• Share and option holders so far haved voted overwhelming in favour of Incannex trading exclusively on NASDAQ
  • Voting to end on November 6 with the general meeting of shareholders and option holders to finalise count on November 8
  • Incannex intends to engage an international share registry to provide share transactional services to shareholders to trade redomiciled Incannex US shares, should the Schemes be voted on affirmatively
  • US an important market for Incannex, which has 28 pharmaceutical cannabinoid and psychedelic drug assets under FDA development

 

Incannex’s plans to redomicile to the US and trade exclusively on the NASDAQ are on track after share and option holders vote overwhelmingly in favour of the move.

Incannex Healthcare (NASDAQ:IXHL)  (ASX:IHL) says 99.64% of shareholder voting shares and 99.93% of option holders voting options are in favour of scheme resolutions to redomicile as at October 18.

Voting will end on November 6 with the general meeting of shareholders and option holders to finalise the vote count on the schemes on November 8.

IHL says a total of 464 shareholders have voted as of October 18 with 433 shareholders representing ~788 million shares voting in favour or providing discretion to the company to vote in favour of the share scheme resolution.

The company says 16 shareholders representing 2.4 million shares have voted against the share scheme.

A total of 217 option holders have voted as of October 18 with 209 representing ~124 million options voting in favour or providing discretion to the company to vote in favour of the option scheme resolution.

The company says four option holders representing 53,336 options have voted against the option scheme.

 

Directors in favour

IHL directors are unanimously in favour of the schemes so that the company may redomicile to the US and have all shares trade exclusively on the NASDAQ.

IHL first announced in July its plans to redomicile to the US.  IHL believes the move will provide the company with greater access to an international capital market and more understanding of its value proposition with peer comparison companies trading at significantly higher market valuations.

The US is an important market for the company, which has 28 pharmaceutical cannabinoid and psychedelic drug assets under FDA development. IHL already has SEC registration to trade on Nasdaq and is doing so with packaged IHL securities called ADRs.

The IHL board believes the move to all US shares will provide:

  • Improved access to large pools of lower cost equity capital over the long term.
  • Increased attractiveness of IHL to a broader investor pool who previously could not invest in non-US or packaged ADR securities.
  • Increased alignment with prominent pharmaceutical companies that are already listed on the NASDAQ, enhancing the group’s visibility and reputation to investors.
  • A simplified corporate structure, which may increase IHLs attractiveness to potential merger partners or acquirers.
  • Enhanced regulatory pathway for IHL’s pharmaceutical products through direct access to FDA resources, guidance, and expertise.

IHL says it is committed to facilitating a seamless transition to the NASDAQ and intends to engage an international share registry to provide share should the schemes be voted in favour of on November 8.

Shareholders can view IHL’s current top 20 shareholders report which includes a recent statement from the company regarding recent movements in the top 20.

WORTH READING: Incannex plans to redomicile to US with sole NASDAQ listing – we look at the arithmetic

 

This article was developed in collaboration with Incannex Healthcare, a Stockhead advertiser at the time of publishing.  

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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