Ensysce Biosciences announces pricing of $4.1M public offering

Ensysce Biosciences announced the pricing of an underwritten public offering of 2,900,000 shares of its common stock and warrants to purchase up to an aggregate of 5,800,000 shares of common stock at a combined effective public offering price of $1.40 per share of common stock and accompanying warrants. Each warrant is exercisable immediately at an exercise price of $1.40 per share and will expire five years following the date of issuance. The Company expects to receive aggregate gross proceeds of approximately $4.1 million from the offering. The offering is expected to close on or about December 9, 2022, subject to satisfaction of customary closing conditions. Lake Street Capital Markets, LLC is acting as the sole underwriter for the offering. The Company has also granted the underwriter a 45-day option to purchase up to an additional 342,000 shares of common stock and/or warrants to purchase up to an additional 870,000 shares of common stock at the public offering price, less the underwriting discounts and commission, to cover over-allotments, if any. 20% of the gross proceeds of the offering will be used to repay a portion of the Company’s outstanding convertible notes. The Company intends to use the remaining net proceeds from the offering for the further clinical development of its product candidates and for working capital and other general corporate purposes.