[424B5] Incannex Healthcare Limited American Prospectus Supplement (Debt Securities)
AST SpaceMobile (ASTS) filed an 8-K to disclose two capital-raising moves and preliminary liquidity data. The company will: (i) launch a private offering of $500 million convertible senior notes due 2032 to Rule 144A buyers; and (ii) conduct a concurrent registered direct equity offering that will partly fund the repurchase of up to $135 million of its outstanding 4.25% convertible notes.
Balance-sheet snapshot (unaudited, 30 Jun 25):
- Cash, cash equivalents & restricted cash 鈮� $939.4 million
- Total debt 鈮� $278.6 million (of which $235 million convertible notes; $43.6 million subsidiary secured debt)
ATM program update: Between 13 May and 16 Jul 25 ASTS sold ~13.6 million Class A shares, generating $488.7 million in net proceeds and essentially exhausting the $500 million at-the-market facility, which was terminated on 23 Jul 25.
The new note offering will be paired with capped-call transactions designed to limit dilution upon conversion. None of the disclosures constitute an offer to sell securities.
AST SpaceMobile (ASTS) ha presentato un modulo 8-K per comunicare due iniziative di raccolta capitale e dati preliminari sulla liquidit脿. La societ脿 intende: (i) avviare un'offerta privata di 500 milioni di dollari in obbligazioni senior convertibili con scadenza 2032 destinate a investitori Rule 144A; e (ii) effettuare un'offerta azionaria diretta registrata in contemporanea, che finanzier脿 parzialmente il riacquisto fino a 135 milioni di dollari delle sue obbligazioni convertibili al 4,25% in circolazione.
Situazione patrimoniale (non revisionata, 30 giugno 2025):
- Liquidit脿, equivalenti di liquidit脿 e contanti vincolati 鈮� 939,4 milioni di dollari
- Debito totale 鈮� 278,6 milioni di dollari (di cui 235 milioni in obbligazioni convertibili; 43,6 milioni in debito garantito di sussidiarie)
Aggiornamento sul programma ATM: Tra il 13 maggio e il 16 luglio 2025 ASTS ha venduto circa 13,6 milioni di azioni di Classe A, generando 488,7 milioni di dollari di proventi netti ed esaurendo praticamente la linea di offerta at-the-market da 500 milioni di dollari, chiusa il 23 luglio 2025.
La nuova offerta di obbligazioni sar脿 accompagnata da operazioni di capped-call progettate per limitare la diluizione in caso di conversione. Nessuna delle comunicazioni costituisce un'offerta di vendita di titoli.
AST SpaceMobile (ASTS) present贸 un formulario 8-K para revelar dos movimientos de captaci贸n de capital y datos preliminares de liquidez. La compa帽铆a realizar谩: (i) una oferta privada de 500 millones de d贸lares en bonos senior convertibles con vencimiento en 2032 para compradores bajo la Regla 144A; y (ii) una oferta directa registrada de acciones simult谩nea que financiar谩 parcialmente la recompra de hasta 135 millones de d贸lares de sus bonos convertibles al 4,25% en circulaci贸n.
Resumen del balance (no auditado, 30 de junio de 2025):
- Efectivo, equivalentes de efectivo y efectivo restringido 鈮� 939,4 millones de d贸lares
- Deuda total 鈮� 278,6 millones de d贸lares (de los cuales 235 millones son bonos convertibles; 43,6 millones deuda garantizada de subsidiarias)
Actualizaci贸n del programa ATM: Entre el 13 de mayo y el 16 de julio de 2025, ASTS vendi贸 aproximadamente 13,6 millones de acciones Clase A, generando 488,7 millones de d贸lares en ingresos netos y agotando pr谩cticamente la l铆nea at-the-market de 500 millones de d贸lares, que fue terminada el 23 de julio de 2025.
La nueva oferta de bonos estar谩 acompa帽ada por operaciones de capped-call dise帽adas para limitar la diluci贸n al momento de la conversi贸n. Ninguna de las divulgaciones constituye una oferta de venta de valores.
