Company: IXHL
Filing Date: 2025-05-15
Form Type: 8-K
Source: 0001213900-25-044002
Chunk: 1

Company: Incannex Healthcare Inc.
Filing Date: 2025-05-15
Form: 8-K
Item: Item 1.01
Chunk 1
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 under all of the
Warrant Holders Securities Purchase Agreements, the aggregate number of shares underlying all of the Series A Warrants would be reduced
by 5,833,333 Warrant Shares, from 11,574,090 Warrant Shares to 5,740,757 Warrant Shares, in each case, prior to any of the adjustments
set forth in the Series A Warrants or application of their zero exercise price provisions (referred to in the text of the Series A Warrants
as “alternative cashless exercise”). Assuming full adjustment of the exercise price of the Series A Warrant to the floor price
of $0.216 per share and exercise pursuant to the zero exercise price provisions of the Series A Warrants, the aggregate number of shares
underlying all of the Series A Warrants would be reduced by 175,000,000 Warrant Shares, from 347,222,700 Warrant Shares to 172,222,700
Warrant Shares, if the Company were to pay to the Warrant Holders an aggregate of approximately $12.5 million in Net Proceeds as descried
above.

The Warrant Holders also waived certain reserve requirements to permit the Company to reserve shares of its common stock for issuance
pursuant to the Sales Agreement completed prior to receipt of the Stockholder Approval and, until the Company’s receipt of the Stockholder
Approval, waived provisions of the Securities Purchase Agreement that prohibited sales pursuant to the Sales Agreement at a price less
than $1.08 per share.

The Company is not obligated to issue or sell any of its common stock under the Sales Agreement and there is no assurance that it will
choose to or be able to issue or sell its common stock under the Sales Agreement for a significant amount of Net Proceeds, if any. In
addition, while the Company’s special meeting to consider the Stockholder Approval is scheduled for May 27, 2025, there can be no
assurance that the Stockholder Approval will be obtained at this special meeting or otherwise.

The foregoing description of the Letter Agreements is not complete and is qualified in its entirety by reference to the full text of the
Letter Agreements, a copy of which is attached hereto as Exhibit 1.1, and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.