"STRATEGIC INVESTOR GROUP"
Why did Joel use this particular term, what does it actually mean? The following article may assist readers....

Should I Consider A Strategic Investor As A Source of Capital?

Deciding what type of investor to seek for your growing company is a critical decision. Once you are past the initial start-up phase, equity capital can be sought from venture capitalists, angel investors or strategic investors. This is the first of two articles which provide a brief overview of the differences among a venture capitalist, an angel investor and a strategic investor, and suggests what you should consider in seeking funding from a strategic investor.

A strategic investor will seek an equity position in your company plus something else. The "something else" is what makes the strategic investor different. The most common means by which a strategic investor seeks its strategic advantage is to require a license arrangement, a marketing or distribution arrangement, some sort of collaborative development agreement with your company, or an option to buy your company. For example, a strategic investor may require your company to license the new technology to the strategic investor, or a strategic investor may require your company to enter into a collaborative development agreement whereby you agree to further develop the novel product or new technology jointly with the strategic investor.

What to Consider If You Seek a Strategic Investor If your company is only in need of cash, consider a venture capitalist or an angel investor as the source of funds. Don't pursue a strategic investor just because you believe you may get a better valuation than you would receive from a venture capitalist. However, if you seek a relationship with a larger player in your industry, consider a strategic investor. When considering a strategic investor as a source of funds, you should know the following:

Partner Selection.
Identify the pool of strategic investor candidates. Determine the kind of strategic investor with which you want to be affiliated. Would your company benefit from working with a competitor which has a sophisticated distribution network that can provide enhanced distribution channels to your company? Would your company benefit from working with an industry leader which has a complete sales and marketing infrastructure that your company lacks, the so-called "feet-on-the-street?" Would your company's acceptance in the marketplace be enhanced if it were affiliated with a seasoned industry player that has the respect and confidence of the marketplace? Evaluate where your company needs help and identify those strategic investors who can give your company that help.

Approach and Process.
Plan how your company will approach the strategic investor candidates. Do you or someone in your network know someone within the organization of the strategic investor? Alternately, your professional advisors, such as attorneys and accountants, may facilitate your approaching a strategic investor. Consider whether an investment banker could best represent your company's interests to the strategic investor. Your objective should be to establish a meaningful relationship with someone who has authority and influence in the organization of the strategic investor..

Assess the Motivations of the Strategic Investor to Invest in Your Company.
Anticipate what the strategic investor will want from your company and whether you are willing to agree to those terms for the help you need. Understand the "something else" that the strategic investor wants from your company and assess the impact that the "something else" will have on your company and its future growth and exit strategies (sale, IPO, etc.).If the strategic investor seeks a license to your new technology, consider whether your company will grant an exclusive or non-exclusive license. What will be the acceptable scope of the license? For what period of time will the license be granted? In what geographic location can the strategic investor apply the technology? If the strategic investor seeks a collaborative development agreement, consider whether your company will share ownership of any resulting improvements. For what aspects of the joint collaboration is your company responsible? If your exit strategy is a sale of your company, can you convince a strategic investor to accept a "right of first negotiation" rather than a "right of first refusal" (which has a chilling effect on obtaining alternative bids for your company).

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From today's announcement the intention of the "Strategic Investor Group" is to "enhance liquidity via the company's ADS program on the NASDAQ"

That sounds very generous of this Investor Group, I wonder if that is the sole intention? Could the Investor Group be seeking something else from Incannex in exchange for this generosity? Is scalping the price on the NASDAQ "Strategic"?

As per the above article...

A strategic investor will seek an equity position in your company plus something else The "something else"
Require a license arrangement, A marketing or distribution arrangement, Some sort of collaborative development agreement with your company, Or an option to buy your company. For example, a strategic investor may require your company to license the new technology to the strategic investor, or a strategic investor may require your company to enter into a collaborative development agreement whereby you agree to further develop the novel product or new technology jointly with the strategic investor.
If the Investor Group's intention was to solely assist in providing liquidity, would it be called "Strategic"

The 11.7M shares in "investment capital" will appear on our IHL top 20 shareholder list above @tossydog 's 9M shares.
Looking forward to getting a better understanding!

Good luck all holders