Incannex Healthcare increases authorized shares 8x, approves reverse split up to 1:50, expands ATM facility

Incannex Healthcare Inc.

• Authorized common shares increased from 100M to 800M; shareholders approved at May 27 special meeting.
• Reverse stock split authorized at ratio between 1:2 and 1:50, with board discretion to abandon.
• Entered second warrant cancellation letter agreements; up to $12.3M net proceeds could cancel remaining Series A warrants to zero.
• Amended ATM sales agreement adding Curvature Securities as agent; increased potential issuance by up to $50M additional shares.
• Shareholders approved amendment to 2023 equity plan adding 2.7M shares and evergreen provision.