Full Press Release Details
ENSYSCE BIOSCIENCES, INC. AND LEISURE
ACQUISITION CORP. TO HOST INVESTOR CALL REGARDING BUSINESS COMBINATION ON FEBRUARY 3, 2021
New York, NY and San Diego, CA, February
2, 2021 / PRNewswire/ -- Leisure Acquisition Corp. (NASDAQ: LACQ, LACQU, LACQW) ("Leisure"), a special purpose
acquisition company formed for the purpose of effecting a merger, acquisition or similar business combination, and Ensysce Biosciences,
Inc. (together with its affiliated entities, "Ensysce" or the "Company"), jointly announced
today that Leisure and Ensysce will host an investor conference call on February 3, 2021 to discuss their previously announced
business combination (the "Transaction") whereby Ensysce will merge into a wholly-owned subsidiary of Leisure
in a transaction that reflects a pro forma enterprise valuation for Ensysce of approximately $207 million, based upon a stock price
for Leisure of $10.00 per share.
Investor Conference Call Information
Leisure and Ensysce will jointly host an investor
conference call to discuss the business combination on Wednesday, February 3, 2021 at 11:00 AM ET.
Interested parties may listen to the call via
telephone by dialing 1-877-870-4263, or for international callers, 1-412-317-0790. An audio replay will be available shortly after
the call at www.leisureacq.com.
An investor presentation will be made available
at www.leisureacq.com prior to the call.
About Leisure Acquisition Corp.
Leisure is a blank check company formed for
the purpose of effecting a merger or other business combination with a target company. Leisure is led by Lorne Weil and Daniel
Silvers and completed its Initial Public Offering in December 2017. Leisure is listed on the Nasdaq Capital Market (NASDAQ: LACQ).
Additional information can be found at www.leisureacq.com.
About Ensysce Biosciences, Inc.
Ensysce's TAAP chemical modifications overcome
abuse, especially for the highly abused opioid and ADHD prescription drugs. As the use of opioids have risen sharply over the
last two decades, rates of addiction and overdose deaths have dramatically increased. Drug overdose deaths are now the leading
cause of accidental death in the U.S. Abuse Deterrent Formulation (ADF) and modifications of opioids have not stemmed this epidemic.
Ensysce's Trypsin Activated Abuse Protection (TAAP ) and Multi-Pill Abuse Resistance (MPAR ) products are anticipated
to provide safe options to treat pain and provide a promise of halting opioid deaths. Ensysce's TAAP /MPAR
platforms are covered by an extensive worldwide intellectual property portfolio for a wide array of prescription drug prodrug
compositions. Additional information can be found at www.ensysce.com.
Important Information and Where to Find
This press release relates to a proposed transaction
between Ensysce and Leisure. This press release does not constitute an offer to sell or exchange, or the solicitation of an offer
to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or
exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In connection
with the transaction described herein, Leisure intends to file relevant materials with the SEC, including a registration statement
on Form S-4, which will include a proxy statement/ prospectus. Promptly after the registration statement is declared effective
by the SEC, Leisure will mail the definitive proxy statement/prospectus and a proxy card to each stockholder entitled to vote at
the special meeting relating to the transaction. Investors and security holders of Leisure are urged to read these materials (including
any amendments or supplements thereto) and any other relevant documents in connection with the transaction that Leisure will file
with the SEC when they become available because they will contain important information about Leisure, Ensysce and the transaction.
The preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other relevant materials in connection
with the transaction (when they become available), and any other documents filed by Leisure with the SEC, may be obtained free
of charge at the SEC's website (www.sec.gov). The documents filed by Leisure with the SEC also may be obtained free
of charge at Leisure's website at www.leisureacq.com or upon written request to Leisure at 250 West 57th
Street, Suite 415, New York, New York 10107, or by calling Leisure at (212) 565-6940.
Participants in the Solicitation
Leisure, Ensysce and their respective directors
and executive officers may be deemed to be participants in the solicitation of proxies from Leisure's shareholders in connection
with the proposed transaction. Information about Leisure's directors and executive officers and their ownership of Leisure's
securities is set forth in Leisure's definitive proxy statement filed with the SEC on November 3, 2020. Additional information
regarding the interests of those persons and other persons who may be deemed participants in the proposed transaction may be obtained
by reading the proxy statement/prospectus regarding the proposed transaction when it becomes available. You may obtain free copies
of these documents as described in the preceding paragraph.
This press release is not a proxy statement
or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction
and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Leisure, the combined company
or Ensysce, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer
of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act.
Forward Looking Statements
Certain statements included in this press
release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United
States Private Securities Litigation Reform Act of 1995. Forward-looking statements are sometimes accompanied by words such as
"believe," "may," "will," "estimate," "continue," "anticipate,"
"intend," "expect," "should," "would," "plan," "predict,"
"potential," "seem," "seek," "future," "outlook" and similar expressions
that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements
include, but are not limited to, statements regarding Ensysce's business strategy, prospective milestones, cash resources
and ability to obtain additional funding, current and prospective drug product candidates, planned clinical trials and preclinical
activities and potential product approvals, as well as the potential for market acceptance of any approved products and the related
market opportunity. These statements are based on various assumptions, whether or not identified in this press release, and on
the current expectations of the respective management teams of Ensysce and Leisure and are not predictions of actual performance.
These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be
relied on by an investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events
and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances
are beyond the control of Ensysce and Leisure. These forward-looking statements are subject to a number of risks and uncertainties,
including the risk that the potential product candidates that Ensysce develops may not progress through clinical development or
receive required regulatory approvals within expected timelines or at all; the risk that clinical trials may not confirm any safety,
potency or other product characteristics described or assumed in this press release; the risk that Ensysce will be unable to successfully
market or gain market acceptance of its product candidates; the risk that Ensysce's product candidates may not be beneficial
to patients or successfully commercialized; the risk that Ensysce has overestimated the size of the target market, their willingness
to try new therapies and the willingness of physicians to prescribe these therapies; the effects of competition on Ensysce's
business; the risk that third parties on which Ensysce depends for laboratory, clinical development, manufacturing and other critical
services will fail to perform satisfactorily; the risk that Ensysce's business, operations, clinical development plans and
timelines, and supply chain could be adversely affected by the effects of health epidemics, including the ongoing COVID-19 pandemic;
the risk that Ensysce will be unable to obtain and maintain sufficient intellectual property protection for its investigational
products or will infringe the intellectual property protection of others; the potential inability of the parties to successfully
or timely consummate the proposed business combination, including the risk that any regulatory approvals are not obtained, are
delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of
the proposed business combination or that the approval of the stockholders of Leisure is not obtained; the risk that Leisure is
unable to maintain the listing of its securities on the Nasdaq stock market; the risk that proceeds from the $60 million forward
equity purchase facility may be less than anticipated; the risk of failure to realize the anticipated benefits of the proposed
business combination; the amount of redemption requests made by Leisure's stockholders, and those factors discussed in Leisure's
Form 10-K for the year ended December 31, 2019, under the heading "Risk Factors," and other documents Leisure has filed,
or will file, with the SEC, including a registration statement on Form S-4 that will include a proxy statement/prospectus. If any
of these risks materialize or Leisure's and Ensysce's assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. There may be additional risks that neither Leisure nor Ensysce presently