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.
Jena II (NYSE:JENAU) has filed for a $200 million SPAC that brings serial SPAC leader William P. Foley II and his team back into the ring. This pedigree is clear in the terms the team has been able to command with just one right to a 1/20 share in each unit and 24 months to...
At the SPAC of Dawn Investors are set to get an update on Core CPI inflation readings this morning as de-SPACs continue to report on operational advances alongside their first quarter earnings. Among them, eVTOL developer Archer (NYSE:ACHR) noted that it is on track to deliver its first Midnight aircraft to the UAE in the...
Perimeter Acquisition Corp. I (NASDAQ:PMTRU) announced the pricing of its upsized $210 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “PMTRU”, Tuesday, May 13, 2025. The new SPAC aims to combine with a target company with that can contribute to the re-industrialization of the United States economy,...
Horizon Space II (NASDAQ:HSPT) has signed a definitive agreement to combine with clinical stage biotech firm SL Bio Ltd. for $5.57 billion in equity consideration. Taipei, Taiwan-based SL Bio is developing drug candidates to treat several cancer types while also selling over-the-counter beauty products derived from natural extracts. The combined company is expected to trade...
At the SPAC of Dawn This is set to be a slower week for votes with just two SPACs seeking an extension and none yet scheduling a meeting for approving a business combination. Integrated Rail & Resources (OTC:IRRX) primed the pump somewhat for investors ahead of its Tuesday special meeting by announcing it has entered...