A. Lorne Weil - 30 Jun 2021 Form 4 Insider Report for Ensysce Biosciences, Inc. (ENSC)

Reporting relationship: 10%+ Owner
Issuer ticker: ENSC
Reported as of: 30 Jun 2021
Net transaction value: +$2,118,005
SEC form: 4
Accepted by SEC: 01 Jul 2021, 19:56:22 UTC
Prior SEC filing: 23 Jun 2021
Next SEC filing: 26 Nov 2021
Source filing: View source filing
Reporting owner signature: /s/ A. Lorne Weil

Key filing fact

A. Lorne Weil filed Form 4 for Ensysce Biosciences, Inc. (ENSC) on 01 Jul 2021.

Key facts

This page summarizes A. Lorne Weil's Form 4 filing for Ensysce Biosciences, Inc. (ENSC).
4 reported transactions and 4 derivative rows are listed below.
Accepted by SEC: 01 Jul 2021, 19:56.

Change

Previous filing in this sequence was filed on 23 Jun 2021.
Current net transaction value: +$2,118,005.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

ENSC transaction Derivative

Warrants

Award

Transaction value: $730,110
Shares: +730,110
Change %
Price: $1.00
Shares after: 730,110
Date: 30 Jun 2021
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 730,110
Exercise price: $11.50
Footnotes: F1

ENSC transaction Derivative

Warrants

Award

Transaction value: $1,000,000
Shares: +1,000,000
Change %
Price: $1.00
Shares after: 1,000,000
Date: 30 Jun 2021
Ownership: Hydra LAC LLC
Underlying class: Common Stock
Underlying amount: 1,000,000
Exercise price: $11.50
Footnotes: F1, F2

ENSC transaction Derivative

Warrants

Award

Transaction value: $387,895
Shares: +387,895
Change %
Price: $1.00
Shares after: 387,895
Date: 30 Jun 2021
Ownership: Hydra Management LLC
Underlying class: Common Stock
Underlying amount: 387,895
Exercise price: $11.50
Footnotes: F2, F3

ENSC transaction Derivative

Warrants

Disposed to Issuer

Transaction value: $0
Shares: -250,000
Change %: -64%
Price: $0.000000
Shares after: 137,895
Date: 30 Jun 2021
Ownership: Hydra Management LLC
Underlying class: Common Stock
Underlying amount: 250,000
Exercise price: $11.50
Footnotes: F2, F4

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 4 footnotes

Footnote F1

Reflects warrants of Ensysce Biosciences, Inc., formerly known as Leisure Acquisition Corp. (the "Issuer"), which were acquired from the Issuer at a price of $1.00 per warrant (730,110 warrants by Mr. Weil at a cost of $730,110 and 1,000,000 warrants by Hydra LAC LLC (an entity affiliated with Mr. Weil) at a cost of $1,000,000) in a private placement that closed simultaneously with the closing of the Issuer's initial public offering which were later exchanged for warrants having the same terms, except that they are non-transferable other than to permitted transferees. Pursuant to the terms of the issuance, such warrants were not eligible to become exercisable unless the Issuer consummated its initial business combination which occurred on June 30, 2021. Mr. Weil served as the Issuer's Executive Chairman until the closing of the business combination.

Footnote F2

Mr. Weil is the managing member of Hydra LAC LLC and the sole member of Hydra Management LLC and disclaims beneficial ownership with respect to the securities except to the extent of his pecuniary interest therein.

Footnote F3

Reflects warrants acquired at a price of $1.00 per warrant upon the conversion of promissory notes of the Issuer held by Hydra Management LLC reflecting amounts loaned to the Issuer pursuant to the Issuer's expense advancement agreement, which were convertible into warrants at the holder's option. The warrants are on the same terms as the warrants described in note (1) above.

Footnote F4

Reflects warrants surrendered to the Issuer in connection with the Issuer's business combination pursuant to a warrant surrender agreement, for no consideration.