AST SpaceMobile(ASTS)電� 8-K 氤搓碃靹滊ゼ 鞝滌稖頃橃棳 霊� 臧�歆� 鞛愲掣 臁半嫭 瓿勴殟瓿� 鞓堧箘 鞙犽彊靹� 雿办澊韯半ゼ 瓿店皽頄堨姷雼堧嫟. 須岇偓電� (i) 2032雲� 毵岅赴鞚� 5鞏� 雼煬 攴滊鞚� 鞝勴櫂 臧�電� 靹犾垳鞙� 毂勱秾鞚� Rule 144A 韴瀽鞛愳棎瓴� 靷搿� 氚滍枆頃� 鞓堨爼鞚措┌, (ii) 霃欖嫓鞐� 霌彪霅� 歆侅爲 欤检嫕 瓿惦毳� 鞁れ嫓頃橃棳 斓滊寑 1鞏� 3,500毵� 雼煬 攴滊鞚� 4.25% 鞝勴櫂靷眲 鞚茧秬毳� 鞛Г鞛呿晿電� 鞛愱笀鞚� 臁半嫭頃� 瓿勴殟鞛呺媹雼�.
雽�彀寑臁绊憸 鞖旍暯 (臧愳偓 鞝�, 2025雲� 6鞗� 30鞚� 旮办):
- 順勱笀, 順勱笀靹� 鞛愳偘 氚� 鞝滍暅 順勱笀 鞎� 9鞏� 3,940毵� 雼煬
- 齑� 攵�毂� 鞎� 2鞏� 7,860毵� 雼煬 (鞚� 欷� 2鞏� 3,500毵� 雼煬電� 鞝勴櫂靷眲, 4,360毵� 雼煬電� 鞛愴殞靷� 雼措炒 攵�毂�)
ATM 頂勲攴鸽灗 鞐呺嵃鞚错姼: 2025雲� 5鞗� 13鞚茧秬韯� 7鞗� 16鞚缄箤歆� ASTS電� 鞎� 1,360毵� 欤检潣 Class A 欤检嫕鞚� 毵り皝頃橃棳 4鞏� 8,870毵� 雼煬鞚� 靾滌垬鞚奠潉 彀届稖頄堨溂氅�, 5鞏� 雼煬 攴滊鞚� 鞁滌灔臧� 毵れ稖 頃滊弰毳� 靷嫟靸� 靻岇頃橃棳 2025雲� 7鞗� 23鞚检棎 膦呺頄堨姷雼堧嫟.
靸堧鞖� 毂勱秾 氚滍枆鞚� 鞝勴櫂 鞁� 頋劃鞚� 鞝滍暅頃橁赴 鞙勴暅 capped-call 瓯半灅鞕� 頃粯 歆勴枆霅╇媹雼�. 鞚� 瓿店皽 雮挫毄鞚� 歃濌秾 韺愲Г 鞝滌晥鞚� 甑劚頃橃 鞎婌姷雼堧嫟.
AST SpaceMobile (ASTS) a d茅pos茅 un formulaire 8-K pour divulguer deux op茅rations de lev茅e de fonds et des donn茅es pr茅liminaires de liquidit茅. La soci茅t茅 va : (i) lancer une offre priv茅e de 500 millions de dollars en obligations senior convertibles 茅ch茅ance 2032 pour des acheteurs selon la r猫gle 144A ; et (ii) r茅aliser une offre directe enregistr茅e d鈥檃ctions simultan茅e, qui financera partiellement le rachat allant jusqu鈥櫭� 135 millions de dollars de ses obligations convertibles 脿 4,25% en circulation.
Instantan茅 du bilan (non audit茅, 30 juin 2025) :
- Tr茅sorerie, 茅quivalents de tr茅sorerie et tr茅sorerie restreinte 鈮� 939,4 millions de dollars
- Dette totale 鈮� 278,6 millions de dollars (dont 235 millions en obligations convertibles ; 43,6 millions en dette garantie de filiales)
Mise 脿 jour du programme ATM : Entre le 13 mai et le 16 juillet 2025, ASTS a vendu environ 13,6 millions d鈥檃ctions de Classe A, g茅n茅rant 488,7 millions de dollars de produits nets, 茅puisant ainsi pratiquement la facilit茅 at-the-market de 500 millions de dollars, qui a 茅t茅 cl么tur茅e le 23 juillet 2025.
