An almost unanimous number of Incannex Healthcare (ASX:IHL) have voted to back the company’s plans to delist from the ASX and redomicile to the US.
Around 99.64% of elligible shareholders voted to support share and option schemes of arrangement between Incannex and its shareholders and Incannex and its option holders pursuant to which Incannex US will acquire 100% of Incannex issued shares and become the new parent entity of the Incannex group, and all Incannex options will be cancelled and reissued on a post- consolidation basis.
Shareholders and option holders have so far overwhelmingly voted in favour of the Share Scheme and Option Scheme. Voting will conclude on the 6th of November and the general meeting of shareholders and option holders to finalise the vote count on the Schemes will occur on the 8th of November.
The directors of Incannex are unanimously in favour of the schemes so that the company may redomicile to the United States, having all shares trade exclusively on the Nasdaq securities exchange.
The clinical stage pharmaceutical development company decided to focus on the US market as it believes there are increased opportunities their to market the unique medicinal cannabis pharmaceutical products and psychedelic medicine therapies it is developing.
Incannex has had successful trials for the treatment of obstructive sleep apnoea (OSA), traumatic brain injury (TBI) and concussion, lung inflammation (ARDS, COPD, asthma, bronchitis), rheumatoid arthritis, inflammatory bowel disease, anxiety disorders, addiction disorders, and pain, among other indications.
US FDA approval and registration, subject to ongoing clinical success, is being pursued for each drug and therapy under development. Each indication under investigation currently has no, or limited, existing registered pharmacotherapy (drug) treatments available to the public and represent major global economic opportunities to Incannex and its shareholders.
