Incannex Healthcare Inc. (NASDAQ: IXHL) commenced the week with a noteworthy upswing. Incannex stock witnessed a substantial surge of 35.16% to settle at $7.15 at close of the Monday trading session. This surge in the valuation of IXHL shares can be attributed to the successful execution of a strategic maneuver.
In a recent disclosure, Incannex (IXHL) announced the completion of its previously communicated initiative to relocate Incannex Healthcare from Australia to the United States, effective as of November 28, 2023, in accordance with New York time. Subsequently, the common stock of Incannex issued on the aforementioned day in conjunction with this redomiciliation officially began trading on The Nasdaq Stock Market LLC (“Nasdaq”) under the symbol “IXHL” on November 30, 2023.
This transformative move also ushers Incannex into the realm of regulatory oversight by the U.S. Securities and Exchange Commission (“SEC”), in addition to adherence to the pertinent corporate governance regulations of Nasdaq. Notably, the Federal Court of Australia sanctioned the scheme of arrangement pertaining to IXHL’s proposed shift from Australia to the United States last month.
As per the Scheme, Incannex was slated to assume the role of the ultimate parent company of Incannex Healthcare Limited post-implementation. The legal effectiveness of the Schemes followed the lodgment of the Court’s orders with ASIC. Incannex had sought the suspension of quotation and trading of its shares on ASX, effective from the close of trading on November 17, 2023. However, trading of Incannex’s ADRs persisted on Nasdaq until the actualization of the relocation on November 28, 2023.
Shareholders and optionholders of Incannex, holding the company’s shares and options on the record date for the Scheme on Tuesday, November 21, 2023, stood entitled to receive the Scheme consideration. The strategic move positioned Incannex for a new phase of growth and regulatory compliance on the global stage.