La nouvelle 茅mission d鈥檕bligations sera accompagn茅e de transactions capped-call con莽ues pour limiter la dilution lors de la conversion. Aucune des divulgations ne constitue une offre de vente de titres.
AST SpaceMobile (ASTS) hat ein 8-K Formular eingereicht, um zwei Kapitalbeschaffungsma脽nahmen und vorl盲ufige Liquidit盲tsdaten offenzulegen. Das Unternehmen wird: (i) eine Privatplatzierung von 500 Millionen US-Dollar in wandelbaren Senior Notes mit F盲lligkeit 2032 an Rule 144A-K盲ufer starten; und (ii) gleichzeitig ein registriertes Direktaktienangebot durchf眉hren, das teilweise die R眉ckkauf von bis zu 135 Millionen US-Dollar seiner ausstehenden 4,25% Wandelanleihen finanzieren wird.
Bilanz眉bersicht (unauditiert, 30. Juni 2025):
- Barmittel, Zahlungsmittel盲quivalente & gebundene Mittel 鈮� 939,4 Millionen US-Dollar
- Gesamtschulden 鈮� 278,6 Millionen US-Dollar (davon 235 Millionen Wandelanleihen; 43,6 Millionen besicherte Tochtergesellschaftsverbindlichkeiten)
ATM-Programm-Update: Zwischen dem 13. Mai und 16. Juli 2025 verkaufte ASTS etwa 13,6 Millionen Class A Aktien und erzielte 488,7 Millionen US-Dollar Nettobetrag, womit die 500-Millionen-Dollar-At-the-Market-Fazilit盲t praktisch ausgesch枚pft wurde, die am 23. Juli 2025 beendet wurde.
Das neue Anleiheangebot wird mit capped-call Transaktionen kombiniert, die bei der Umwandlung eine Verw盲sserung begrenzen sollen. Keine der Offenlegungen stellt ein Angebot zum Verkauf von Wertpapieren dar.
- $939.4 million cash provides substantial liquidity for satellite deployment plans
- $500 million new convertible notes expected to extend runway while only modestly increasing leverage
- Partial $135 million repurchase of higher-coupon converts may lower future debt service
- Capped call transactions aim to mitigate dilution from the 2032 notes
- ATM program successfully raised $488.7 million in equity capital
- Recent and upcoming equity issuances dilute existing shareholders
- Reliance on capital markets signals continuing cash burn before revenue generation
- Preliminary figures are unaudited and subject to revision
Insights
TL;DR: Deal adds liquidity but raises dilution risk; net impact neutral.
ASTS ends Q2 with an estimated $939 M cash鈥攕izable for a pre-revenue satellite operator. The $500 M convertible deal plus direct equity sale extend its runway through BlueBird constellation build-out while partially retiring higher-coupon converts. However, cumulative share issuance (13.6 M ATM shares plus new direct offering) pressures per-share upside, and the 2032 converts, even with capped calls, embed future dilution. Overall the filing shows proactive liability management yet signals continued reliance on capital markets until commercial service ramps, giving it a neutral risk-reward profile.
TL;DR: Leverage remains modest; new notes extend maturity profile.
Pro-forma debt is only ~$279 M versus nearly $1 B cash, so gross leverage is low. Issuing additional senior converts to repay a portion of existing notes lengthens tenor to 2032 and limits cash interest expense. Secured debt at subs is minimal. Credit quality benefits from strong liquidity, though noteholders face equity-linked risk typical for converts. Planned capped calls protect against excessive strike dilution, supporting bondholder economics.
