IHL - INCANNEX - HOLDERS RESEARCH, page-43

Not sure if anyone noticed that the "Min 80% of VWAP 5 days prior to issue date"
is not included in the SEC Prelim Prospectus ADS = USD$12.93 Calc's?

A little more detail here...

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Extract from the ASX Announcement - NOTICE OF EXTRAORDINARY GENERAL MEETING 18/08/21

Although the amount to be raised and the number of Shares and ADSs to be issued in connection
with the IPO are yet to be determined, the Company has resolved that the issue price of shares
will be not less than 80% of the volume-weighted average price for Shares traded on ASX
calculated over the 5 days on which sales in the Shares are recorded before the date on which
the issue is made.
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Extract from Amended Form F1

Our ordinary shares are listed on the Australian Securities Exchange under the symbol “IHL.” On September 27, 2021, the last reported sale price of our ordinary shares on the Australian Securities Exchange was A$0.355 per ordinary share, equivalent to a price of US$12.93 per ADS, after giving effect to the Australian dollar/U.S. dollar exchange rate of A$1.00 to US$0.7284 (as published by the Reserve Bank of Australia as of September 27, 2021), and an ADS-to-ordinary share ratio of 1 to 50. For the purposes of this preliminary prospectus, the estimated initial public offering price is US$12.93 per ADS.
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As there is no mention of the "Not less than 80% of VWAP"

I have amended my calculations accordingly (leaving out the 80% VWap calc)



At full ASX SP Value instead of anything less than 100% of VWAP, is going to reduce the number of ASX shares needed for the IPO.
(Ratio 50: IHL to 1: IXHL)

As a result, fewer ADS (IXHL's) will need to be issued to achieve the Min Funding objective of US$25M
Less than 2 Million ADS (IXHL's) ?

Is this going to be enough ADS to meet the demand created by the IPO hype?

I would suggest that we need good liquidity in ADS on the NASDAQ to have a good flow-on effect on the ASX.

Even at close to the maximum IHL Share issue of let's say, 174 Million ASX Shares, it's only going to provide an issue of approx 3.4 MLN ADS?

What are your thoughts?

Good luck all