Brief: Leisure Acquisition Corp Enters Into Merger Agreement For Business Combination With Ensysce Biosciences Inc

Ensysce Biosciences

01/02/2021 13:10

Feb 1 (Reuters) - Leisure Acquisition Corp  LACQ.O :
    * LEISURE ACQUISITION CORP. ENTERS INTO MERGER AGREEMENT FOR
BUSINESS COMBINATION WITH ENSYSCE BIOSCIENCES, INC.
    * LEISURE ACQUISITION CORP - TRANSACTION REFLECTS AN
ENTERPRISE
VALUATION FOR ENSYSCE OF $207 MILLION
    * LEISURE ACQUISITION - CONSIDERATION PAID TO ENSYSCE'S
SHAREHOLDERS FOR INTERESTS IN COMPANY TO CONSIST OF SHARES OF
CO'S COMMON STOCK ISSUED AT $10.00/SHARE
    * LEISURE ACQUISITION - ENSYSCE'S EXISTING SHAREHOLDERS
WOULD OWN
ABOUT 71% OF COMBINED CO'S OUTSTANDING COMMON STOCK AT CLOSING
    * LEISURE ACQUISITION CORP - CERTAIN LIABILITIES OF ENSYSCE
ARE
EXPECTED TO REMAIN IN PLACE AT DEAL CLOSING
    * LEISURE ACQUISITION CORP - ALL OF ENSYSCE'S CONVERTIBLE
DEBT
WILL BE CONVERTED INTO COMMON STOCK OF COMBINED CO UPON CLOSING
OF TRANSACTION
    * LEISURE ACQUISITION CORP - LYNN KIRKPATRICK, WHO WILL
CONTINUE
AS CEO OF COMBINED COMPANY
    * LEISURE ACQUISITION CORP - LEISURE EXECUTIVE CHAIRMAN
LORNE WEIL
& CEO DANIEL SILVERS ARE EACH EXPECTED TO REMAIN DIRECTORS OF
COMBINED CO
    * LEISURE ACQUISITION CORP - EACH OF LEISURE'S OTHER
EXISTING
DIRECTORS WILL RESIGN IN CONNECTION WITH CLOSING OF TRANSACTION
    * LEISURE ACQUISITION - IN CONNECTION WITH MERGER, ENSYSCE'S
OUTSTANDING SHARES TO BE CONVERTED INTO RIGHT TO RECEIVE SHARES
OF LEISURE AT EXCHANGE RATE OF .06585

Source text for Eikon:  ID:nPn1QXtdla 
Further company coverage:  LACQ.O 

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