Company: IXHL
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0001213900-25-036057
Chunk: 52

Company: Incannex Healthcare Inc.
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 52
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, factors such as: •Nasdaq’s minimum price per share requirements; •the historical trading prices and trading volume of our common stock •the then -prevailingand expected trading prices and trading volume of our common stock and the anticipated impact of the Reverse Stock Split on the trading market for our common stock; •the anticipated impact of a particular ratio on our ability to reduce administrative and transactional costs; •business developments affecting us; and •prevailing general market and economic conditions. Reasons for the Reverse Stock Split Our board of directors is seeking authority to effect the Reverse Stock Split with the primary intent of increasing the price of our common stock to meet the price criteria for continued listing on Nasdaq. Our common stock is publicly traded and listed on the Nasdaq Global Market under the symbol “IXHL.” Our board of directors believes that, in addition to increasing the price of our common stock to meet the price criteria for continued listing on the Nasdaq Global Market, the Reverse Stock Split would also make our common stock more attractive to a broader range of institutional and other investors. Accordingly, for these and other reasons discussed below, we believe that effecting the Reverse Stock Split is in the Company’s and the stockholders’ best interests. Additionally, as previously disclosed, we received a written notice from Nasdaq (the “MVLS Notice”), indicating that we were no longer in compliance with the minimum Market Value of Listed Securities (“MVLS”) of at least $50.0 million required for continued listing on the Nasdaq Global Market, as set forth in Nasdaq Listing Rule 5450(b)(2)(A) (the “MVLS Requirement”) for continued listing on The Nasdaq Global Market. The Company was afforded an initial compliance period of 180 calendar days, or until July 2, 2025, for the MVLS Requirement. The MVLS Notice notes that to regain compliance, our MVLS must close at or above $50 million for a minimum 30 of ten consecutive business days during the compliance period. The Company intends to monitor its MVLS and consider its available options to regain compliance with the MVLS Requirement, including by way of transferring the listing of its common stock to the Capital Market. As a Nasdaq Global Market issuer, our market value of publicly held shares (“MVPHS”) (which includes outstanding shares of our common stock other than shares of our common stock held by executive officers, directors or affiliates), is also required to retain a market value of $15 million pursuant to Nasdaq Listing Rule 5450