Medicinal cannabis and psychedelics company Incannex Healthcare Limited (NASDAQ:IXHL) (ASX:IHL) commenced trading of its American Depositary Shares representing its ordinary shares on the Nasdaq Global Market under the ticker symbol 'IXHL'. Each IXHL ADS represents 25 ordinary shares of the company.
The listing on Nasdaq follows the declaration of effectiveness by the United States Securities and Exchange Commission of the company's registration statement on Form 20-F and formal approval from Nasdaq upon meeting the listing requirements.
Incannex simultaneously retains its listing of ordinary shares on the Australian Stock Exchange. However, by achieving a dual listing on Nasdaq, the company is now more accessible to a wider audience of investors with sophisticated understandings of medicinal cannabinoids, psychedelic therapies, and pharmaceutical development.
Incannex completed the Nasdaq listing without an associated capital raise in the United States. Therefore, initial trading of ADSs may be limited due to the time it takes for existing shareholders to transition their IHL ordinary shares to ADSs. Deutsche Bank Trust Company Americas has been appointed depositary, custodian, and registrar for the company's American depositary receipt program.
Joel Latham, managing director and CEO of Incannex, and Troy Valentine, chairman of Incannex were invited to ring the closing bell at the Nasdaq MarketSite in Times Square on February 25th to celebrate the listing.
"The ringing of the closing bell to commemorate the listing of our ADSs was a milestone for Incannex, as we advance our pipeline of novel synthetic cannabinoid and psychedelic agents through the clinic," stated Latham. "Listing on Nasdaq will help increase our visibility with international investors and clinical research facilities. We look forward to continuing our strategy of pursuing U.S. Food and Drug Administration approval for all of our therapies and to bringing these innovative medicines to patients in need."
Photo: Courtesy of Incannex Healthcare Limited
