LACQ SEC filings, in plain English
Everything Leisure Acquisition Corp. has filed with the SEC that we hold — 40 filings, newest first, 8 with a plain-English summary of what changed and why it matters. Every row links to the primary document on EDGAR, so you can check the source rather than trust us.
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What changed: Ensysce Biosciences, Inc. filed an 8-K on August 25, 2026, reporting three distinct regulatory developments: (1) Nasdaq notified the Company that it currently complies with the $2.5 million stockholders' equity requirement (Rule 5550(b)(1)) but must evidence this compliance in its next periodic report or face delisting; (2) Nasdaq granted an additional 180 calendar days, until February 22, 2027, to regain compliance with the Minimum Price Listing Requirement ($1.00 bid price), following a prior notice of non-compliance; and (3) Nasdaq determined that the acquisition of Cy Biopharma, Inc. constitutes a Change of Control under Rule 5110(a), requiring the post-transaction company to satisfy initial listing criteria and complete the initial listing process before shareholder approval of preferred stock conversion, with failure resulting in trading suspension. Why it matters: The filing confirms Ensysce has temporarily resolved its equity deficiency but remains under strict scrutiny for both financial metrics and share price, with a hard deadline of February 22, 2027, for price compliance. The 'Change of Control' designation from the Cy Biopharma acquisition triggers rigorous initial listing requirements rather than standard continued listing standards, creating a significant procedural hurdle and risk of trading suspension if the initial listing application is not approved. For investors tracking LACQ (Leisure Acquisition Corp.), while the SPAC is closed, these events define the operational and regulatory stability of the merged entity's successor, Ensysce.
What changed: Ensysce Biosciences, Inc. filed an 8-K on August 24, 2026, reporting that it acquired Cy Biopharma, Inc. on August 5, 2026, and entered into a Securities Purchase Agreement to issue Series C Preferred Stock for approximately $43 million in two tranches. The Initial Closing of the first tranche occurred on August 7, 2026, raising more than $21 million in gross proceeds; the second tranche is contingent on a clinical trial milestone that has not yet been achieved. As of the filing date, Ensysce believes it holds at least $2.5 million in stockholders' equity, satisfying Nasdaq Listing Rule 5550(b)(1), and at least $5 million in stockholders' equity, making it eligible for a second 180-day grace period under Nasdaq Listing Rule 5810(c)(3)(A) to regain compliance with the $1.00 bid price requirement (Rule 5550(a)(1)). A formal request for this grace period was submitted to Nasdaq on August 24, 2026, and the company awaits confirmation. Why it matters: The filing confirms partial completion of a financing deal ($21 million raised vs. $43 million target) dependent on future clinical milestones, which impacts liquidity and valuation. Crucially, it details the company's specific financial assertions regarding stockholders' equity levels to justify eligibility for a second extension period from Nasdaq, directly affecting the risk of delisting and the timeline for regulatory compliance resolution.
What changed: The 10-Q filed under Commission file number 001-38306 is that of Ensysce Biosciences, Inc. (Nasdaq: ENSC) for the quarter ended June 30, 2026, with 19,456,794 shares outstanding as of August 12, 2026. The forward-looking section names the risk that the common stock will be delisted from Nasdaq if compliance is not maintained, the company's ability to continue as a going concern for the next twelve months, and the dilutive effect of recent financing transactions. Why it matters: Two rounds of warrant-inducement repricing, from $23.51 and $15.90 down to $7.05, are on the record as the company's method of converting existing warrants into cash, and it carries both a Nasdaq compliance risk and a going-concern question. The financial statements are not in the portion read here.
going-concern doubtnothing moved · 1 with no prior record of ours
- Going-concern doubt
- stated · unchanged
The clause …“Company will be able to obtain such funds. These matters, among others, raise substantial doubt about the Company’s ability to continue as a going concern. While the Company believes in the viability of its strategy to ultimately”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: Ensysce Biosciences, Inc. (Nasdaq: ENSC) furnished a press release dated August 13, 2026 reporting second quarter 2026 results. Why it matters: The $0.7 million of cash on the June 30 balance sheet is not the company's current position — the approximately $31 million arrived in August, after the period being reported, which is why the release states the two separately. The second $38.6 million tranche is conditional on clinical milestones and is a ceiling, not committed capital.
