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Incannex Healthcare Plans to Redomicile to the US and List on the Nasdaq Global Market, Aims to Unlock Strategic Benefits Incannex Healthcare Limited

Incannex Healthcare Plans to Redomicile to the US and List on the Nasdaq Global Market, Aims to Unlock Strategic Benefits

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Incannex Healthcare Limited (ASX: IHL), an Australian biopharmaceutical company specialising in the development of medical cannabis products and psychedelic therapies, has announced its intention to redomicile to the United States and list its shares on the Nasdaq Global Market, pending shareholder approval and regulatory requirements.

The proposed redomiciliation and listing by Incannex aim to provide several strategic advantages to the company. These benefits include access to a larger and more liquid capital market with a sophisticated understanding of medicinal cannabinoids, psychedelic therapies, and pharmaceutical development. Additionally, the move would enhance the company's visibility and profile among global investors, analysts, media outlets, and potential partners.

By redomiciling to the US, Incannex expects to improve its ability to attract and retain talent, particularly as most of its clinical trials are conducted in the country. The company anticipates a lower cost of equity and simplified corporate structure for any future potential merger or acquisition opportunities. The move would also align Incannex with its US biopharmaceutical peers, who typically trade at higher valuations compared to their Australian counterparts.

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Incannex's planned initial public offering (IPO) will comprise American Depositary Shares (ADSs), with each ADS representing 50 ordinary Incannex shares. These ADSs will be listed on the Nasdaq. The company intends to call an extraordinary general meeting to seek shareholder approval for the issuance of shares under the offering.

The redomiciliation and listing process is expected to be completed by October 2023, subject to market conditions and regulatory approvals. Incannex will maintain its listing on the ASX until the redomiciliation is finalised, after which it will delist from the Australian stock exchange.

Joel Latham, CEO and Managing Director of Incannex Healthcare, described the proposed redomiciliation and listing as a "transformational milestone" for the company. Latham believes that the move will significantly enhance Incannex's ability to execute its growth strategy and deliver value to its shareholders.

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