Leisure Acquisition Corp. Shareholders Approve New Extension

LEISURE ACQUISITION CORP. (LACQ)

This morning, Leisure Acquisition Corp. (LACQ), released the details of their shareholder vote to approve extending their deadline three more months from April 5, 2019 to June 30, 2020.  The extension was nearly unanimously approved, but Leisure endured a heavy number of redemptions totaling $176.3 million.

Per today’s 8-K, out of the 18,876,251 remaining public shares outstanding after Leisure’s last shareholder vote, 16,837,678 shares opted to redeem.  That leaves 2,038,573 shares remaining today.  A redemption price per share was not given, however, the 8-K did state that the total aggregate value of those redemptions was $176.3 million.  Furthermore, the filing also stated that the amount remaining in trust is now $21.3 million, so using those figures we can estimate that the per-share redemption price was roughly $10.47.

Leisure now has three additional months to close their combination with Gateway Casinos.

Vote results below.