- Medicinal cannabis business Incannex Healthcare (IHL) is finalising its US Public Offering and getting ready to list on the NASDAQ
- The ASX-lister believes it will open the offering of American Depositary Shares (ADSs) in January, with each ADS to represent a set number of IHL securities
- The exact number of securities to be sold and the ADS price is yet to be determined, but Incannex says it successfully applied to list on the NASDAQ under the ticker code IXHL
- The dual listing comes after IHL sought shareholder approval to issue shares for the US offering, and worked with the US Securities and Exchange Commission to approve its filing
- Incannex Healthcare is down 5 per cent at 47.5 cents per share
Medicinal cannabis business Incannex Healthcare (IHL) is finalising its US Public Offering and getting ready to list on the NASDAQ.
The ASX-lister believes it will begin offering American Depositary Shares (ADSs) to investors and shareholders in January and then list on the stock exchange under the ticker code IXHL.
Each ADS will represent a set amount of IHL shares, however the ratio and price of the ADS is yet to be determined.
News of the listing date follows the cannabis company filing a Form F-1 with the US Securities and Exchange Commission (SEC) in August this year.
Incannex then held a meeting with shareholders to seek their approval for the issue of IHL shares for the US offering.
Close to 100 per cent of shareholders voted to issue 180 million securities, with their approval due to last for three months.
The approval period has now lapsed, as Incannex went back and forth with the SEC answering queries about their planned NASDAQ debut.
Despite the approval lapsing, IHL CEO Joel Latham said he still believes the company would be able to conduct the Offering and list in January.
“We are grateful to our team for their work on the registration process and now look forward to marketing the Offering and listing on NASDAQ in January when institutional investors are back on deck,” he said.
“It’s been a momentous year for Incannex with six research and development programs that continue to progress rapidly.”
Incannex Healthcare was trading down 5 per cent at 47.5 cents per share at 11:18 am AEDT.