Company: IXHL
Filing Date: 2025-03-18
Form Type: PRE 14A
Source: 0001213900-25-024754
Chunk: 14

Company: Incannex Healthcare Inc.
Filing Date: 2025-03-18
Form: PRE 14A
Chunk 14
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 of the Series A Warrants held by Great Point, the exercise of which are  
 subject to receipt of the Warrant Stockholder Approval and certain beneficial ownership limitations. Dan Dimiero is the Manager of Great 
 Point Capital and may be deemed to beneficially own the securities held by it. The principal address of Great Point Capital is           
 200 West Jackson, Ste 1000, Chicago, IL 60606.                                                                                           |

<div align='center'>8

Proposal No. 1
APPROVAL OF THE ISSUANCE PROPOSAL</div>

Background

On March 10, 2025, we consummated
the previously announced private placement (the “Private Placement”) pursuant to a securities purchase agreement (“Purchase
Agreement”) with certain institutional investors for the purchase and sale of 9,687,045 shares of our common stock at a price of
$1.08 per share of common stock, pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to 1,887,045 shares of our
common stock (the “Pre-Funded Warrant Shares”) at a price of $1.0799 per Pre-Funded Warrant and Series A common stock warrants
(the “Series A Warrants” and together with the Pre-Funded Warrants, the “Warrants”) to purchase up to 11,574,090
shares of our common stock, subject to adjustment as described therein (the “Series A Warrant Shares” and together with
the Pre-Funded Warrant Shares, the “Warrant Shares”) at an initial exercise price of $2.16 per share. The entire transaction
was priced at the market under Nasdaq rules.

The Series A Warrants are
exercisable following stockholder approval and expire two and one-half (2.5) years thereafter. The exercise price and number of shares
of our common stock issuable upon exercise of the Series A Warrants are subject to adjustment for recapitalizations and similar events
and based on the trading price of our common stock for certain periods following stockholder approval, as described below.

We are not seeking approval of the exercise of the Pre-Funded Warrants.
The Pre-Funded Warrants were exercisable upon issuance, are exercisable for shares of common stock for a nominal exercise price of $0.0001
per Pre-Funded Warrant Share and expire when exercised in full.

The Pre-Funded Warrants and
Series A Warrants may not be exercised if the