Ensysce Biosciences prices $4.1M public offering of 2.9M shares and 5.8M warrants

Ensysce Biosciences, Inc.

Gross proceeds of ~$4.1M from offering of 2,900,000 shares (or pre-funded warrants) and 5,800,000 warrants at $1.40 combined price.
Each warrant exercisable immediately at $1.40/share, expires 5 years from issuance.
Underwriter (Lake Street Capital) granted 45-day option to purchase up to 342,000 additional shares and 870,000 warrants.
20% of gross proceeds to repay convertible notes; remainder for clinical development and working capital.
Company directors and officers signed 90-day lock-up agreements restricting stock sales.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Ensysce Biosciences, Inc. entered into Underwriting Agreement with Lake Street Capital Management, LLC valued at approximately $4.1 million (effective 2022-12-07).

Action: entry
Agreement: underwriting
Counterparty: Lake Street Capital Management, LLC
Value: approximately $4.1 million
Effective: 2022-12-07

Exact text from the filing

On December 7, 2022, Ensysce Biosciences, Inc. (the “ Company ”) entered into an underwriting agreement (the “ Underwriting Agreement ”) with Lake Street Capital Management, LLC (the “ Underwriter ”), pursuant to which the Company agreed to issue and sell (i) 2,280,000 shares (the “ Firm Shares ”) of the Company’s common stock, par value $0.0001 per share (the “ Common Stock ”), (ii) pre-funded warrants (the “ Pre-Funded Warrants ”) to purchase 620,000 shares of Common Stock and (iii) warrants to purchase 5,800,000 shares of Common Stock (the “ Common Warrants ” and, collectively with the Pre-Funded Warrants, the “ Warrants ”) to the Underwriter in a public offering (the “ Offering ”).

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Ensysce Biosciences, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-22-034836

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