Business Context and Reporting Period
This Form 8-K is filed by Leisure Acquisition Corp. (LACQ) on April 29, 2021. The report discloses a joint press release with Ensysce Biosciences, Inc. regarding a significant regulatory milestone. LACQ is a Special Purpose Acquisition Company (SPAC) currently in the process of a proposed business combination with Ensysce.
Key Financial Metrics
This filing is a current report regarding a regulatory event and does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data for either LACQ or Ensysce. The filing text does not provide a clear value for any financial metrics.
Material Changes
The material change reported is the receipt of Investigational New Drug (IND) Allowance by Ensysce Biosciences, Inc. from the U.S. Food and Drug Administration (FDA) for its PF614-MPAR opioid with overdose protection. This development is a critical step in Ensysce's clinical development pipeline.
Guidance, Outlook, and Transaction Status
- Transaction Status: LACQ and Ensysce are proceeding with a proposed business combination. LACQ has filed or intends to file a registration statement on Form S-4, which will include a proxy statement/prospectus.
- Shareholder Action: A special meeting will be held for LACQ stockholders to vote on the transaction once the registration statement is declared effective.
- Regulatory Disclosure: The information in this Item 7.01 is for Regulation FD disclosure purposes and is not deemed "filed" under the Exchange Act.
- Non-Solicitation: This document is not a solicitation of proxies or an offer to sell securities.
Investor Verification Checklist
- Verify the details of the proposed business combination in the definitive proxy statement/prospectus (Form S-4) once filed.
- Confirm the status of the FDA IND Allowance for Ensysce's PF614-MPAR product via the attached press release (Exhibit 99.1).
- Review the ownership interests of LACQ and Ensysce directors and executive officers as disclosed in Amendment No. 3 to the Form S-4 filed on April 21, 2021.
- Monitor the SEC website (www.sec.gov) and LACQ's website (www.leisureacq.com) for the definitive proxy materials and voting instructions.