General discussion, page-10056

Morning all.
Nice recovery this morning.

Regarding the IPO on the NASDAQ.

What we do/don't know

> Roth could issue the shares in tranches?
This is now unlikely due to the requirement ( ASX Listing Rule 7.3) that the shares for the IPO be issued within 3 months of the Date of the EGM which was on the 17th September so assuming for ease of calculation 17th December would be the deadline.

> The IPO could be undersubscribed?
Not likely taking into account the commentary concerning the CEO being up early each morning fielding calls from prospective US investors

> How many shares can be issued? To comply with ASX's requirements, and to retain flexibility, the Board has determined that:
(a) the maximum number of Shares for which approval is sought is 180 million shares; and
(b) the issue price per share will be no 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.

The actual number of Shares the Company issued under the IPO may be more or less than the
number of Shares for which approval is being sought. The actual number of Shares the Company
issues will depend on various factors, including the level of demand under the IPO and the price
at which the ADSs are able to be issued. For example, the higher the price achieved under the
IPO, the fewer number of Shares that may need to be issued to achieve the Company's funding
objectives.

In addition, under ASX Listing Rules 7.1 and 7.1A, the Company may also choose to utilise its
placement capacity. As noted above, the Company will use its existing placement capacity in
respect of any Shares issued under the IPO that exceed the 180 million Shares the subject of the
Resolution. Click to read further

"The issue price per share will be no 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"
has not been mentioned in the SEC filings, (as far as I can see) which is a bullish sign to me.

The ratio of ASX shares to IXHL ADS's has decreased from 50ASX:1 to 25ASX:1

> The IPO could be oversubscribed?.
This could be plausible given

1. The keen interest received by Joel from US investors
2. The fact the IPO has drawn closer to the issue expiry date of approx 17th December.
3. The floated idea of a Tranches strategy, a non-event, may be due to possible overwhelming interest from the getgo.
4. Increase in ADS availability because of change in Ratios

IMO the IPO could be 2 X to 3 X over the initial funding requirement of USD$25M
The BOD may issue up to its full allowance of 180M Shares or more.

All speculation LOL, could be, let's see soonish!
My tip is now for Friday NASDAQ time, but I have been wrong so many times now I wouldn't bet on it Ha HA!

GLAH