Company: IXHL
Filing Date: 2025-04-17
Form Type: PRER14A
Source: 0001213900-25-033013
Chunk: 59

Company: Incannex Healthcare Inc.
Filing Date: 2025-04-17
Form: PRER14A
Chunk 59
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 than the Floor Price. As a result, the aggregate number of shares
of common stock underlying all of the Series A Warrants, may increase from 11,574,090 to up to 115,740,900, assuming full adjustment of
the exercise price to the Floor Price and before giving effect to the zero exercise price provision. Assuming full adjustment of the exercise
price to the Floor Price, the aggregate number of shares of common stock issuable upon the exercise of all of the Series A Warrants pursuant
to the zero exercise price provisions therein would be 347,222,700. As of the closing on March 10, 2025, we issued Pre-Funded Warrants
to purchase up to 1,887,045 shares of our common stock and Series A Warrants to purchase up to 11,574,090 shares of our common stock.
The issuance of those 347,222,700 additional shares would be approximately 1,260% of the 27,546,753 shares of our Common Stock outstanding
as of April 11, 2025 and 92.19% of our total shares of common stock outstanding assuming the exercise of all Pre-Funded Warrants and the
issuance of the maximum number of shares of common stock that may be issuable upon exercise of the Series A Warrants.

The Reverse Stock Split would be effected simultaneously
for all outstanding shares of our common stock. Except with respect to the adjustment of the Series A Warrants and to the extent that
the Reverse Stock Split results in any of our stockholders owning fractional shares, the Reverse Stock Split would affect all of our
stockholders uniformly and would not change any stockholder’s percentage ownership interest in our company. Following approval
of the Reverse Stock Split Proposal, existing stockholders will likely suffer substantial dilution in their ownership interests as a
result of the potential issuance of shares of common stock upon exercise of the Series A Warrants.

We will not issue any fractional shares as a
result of the Reverse Stock Split and no cash in lieu will be paid in connection with the Reverse Stock Split for fractional shares. Any fractional shares resulting from the Reverse Stock Split will be rounded up at the
participant level with The Depository Trust Company. The Reverse Stock Split would not change the terms of our common stock. The
Reverse Stock Split is not intended as, and would not have the effect of, a “going private transaction”
covered by Rule 13e-3 under the Exchange Act. Following the