ASX-listed Incannex Healthcare (IHL) has announced plans to redomicile to the US and list all shares on the Nasdaq.

A newly formed Delaware corporation – Incannex Healthcare Inc – will become the ultimate parent company of the group following the implementation of a scheme arrangement in accordance with Australian law.

Shares of common stock issued by Incannex Healthcare Inc in exchange for all outstanding ordinary shares in Incannex will be listed on the Nasdaq.

Incannex said the move would give the firm greater access to a capital market “more cognisant of IHL’s value proposition with peer comparison companies trading at significantly higher market valuations”.

The board said it would also improve access to large pools of lower-cost equity capital over the long term; increase alignment with prominent pharmaceutical companies; simplify its corporate structure for any future mergers or acquisitions; and enhance access to US Food and Drug Administration resources.

The firm said the move was not intended to coincide with any capital raise as it has A$33 million in cash reserves as at June 30, 2023.

CEO Joel Latham added: “Incannex has matured on the ASX to the point that it has a large and diversified drug portfolio with two exciting drug candidates imminently entering pivotal clinical trials.

“By committing our presence to the US, we believe that our company’s visibility to international investors will increase markedly, partly due to our value proposition compared to similar emerging biotech companies with a presence in North America.

“Having all Incannex shares trading on Nasdaq will facilitate a cohesive single market with the appropriate level of liquidity expected by the US investment banks.”

Incannex is developing medicinal cannabis pharmaceutical products and psychedelic medicines for the treatment of conditions including obstructive sleep apnoea, traumatic brain injury and concussion, lung inflammation, rheumatoid arthritis, anxiety and pain. It is currently listed on the ASX and has American Depository Shares listed on the Nasdaq.

Shareholders and option holders will be given the opportunity to vote on the proposal in October.

Prior to launching Cannabiz, Martin was co-founder and CEO of Asia-Pac’s leading B2B media and marketing information brand Mumbrella, overseeing its sale to Diversified Communications in 2017. A journalist...

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