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.
ADVISORS
- Proskauer Rose LLP acted as legal counsel to Leisure.
- Troutman Pepper LLP acted as legal counsel to Ensysce.
A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....
At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...
Globa Terra Acquisition Corporation (NASDAQ:GTERU) announced the pricing of its $152 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “GTERU”, Wednesday, July 9, 2025. The new SPAC plans to mount a search for a target in the agriculture, agtech or biotech sectors with an emphasis on water...