AST SpaceMobile (ASTS) ha presentato un modulo 8-K per comunicare due iniziative di raccolta capitale e dati preliminari sulla liquidit脿. La societ脿 intende: (i) avviare un'offerta privata di 500 milioni di dollari in obbligazioni senior convertibili con scadenza 2032 destinate a investitori Rule 144A; e (ii) effettuare un'offerta azionaria diretta registrata in contemporanea, che finanzier脿 parzialmente il riacquisto fino a 135 milioni di dollari delle sue obbligazioni convertibili al 4,25% in circolazione.
Situazione patrimoniale (non revisionata, 30 giugno 2025):
- Liquidit脿, equivalenti di liquidit脿 e contanti vincolati 鈮� 939,4 milioni di dollari
- Debito totale 鈮� 278,6 milioni di dollari (di cui 235 milioni in obbligazioni convertibili; 43,6 milioni in debito garantito di sussidiarie)
Aggiornamento sul programma ATM: Tra il 13 maggio e il 16 luglio 2025 ASTS ha venduto circa 13,6 milioni di azioni di Classe A, generando 488,7 milioni di dollari di proventi netti ed esaurendo praticamente la linea di offerta at-the-market da 500 milioni di dollari, chiusa il 23 luglio 2025.
La nuova offerta di obbligazioni sar脿 accompagnata da operazioni di capped-call progettate per limitare la diluizione in caso di conversione. Nessuna delle comunicazioni costituisce un'offerta di vendita di titoli.
AST SpaceMobile (ASTS) present贸 un formulario 8-K para revelar dos movimientos de captaci贸n de capital y datos preliminares de liquidez. La compa帽铆a realizar谩: (i) una oferta privada de 500 millones de d贸lares en bonos senior convertibles con vencimiento en 2032 para compradores bajo la Regla 144A; y (ii) una oferta directa registrada de acciones simult谩nea que financiar谩 parcialmente la recompra de hasta 135 millones de d贸lares de sus bonos convertibles al 4,25% en circulaci贸n.
Resumen del balance (no auditado, 30 de junio de 2025):
- Efectivo, equivalentes de efectivo y efectivo restringido 鈮� 939,4 millones de d贸lares
- Deuda total 鈮� 278,6 millones de d贸lares (de los cuales 235 millones son bonos convertibles; 43,6 millones deuda garantizada de subsidiarias)
Actualizaci贸n del programa ATM: Entre el 13 de mayo y el 16 de julio de 2025, ASTS vendi贸 aproximadamente 13,6 millones de acciones Clase A, generando 488,7 millones de d贸lares en ingresos netos y agotando pr谩cticamente la l铆nea at-the-market de 500 millones de d贸lares, que fue terminada el 23 de julio de 2025.
La nueva oferta de bonos estar谩 acompa帽ada por operaciones de capped-call dise帽adas para limitar la diluci贸n al momento de la conversi贸n. Ninguna de las divulgaciones constituye una oferta de venta de valores.
AST SpaceMobile(ASTS)電� 8-K 氤搓碃靹滊ゼ 鞝滌稖頃橃棳 霊� 臧�歆� 鞛愲掣 臁半嫭 瓿勴殟瓿� 鞓堧箘 鞙犽彊靹� 雿办澊韯半ゼ 瓿店皽頄堨姷雼堧嫟. 須岇偓電� (i) 2032雲� 毵岅赴鞚� 5鞏� 雼煬 攴滊鞚� 鞝勴櫂 臧�電� 靹犾垳鞙� 毂勱秾鞚� Rule 144A 韴瀽鞛愳棎瓴� 靷搿� 氚滍枆頃� 鞓堨爼鞚措┌, (ii) 霃欖嫓鞐� 霌彪霅� 歆侅爲 欤检嫕 瓿惦毳� 鞁れ嫓頃橃棳 斓滊寑 1鞏� 3,500毵� 雼煬 攴滊鞚� 4.25% 鞝勴櫂靷眲 鞚茧秬毳� 鞛Г鞛呿晿電� 鞛愱笀鞚� 臁半嫭頃� 瓿勴殟鞛呺媹雼�.
