Incannex announces potential reduction of Series A warrants

Incannex (IXHL) Healthcare announced its entry on May 15, 2025 into agreements with the outstanding holders of its Series A Warrants permitting Incannex to potentially reduce up to 50.4% of the shares of common stock underlying its previously issued Series A Warrants.The Letter Agreements provide, among other things, Incannex discretion to temporarily utilize its at-the-market sales agreement with A.G.P/Alliance Global Partners during a specified period, provided that Incannex uses the first approximately $12.5 million of net proceeds from any placements under the ATM during the specified period to pay the holders of Series A Warrants for the cancellation of up to 5,833,333 shares of common stock underlying the Series A Warrants. The Series A Warrants are not presently exercisable as the exercise of the Series A Warrants continues to be subject to obtaining the requisite approval by Incannex’s stockholders. Incannex is seeking the requisite stockholder approval at its special meeting of stockholders currently scheduled for May 27, 2025.