: 2025-04-17
Form Type: PRER14A
Source: 0001213900-25-033013
Chunk: 55

Company: Incannex Healthcare Inc.
Filing Date: 2025-04-17
Form: PRER14A
Chunk 55
---
 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, since March 7, 2025, the closing
bid price for our common stock has been below $1.00 per share. If we are unable to maintain a minimum closing price of $1.00 per share
for the preceding 30 consecutive trading days, we will receive a deficiency letter from the Staff. While the Staff may provide us with
a 180-calendar day grace period to regain compliance with the bid price requirement, we may also need to be in compliance with this bid
price requirement and other Nasdaq listing requirements to transfer the listing of the shares of our common stock to the Nasdaq Capital
Market. Many companies seek to cure this bid price deficiency utilizing a reverse stock split.

<div align='center'>28</div>

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 common stock. Delisting could also cause a loss of confidence of potential industry partners, lenders, and employees, which could
further harm our business and our future prospects. Unless our common stock is listed on a national securities exchange, such as Nasdaq,
our common stock will also likely be subject to the regulations and restrictions regarding trading in “penny stocks,” which
are those securities trading for less than $5.00 per share, and that are not otherwise exempted from the definition of a penny stock under
other exemptions provided for in the applicable regulations. These penny stock requirements and regulations could severely limit the liquidity
of our common stock in the secondary market because fewer brokers or dealers would likely to be willing to undertake related compliance
activities to trade in our common stock. If our common stock is not listed on a national securities exchange, the rules and