雽�彀寑臁绊憸 鞖旍暯 (臧愳偓 鞝�, 2025雲� 6鞗� 30鞚� 旮办):
- 順勱笀, 順勱笀靹� 鞛愳偘 氚� 鞝滍暅 順勱笀 鞎� 9鞏� 3,940毵� 雼煬
- 齑� 攵�毂� 鞎� 2鞏� 7,860毵� 雼煬 (鞚� 欷� 2鞏� 3,500毵� 雼煬電� 鞝勴櫂靷眲, 4,360毵� 雼煬電� 鞛愴殞靷� 雼措炒 攵�毂�)
ATM 頂勲攴鸽灗 鞐呺嵃鞚错姼: 2025雲� 5鞗� 13鞚茧秬韯� 7鞗� 16鞚缄箤歆� ASTS電� 鞎� 1,360毵� 欤检潣 Class A 欤检嫕鞚� 毵り皝頃橃棳 4鞏� 8,870毵� 雼煬鞚� 靾滌垬鞚奠潉 彀届稖頄堨溂氅�, 5鞏� 雼煬 攴滊鞚� 鞁滌灔臧� 毵れ稖 頃滊弰毳� 靷嫟靸� 靻岇頃橃棳 2025雲� 7鞗� 23鞚检棎 膦呺頄堨姷雼堧嫟.
靸堧鞖� 毂勱秾 氚滍枆鞚� 鞝勴櫂 鞁� 頋劃鞚� 鞝滍暅頃橁赴 鞙勴暅 capped-call 瓯半灅鞕� 頃粯 歆勴枆霅╇媹雼�. 鞚� 瓿店皽 雮挫毄鞚� 歃濌秾 韺愲Г 鞝滌晥鞚� 甑劚頃橃 鞎婌姷雼堧嫟.
AST SpaceMobile (ASTS) a d茅pos茅 un formulaire 8-K pour divulguer deux op茅rations de lev茅e de fonds et des donn茅es pr茅liminaires de liquidit茅. La soci茅t茅 va : (i) lancer une offre priv茅e de 500 millions de dollars en obligations senior convertibles 茅ch茅ance 2032 pour des acheteurs selon la r猫gle 144A ; et (ii) r茅aliser une offre directe enregistr茅e d鈥檃ctions simultan茅e, qui financera partiellement le rachat allant jusqu鈥櫭� 135 millions de dollars de ses obligations convertibles 脿 4,25% en circulation.
Instantan茅 du bilan (non audit茅, 30 juin 2025) :
- Tr茅sorerie, 茅quivalents de tr茅sorerie et tr茅sorerie restreinte 鈮� 939,4 millions de dollars
- Dette totale 鈮� 278,6 millions de dollars (dont 235 millions en obligations convertibles ; 43,6 millions en dette garantie de filiales)
Mise 脿 jour du programme ATM : Entre le 13 mai et le 16 juillet 2025, ASTS a vendu environ 13,6 millions d鈥檃ctions de Classe A, g茅n茅rant 488,7 millions de dollars de produits nets, 茅puisant ainsi pratiquement la facilit茅 at-the-market de 500 millions de dollars, qui a 茅t茅 cl么tur茅e le 23 juillet 2025.
La nouvelle 茅mission d鈥檕bligations sera accompagn茅e de transactions capped-call con莽ues pour limiter la dilution lors de la conversion. Aucune des divulgations ne constitue une offre de vente de titres.
AST SpaceMobile (ASTS) hat ein 8-K Formular eingereicht, um zwei Kapitalbeschaffungsma脽nahmen und vorl盲ufige Liquidit盲tsdaten offenzulegen. Das Unternehmen wird: (i) eine Privatplatzierung von 500 Millionen US-Dollar in wandelbaren Senior Notes mit F盲lligkeit 2032 an Rule 144A-K盲ufer starten; und (ii) gleichzeitig ein registriertes Direktaktienangebot durchf眉hren, das teilweise die R眉ckkauf von bis zu 135 Millionen US-Dollar seiner ausstehenden 4,25% Wandelanleihen finanzieren wird.
