Leisure Acquisition announced today that it has signed a definitive agreement to acquire Ensysce Biosciences. 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.
Consideration paid to Ensysce’s shareholders for their interests will consist of shares of Leisure common stock issued at $10 per share. Assuming none of Leisure’s shares of common stock are redeemed for cash in trust, Ensysce’s existing shareholders would own approximately 71% of the combined company’s outstanding common stock at closing. Certain liabilities of Ensysce are expected to remain in place, and all of Ensysce’s convertible debt will be converted into common stock of the combined company. Read more.
