I get it - it is part of surviving in this world, to heed the...

I get it - it is part of surviving in this world, to heed the contrarian voice that chimes in when the consensus is a little too 'peachy'.
But certain aspects of this are more akin to the laws of physics than to hope.

The biggest unknown –and it isn't much of an unknown– is how successful Incannex and the team they hired will be at promoting the IPO. There is a reason everyone here has this much confidence in the US listing: Incannex hired folks with an excellent track record at precisely this sort of endeavor, incentivized them well, and they've been preparing this for more than 8 months. They understand the future of their company –and its ambitious multiple development programs– hinges on being able to raise a couple hundred million dollars over the next couple of years or so. The success of the NASDAQ listing is central to that concern. It stands to reason that they are throwing the kitchen sink at getting this right.

The rest is almost mechanical. The US market is 15 times larger than the Australian one in terms of population, and almost 16 times larger in terms of GDP. Volume will surge the moment Incannex hits the NASDAQ. The appetite for risk in the USA, as you know, is much higher than it is in Australia AND this sector is MUCH more popular there. The $ values illustrating that difference in popularity have been offered here over and over. Add FOMO, and all these factors point in only one direction.

As always, factors external to Incannex and its value proposition and promotion will play a role... but that's the stock market, and macro-events being a constant possibility in any investment scenario, they need no special mention here.

I would also challenge your assertion that there is no major rerate in the lead up to the listing. Since the company announced its initial SEC filing on August 18th, the share price has appreciated by 36.5%. That's admirable for just 2.5 months time. And most importantly, we have yet to receive the precise timeline for the listing: if you have a reason to doubt that the announcement breaking that news will not result in further SP appreciation, please share your reasoning. As risk and uncertainty goes down, share prices go up... this, again, is almost a law of nature.

Until the precise timeline is known, a lot of funds will remain vested in other opportunities. Even on my own relatively small scale, I waited until yesterday before increasing my IHL holding by 10%. Until that moment, I felt those funds needed to stay vested elsewhere, and I only switched them into IHL to capture the specific growth phase I anticipate will start imminently. Others here have done the same, and the vocal contingent of this forum represent the tip of an iceberg.

Last but not least, I'm not even sure the share price movement leading up to the listing is all that relevant. Even if you wish to ignore the 36.5% return of the last 2.5 months (despite adverse market macro events), and the almost inevitable further growth once the listing date becomes known, you should remember that past performance is not an indicator of future performance. The ASX investing culture, as previously noted, is MUCH more timid with this sector.

I appreciate contrarian voices, and although I don't always give air to them, I try to include them in every decision I make.. But sometimes the impetus to remain alert in order to survive... creates phantoms, IMO. Perhaps this is one of those moments.