Leisure Acquisition Corp - LACQU



Ipo was 20 mm. So 10mm warrants are outstanding.

As of May 31, 2021, there was approximately $12.7 million held in the trust account.

was approximately $12.7 million, or $10.37 per public share, as of May 31, 2021)

1.22 mm public share float?

Scenario 2 — Assuming redemptions of 63,691 shares of common stock for cash: This presentation assumes that LACQ public stockholders exercise their redemption rights with respect to a maximum of 63,691 shares of common stock upon consummation of the business combination at a redemption price of approximately $10.37 per share. The maximum redemption amount reflects the maximum number of LACQ’s public shares that can be redeemed without violating the conditions of the Merger Agreement or the requirement of LACQ’s current certificate of incorporation that LACQ cannot redeem public shares if it would result in LACQ having a minimum net tangible asset value of less than $5,000,001,

LACQ was not in compliance with Nasdaq’s minimum publicly held shares requirement under Listing Rule 5550(a)(4), which requires a listed company’s primary equity security to maintain a minimum of 500,000 publicly held shares. 

​Ensysce Biosciences Inc., a San Diego, CA-based clinical phase company launching two new classes of novel opioids designed to treat severe pain, and eliminate opioid misuse, abuse and overdose, secured $60m in funding.

GEM Global Yield LLC SCS will provide Ensysce with a share subscription facility of up to $60m for a 36-month term following the public listing of the company’s common stock.

Ensysce will control the timing and maximum amount of drawdown under this facility and has no minimum drawdown obligation. Concurrent with a public listing of its shares, the company will issue warrants to GEM to purchase outstanding common stock of the company.

​Lock up -On January 31, 2021, in connection with entering into the Merger Agreement, certain initial stockholders of Ensysce have agreed, subject to certain exceptions, not to transfer, pledge, assign, sell or otherwise dispose of any of their LACQ Shares held immediately after the Merger Effective Time until the earlier to occur of (a) one year  or..... Notwithstanding, if the closing price of our common shares equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after closing, the Ensysce stockholder’s shares will be released from the lock-up.

 Founders lock-up period, which occurs (i) in the case of the founder shares, on the earlier of (A) one year after the completion of our business combination or earlier if, subsequent to our business combination, the last sale price of the common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30 trading day period commencing at least 150 days after our business combination, or (B) the date following the completion of our business combination on which we complete a liquidation, merger, stock exchange or other similar transaction that results in all of our stockholders having the right to exchange their shares of common stock for cash, securities or other property, a


Unit = 1 common + 1/2 warrant.

1 Warrant + $11.50 > 1 common.  Callable > 18 for 20 of 30 days. Can be called cashless.

Trust 12/6/19. + .03/mo.  the current redemption price of approximately $10.29 per share to approximately $10.41 per share at the Extended Date

Expiration extended from December 5, 2019 to April 5, 2020 


Sponsors: Hydra - A Lorne Weil 

and Mathews Lane - Daniel B Silvers

Previous spacs:  Hydra merged to become Inspired Entertainment INSE.

Andina with Lorne Weil merged with Technoglass.TGLS.

Silvers with Global Consumer Acquisition Corp. acquired Nevada banks in 2009. "Post-closing, GCAC will be the largest recapitalization of a newly formed commercial bank holding company by a SPAC in US history, and be re-named Western Liberty Bancorp (WLB).

Our strategic investor has agreed to enter into a contingent forward purchase contract to purchase, in a private placement for gross proceeds of approximately $62,500,000 to occur concurrently with the consummation of our initial business combination, 6,250,000 of our units on substantially the same terms as the sale of units in this offering at $10.00 per unit (which we call our private placement units). The funds from the sale of the private placement units may be used as part of the consideration to the sellers in the initial business combination; any excess funds from this private placement may be used for working capital in the post-transaction company. This commitment is independent of the percentage of stockholders electing to redeem their shares and provides us with an increased minimum funding level for the initial business combination. Our strategic investor’s obligation to purchase our units under the contingent forward purchase contract is contingent upon, among other things, our strategic investor approving the business combination, which approval can be withheld for any reason.

“strategic investor” is to HG Vora Special Opportunities Master Fund, Ltd., a Cayman Islands exempted company