Business Context and Reporting Period
This Form 8-K is a current report filed by Leisure Acquisition Corp. (not Ensysce Biosciences, Inc., as indicated in the metadata) on December 26, 2017. The registrant is a Delaware corporation and an emerging growth company. The report details a corporate action regarding the separation of its trading units.
Key Financial Metrics
The filing text does not provide specific financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on a structural change to the company's securities.
Material Changes
- Unit Separation: Commencing December 28, 2017, holders of the Company's Units may elect to separately trade the common stock and warrants included in the Units.
- Unit Composition: Each Unit consists of one share of common stock ($0.0001 par value) and one-half of one warrant.
- Warrant Terms: Each whole warrant is exercisable to purchase one share of common stock at a price of $11.50 per share. No fractional warrants will be issued upon separation.
- Trading Symbols:
- Unseparated Units: LACQU
- Separated Common Stock: LACQ
- Separated Warrants: LACQW
- Procedure: Unit holders must contact their brokers to coordinate with Continental Stock Transfer & Trust Company to effect the separation.
Guidance, Outlook, and Risks
The filing does not contain management commentary on financial guidance, future outlook, or specific risk factors beyond the operational details of the unit separation. The primary event is the administrative change in how the securities are traded on the NASDAQ Capital Market.
Investor Verification Checklist
- Verify the correct registrant name is Leisure Acquisition Corp., not Ensysce Biosciences, Inc.
- Confirm the effective date for separate trading is December 28, 2017.
- Check the exercise price of the warrants at $11.50 per share.
- Ensure brokers are contacted to initiate the separation of Units into LACQ and LACQW.
- Note that only whole warrants will trade; fractional warrants are not issued.