Incannex Healthcare Inc. (NASDAQ:IXHL) announced Monday that its board of directors has authorized a 1-for-30 reverse stock split of the company’s common shares, according to a company press release.
The reverse split will become effective at 4:01 p.m. Eastern Time on Thursday, with trading set to begin on a split-adjusted basis the following Friday under the existing ticker symbol IXHL. The shares will trade with a new CUSIP number, 45333F 208, on The Nasdaq Capital Market.
The move is intended to raise the company’s per-share trading price in order to meet Nasdaq’s minimum bid price requirement for continued listing. The stock currently trades around $0.27 and has declined roughly 81% over the past year, falling from a 52-week high of $1.66 to a low of $0.08. According to an InvestingPro tip, the shares have exhibited significant volatility, with a beta of 2.59 indicating greater price swings than the broader market. Shareholders previously approved the reverse split during a special meeting held on May 27, 2025.
Under the 1-for-30 ratio, every 30 existing shares will be consolidated into one new share. The number of outstanding shares will decrease from approximately 358,329,368 as of February 20, 2026, to about 11,944,313 shares, while the total number of authorized shares will remain unchanged.
Investors holding positions that are not evenly divisible by the split ratio will receive an additional fractional share rounded up to the nearest whole share, with no cash payments issued for fractions.
Corresponding adjustments will be made to exercise prices and share counts tied to outstanding equity awards, as well as to securities issued or available under the company’s stock incentive plan.
Shareholders holding stock electronically in book-entry form do not need to take action, while positions held through brokers, banks or other nominees will be automatically adjusted.
Incannex is a clinical-stage pharmaceutical company focused on developing combination therapies targeting conditions such as obstructive sleep apnea, rheumatoid arthritis and generalized anxiety disorder. The company has a market capitalization of approximately $98.18 million and carries a “WEAK” overall financial health score on InvestingPro, which provides additional analytical insights into the company’s outlook.
In separate developments, Incannex recently received Fast Track designation from the U.S. Food and Drug Administration for its obstructive sleep apnea candidate IHL-42X, following encouraging results from three clinical trials, including the Phase 2 “RePOSA” study that demonstrated meaningful reductions in the Apnea-Hypopnea Index. The company has also expanded its Clinical Advisory Board to support development of its PSX-001 program for generalized anxiety disorder, appointing three independent experts for clinical and scientific guidance.
At the corporate governance level, Incannex held its 2025 Annual Meeting of Stockholders, during which Dr. George Anastassov and Robert Clark were elected as directors. The meeting was later adjourned due to a quorum shortfall caused by an administrative issue, with plans to reconvene in January 2026.