Leisure Acquisition Corp. (LACQ) announced the suspension of its securities trading on Nasdaq effective June 3, 2021, due to failure to complete an initial business combination by the deadline. The company plans to appeal this decision while trading will continue on the OTC Markets. A delay in filing Form 10-Q regarding warrants accounting led to non-compliance with Nasdaq rules. The company is working diligently to complete SEC filing and the proposed merger with Ensysce Biosciences, Inc. before the SPAC period ends on June 30, 2021.
Leisure Acquisition Corp. (LACQ, LACQU) and Ensysce Biosciences announced an investor call on February 3, 2021, to discuss their upcoming business combination. The merger values Ensysce at approximately $207 million, based on Leisure's stock price of $10.00 per share. This transaction is set to create a combined entity focused on tackling opioid abuse through Ensysce's innovative TAAP™ technology. Investors can access the call through specified phone numbers or via the company's website.
Leisure Acquisition Corp. (NASDAQ: LACQ) has announced a definitive agreement to acquire Ensysce Biosciences, Inc., valuing the latter at $207 million. Ensysce shareholders will receive shares of Leisure common stock at $10.00 each, resulting in them owning approximately 71% of the combined company. Ensysce specializes in developing tamper-proof opioids aimed at reducing drug abuse and overdose risks, with FDA 'Fast-Track' status for its leading candidate, PF614. The transaction is expected to close in Q2 2021, pending shareholder approvals.