Bilanz眉bersicht (unauditiert, 30. Juni 2025):
- Barmittel, Zahlungsmittel盲quivalente & gebundene Mittel 鈮� 939,4 Millionen US-Dollar
- Gesamtschulden 鈮� 278,6 Millionen US-Dollar (davon 235 Millionen Wandelanleihen; 43,6 Millionen besicherte Tochtergesellschaftsverbindlichkeiten)
ATM-Programm-Update: Zwischen dem 13. Mai und 16. Juli 2025 verkaufte ASTS etwa 13,6 Millionen Class A Aktien und erzielte 488,7 Millionen US-Dollar Nettobetrag, womit die 500-Millionen-Dollar-At-the-Market-Fazilit盲t praktisch ausgesch枚pft wurde, die am 23. Juli 2025 beendet wurde.
Das neue Anleiheangebot wird mit capped-call Transaktionen kombiniert, die bei der Umwandlung eine Verw盲sserung begrenzen sollen. Keine der Offenlegungen stellt ein Angebot zum Verkauf von Wertpapieren dar.
Filed pursuant to Rule 424(b)(5)
Registration Nos. 333-283028 and 333-288921
Prospectus Supplement
(to Prospectus Supplements dated May 20, 2025, April 7, 2025, and May 28, 2025 to Prospectus dated November 22, 2024)
Up to $100,000,000
Shares of Common Stock
This prospectus supplement (this “Prospectus Supplement”) amends and supplements the information in the prospectus, dated November 22, 2024 (the “Prospectus”), filed with the Securities and Exchange Commission as a part of our registration statements on Form S-3 (File Nos. 333-283028 and 333-288921) (collectively, the “Registration Statement”), as previously supplemented by our Prospectus Supplements, dated April 7, 2025, May 20, 2025 and May 28, 2025 (such Prospectus Supplements together with the Prospectus, the “Prior Prospectuses”), relating to the offer and sale of shares of our common stock pursuant to the terms of that certain Amended and Restated Sales Agreement (the “Sales Agreement”), dated May 27, 2025, by and among the Company, A.G.P./Alliance Global Partners (“A.G.P.”) and Curvature Securities LLC (“Curvature” and together with A.G.P., the “Sales Agents”). This Prospectus Supplement should be read in conjunction with the Prior Prospectuses, and is qualified by reference thereto, except to the extent that the information herein amends or supersedes the information contained in the Prior Prospectuses. This Prospectus Supplement is not complete without, and may only be delivered or utilized in connection with, the Prior Prospectuses and any future amendments or supplements thereto.
We are filing this Prospectus Supplement to amend the Prior Prospectuses to update the amount of shares we are eligible to sell pursuant to such Prospectus. We are increasing the amount of shares of Common Stock we may offer and sell under the Sales Agreement by an aggregate offering price of up to $100,000,000 from time to time through the Sales Agents, which is in addition to the shares of Common Stock having an aggregate gross sales price of approximately $63,469,250 that were sold pursuant to the Prior Prospectuses to date.
Our common stock is listed on Nasdaq under the symbol “IXHL”. The last sales price of our common stock, as reported on Nasdaq on July 23, 2025, was $1.01 per share.
Investing in our securities involves a high degree of risk. See “Risk Factors” beginning on page S-6 of the Prospectus Supplement dated April 7, 2025 and the risk factors incorporated by reference into this Prospectus Supplement and the Prior Prospectuses, as they may be amended, updated or modified periodically in our reports filed with the Securities and Exchange Commission.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this Prospectus Supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense.
| A.G.P. |
| Curvature |
The date of this Prospectus Supplement is July 24, 2025
Source:
FAQ
How much cash does ASTS report as of 30 June 2025?
What is the size and term of the new convertible note offering?
Why is ASTS issuing new equity?
How much capital was raised through the 2025 ATM program?
What is ASTS鈥檚 total debt after recent actions?
Do these announcements affect current financial statements?
