Incannex Healthcare Inc. announced a 1-for-30 reverse stock split of its common stock to increase trading price and regain compliance with Nasdaq. The split will convert each 30 shares into one share with no fractional shares issued. Outstanding common stock will reduce from approximately 358 million to 11.9 million shares. Shareholders holding electronically do not need to take action, while those with physical certificates will receive instructions. Incannex is developing combination medicines for conditions like sleep apnea, arthritis, and anxiety. The company is focused on advancing clinical-stage drug candidates through evidence-based innovation.

Read more at GlobeNewswire: Incannex Announces Reverse Stock Split