Leisure Acquisition Corp. (NASDAQ:LACQ) announced in an 8-K filing this morning that its shareholders approved its combination with clinical-stage biopharmaceutical company Ensysce Biosciences, Inc. at a special meeting yesterday.
Importantly, investors redeemed just 5,000 shares in connection with the vote and did so at a significant loss as Leisure’s shares traded above $13 throughout June 24, the SPAC’s redemption deadline. They instead redeemed at $10.366 per share, leaving a public SPAC share count of 1,219,268 and approximately $12.64 million in trust.
Leisure initially listed way back in November 2017 with its sights set on hospitality targets, but saw 93.9% of its trust redeemed through four extension votes. It changed course earlier this year as it announced its the $207 million deal with Ensysce on February 1. Ensysce is a clinical-stage biotech company with therapeutics aimed at reducing prescription drug addiction.
All measures on Leisure’s ballot passed by wide margins, but for a full list of proposals and vote tallies, click HERE.
- Proskauer Rose LLP acted as legal counsel to Leisure.
- Troutman Pepper LLP acted as legal counsel to Ensysce.