Leisure Acquisition stockholders voted in favor of the merger with Ensysce Biosciences, the SPAC said today in an 8-K filing. The vote in support of the deal was unanimous, according to the filing.
The SPAC said 5,000 shares were redeemed by stockholders at a per-share price of approximately $10.366 — an odd decision since the SPAC’s shares were trading north of $13 before the redemption deadline.
Announced in February, the transaction reflects an enterprise valuation for Ensysce of $207 million, including the company’s existing convertible indebtedness, but excluding transaction expenses as well as the impact of Leisure’s sponsor shares and subject to certain closing adjustments.
Leisure raised $200 million in a December 2017 IPO with initial plans to target a leisure-based business, but in the three and a half years since then the SPAC saw nearly 94 percent of its cash in trust evaporate over the course of four extension votes. Read more.