What changed: Ensysce Biosciences filed an 8-K/A amending a prior report, noting a $50,000 payment to Tungsten Partners LLC and including a Certificate of Correction to the Series C Non-Voting Convertible Preferred Stock Certificate of Designation. Why it matters: This is a post-close amendment reflecting minor administrative corrections to the preferred stock designation and a small payment, with no changes to the original 8-K's other disclosures.
What changed: Ensysce Biosciences, Inc. filed as Exhibit 2.1 the Agreement and Plan of Merger dated August 5, 2026 among itself as Parent, PHRMA Merger Sub I, Inc., PHRMA Merger Sub II, LLC and Cy Biopharma, Inc. First Merger Sub merges into Cy Biopharma, which becomes a wholly owned subsidiary, and immediately afterwards Cy Biopharma merges into Second Merger Sub, with the two steps intended as an integrated transaction under Revenue Ruling 2001-46 qualifying as a reorganization under Section 368(a) of the Code. The consideration to Cy Biopharma stockholders is Parent Preferred Stock Payment Shares. Why it matters: The parent's stockholder vote happens after closing, not before, so Ensysce holders do not approve the transaction itself — what they vote on is the matters that make the preferred stock convertible. The consideration is preferred stock rather than common, which is how the deal closes without that vote, and the financing is a closing condition in its own right.
What changed: Ensysce Biosciences, Inc., the Leisure Acquisition Corp. successor, reported that on July 10, 2026 it received a resignation notice from Jeffrey Millard, who served as Chief Operating Officer, dated and effective the same day. No reason for the departure, successor arrangement or severance term is disclosed, and the only exhibit is the inline XBRL cover page. The report is signed by President and Chief Executive Officer Dr. Lynn Kirkpatrick. Why it matters: A single officer resignation carries no trust, redemption or deadline consequence at a company whose SPAC closed years ago, and the filing discloses no disagreement. The detail worth logging is the effect on an already thin executive bench: a small clinical-stage de-SPAC losing its COO with immediate effect and no named replacement concentrates operating responsibility on the CEO, which raises key-person risk at a company that still depends on financing rather than revenue.
going-concern doubtnothing moved · 1 with no prior record of ours
- Going-concern doubt
- stated · unchanged
The clause …“Company will be able to obtain such funds. These matters, among others, raise substantial doubt about the Company’s ability to continue as a going concern. While the Company believes in the viability of its strategy to ultimately”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
going-concern doubt, mandate languagenothing moved · 2 with no prior record of ours
- Going-concern doubt
- stated · unchanged
- Mandate language
- We intend to pursue these applications in the United States … · unchanged
The clause “Related to Our Business, Financial Condition and Capital Requirements There is substantial doubt about our ability to continue as a going concern. The Company does not have revenue generating activities and is dependent on additional”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: Ensysce Biosciences, Inc., the successor to Leisure Acquisition Corp., called its annual meeting for December 23, 2025 as a virtual meeting, record date October 29, 2025. Proposal Two would increase the shares issuable under its equity plan from 121,457 to 721,457, a roughly six-fold expansion, and Proposal 3 elects two Class I directors to serve until the 2028 annual meeting. Why it matters: Raising the plan reserve from 121,457 to 721,457 shares, then layering a 5% annual evergreen on top, expands management equity at a company whose entire authorised pool was previously a fraction of that - a sign the share count is small and shrinking through prior reverse splits. The 19.99% Exchange Cap on the Purchase Agreement is the remaining brake on financing dilution, and a registration statement for resale of those shares has already been filed.
going-concern doubtnothing moved · 1 with no prior record of ours
- Going-concern doubt
- stated · unchanged
The clause …“Company will be able to obtain such funds. These matters, among others, raise substantial doubt about the Company’s ability to continue as a going concern. While the Company believes in the viability of its strategy to ultimately”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
going-concern doubtnothing moved · 1 with no prior record of ours
- Going-concern doubt
- stated · unchanged
The clause …“Company will be able to obtain such funds. These matters, among others, raise substantial doubt about the Company’s ability to continue as a going concern. While the Company believes in the viability of its strategy to ultimately”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
In plain English
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.