Company: IXHL
Filing Date: 2025-04-17
Form Type: PRER14A
Source: 0001213900-25-033013
Chunk: 28

Company: Incannex Healthcare Inc.
Filing Date: 2025-04-17
Form: PRER14A
Chunk 28
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 not occur in connection with
a change of control transaction in accordance with Nasdaq Listing Rule 5635(b) absent prior stockholder approval. Nor could such a reduction
likely occur in connection with an acquisition pursuant to Nasdaq Listing Rule 5635(a) absent prior stockholder approval for such an acquisition.
(The Company does not currently have plans for such acquisitions or change in control transactions.) In addition and as noted above, Nasdaq
has broad discretion in reviewing transactions, particularly, to the extent Nasdaq determines there is a need to protect public interests.
To the extent any modification was done fraudulently or in a manner deemed to be overly disadvantageous to existing shareholders, Nasdaq
could exercise its discretion to act with respect to such transactions and allege that such transactions are not in the public interest
as required by Nasdaq Listing Rules pursuant to its broad discretionary authority. Consequences of violating Nasdaq Listing Rules may
result in a voluntary reduction having to be unwound or modified in order to comply with Nasdaq Listing Rules (which may not be possible
or feasible), censure or delisting from Nasdaq. Nasdaq will often exercise its discretionary authority after a transaction has been completed
as Nasdaq typically no longer requires prior review and approval before a modification may occur. A voluntary reduction
may expose us to liability or losses if a voluntary reduction is not done in compliance with applicable Nasdaq Listing Rules, which could
adversely affect our results of operations, prospects and ultimately the value of our shares of common stock and/or ultimately result in the delisting of shares of our common stock from Nasdaq.

<div align='center'>14</div>

:

“Adjustment Date” means the close
of trading on the 11 trading day after the Release Date.

“Floor Price” means (i) prior to the
Warrant Stockholder Approval, a price equal to the “Nasdaq Minimum Price” on the trading immediately preceding execution of
the Purchase Agreements, as defined in Nasdaq Listing Rule 5635(d)(1)(A), or $1.08 per share, or (ii) following approval of the Warrant
Stockholder Approval, a price equal to twenty percent (20%) of the Nasdaq Minimum Price on the trading day immediately preceding execution
of the Purchase Agreements, as defined in Nasdaq Listing Rule 5635(d)(1)(A), or $0.216 per share. The Floor Price will be appropriately
adjusted for any stock dividend, stock split, stock combination