Incannex Healthcare Ltd (ASX:IHL, NASDAQ:IXHL) will issue loyalty options for no consideration to reward shareholders and fund its next phase of development.
The options will be available to eligible shareholders with an address in Australia or New Zealand at 5:00pm Sydney time on March 23, 2022.
For every 15 shares held at that time, eligible shareholders will be issued with one free loyalty option. The option will have an exercise price of A$0.35, expiring on April 22, 2022, and represents one ordinary share.
Exercising these loyalty options will result in the issue of a second piggyback option issued again at nil consideration at a ratio of one for every two loyalty options exercised.
The piggyback options have an exercise price of A$1.00 each, expiring April 28, 2023, and represent one ordinary share.
Incannex will not seek approval to list either the loyalty options or the piggyback options on the ASX. The company anticipates that holders of American Depository Shares (ADSs) on the NASDAQ will also be eligible to participate.
Funding to support clinical trials
“Incannex has a remarkable base of shareholders who understand our company, our clinical programs and high ambitions,” Incannex Healthcare CEO and managing director Joel Latham said.
“The loyalty option is intended to reward our loyal shareholders whilst simultaneously assisting Incannex with the funding requirement for the next phase of development.
“Our research is highly focused on completing the clinical trials necessary to commercialise our sophisticated cannabinoid and psychedelic medicines developed for prescription, or administration, by health professionals.”
The indicative timetable for the issue of bonus options and additional options is as follows:
About Incannex Healthcare
Incannex Healthcare is a clinical-stage pharmaceutical development company that is developing unique medicinal cannabis pharmaceutical products and psychedelic medicine therapies for the treatment of generalised anxiety disorder (GAD), obstructive sleep apnoea (OSA), traumatic brain injury (TBI)/concussion, lung inflammation (ARDS, COPD, asthma, bronchitis), rheumatoid arthritis and inflammatory bowel disease.
FDA approval and registration, subject to ongoing clinical success, is being pursued for each drug and therapy under development.
Each indication represents major global markets and currently have no, or limited, existing registered pharmacotherapy (drug) treatments available to the public.
IHL has a strong patent filing strategy in place as it develops its products and therapies in conjunction with its medical and scientific advisory board and partners.