Company: IXHL
Filing Date: 2025-04-16
Form Type: S-1/A
Source: 0001213900-25-032577
Chunk: 13

Company: Incannex Healthcare Inc.
Filing Date: 2025-04-16
Form: S-1/A
Chunk 13
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, the “Floor Price”).

Assuming full adjustment of the exercise price of the Series A Warrants
to the Floor Price and the full exercise of the Series A Warrants pursuant to the zero exercise price provisions, we would issue 347,222,700
shares of our Common Stock upon exercise of the Series A Warrants. However, only 75,902,171 shares are currently available for such issuance
out of our authorized shares of Common Stock. As such, we are only seeking to register 64,328,081 shares of our Common Stock issuable
upon exercise of the Series A Warrants pursuant to the registration statement on Form S-1 of which this prospectus is a part. Following
and assuming approval of the Charter Amendment Proposal (as described below), we will seek to register the remaining 282,894,619 shares
of our Common Stock issuable upon exercise of the Series A Warrants.

The Warrants may not be exercised
if the aggregate number of shares of Common Stock beneficially owned by the holder thereof immediately following such exercise would exceed
a specified beneficial ownership limitation (4.99%/9.99%); provided, however, that a holder may increase or decrease the beneficial ownership
limitation by giving 61 days’ notice to the Company, but not to any percentage in excess of 9.99% (the “Beneficial Ownership
Limitation”).

In connection with the Private
Placement, the Company entered into a registration rights agreement with the selling stockholders on March 7, 2025 (the “Registration
Rights Agreement”), pursuant to which the Company agreed to use reasonable best efforts to register the Securities for resale within
thirty (30) days of the filing date of the registration statement (or, in the event of a “limited review” or “full review”
seventy-five (75) days) and also agreed to call a special meeting of stockholders no later than sixty (60) days following the closing
of the Private Placement for the approval of (i) the issuance of the Series A Warrant Shares and adjustments to the exercise price and
shares in the Series A Warrants as required pursuant to the rules and regulations of the Nasdaq Stock Market LLC, and (ii) for an increase
in the authorized number of shares of Common Stock as may be required for the full exercise of the Series A Warrants. We are seeking stockholder
approval (“Stockholder Approval”) to, among other things, (i) approve,