The Incannex Healthcare Ltd (ASX: IHL) share price is in the red today after a company update on its potential NASDAQ listing.
Shares in the medicinal cannabis company were swapping hands at 47.5 cents at the time of writing, down 5%.
Let's delve into what might be weighing on the Incannex share price today.
What did the company announce?
Incannex is planning an initial public offering (IPO) on the United States NASDAQ exchange early next year under the ticker NASDAQ: IXHL.
As reported by my Foolish colleague Zach, the company filed the F-1 form for listing with the US Securities and Exchange Commission back in August.
However, the company advised today that shareholder approval for the issue of 180 million shares as part of the offering had now expired.
The number and price of the American Depositary Shares to be issued under the potential offering still needs to be decided.
Despite this, Incannex informed investors it was still in a position to conduct an offering in January 2022.
The company told investors it had taken several months to address comments raised by the US Securities and Exchange Commission. However, these issues have now been "adequately addressed".
The company is seeking a dual listing, so Incannex shares will continue to be listed on the ASX during and after the potential US offering.
Management comment
Commenting on today's update, CEO and managing director Joel Latham said:
We are grateful to our team for their work on the registration process and now look forward to marketing the offering and listing on Nasdaq in January when institutional investors are back on deck after the relatively short winter holiday period in the northern hemisphere.
It's been a momentous year for Incannex with six research and development programs that continue to progress rapidly.
Incannex Healthcare share price snapshot
The Incannex share price has gained a whopping 206% since January this year.
However, shares in the company have dived nearly 10% in the past week and 15% in the last month.
Based on the current share price, Incannex has a market capitalisation of roughly $574 million.
