Ensysce Biosciences Announces Results of Special Meeting of Stockholders

Rhea-AI Summary

Ensysce Biosciences announced the results of its special stockholder meeting on January 26, 2022. Key resolutions adopted include the issuance of common stock for convertible notes and warrant exercises, and the approval of the Amended and Restated 2021 Omnibus Incentive Plan. These developments are aimed at advancing Ensysce's efforts in creating safer prescription drugs through its proprietary technology platforms. The company focuses on developing tamper-proof opioids to combat pain and reduce the risk of abuse and overdose.

Positive

• Adoption of resolutions to issue common stock for convertible notes and warrants, supporting capital structure.
• Approval of Amended and Restated 2021 Omnibus Incentive Plan aims to attract and retain talent.

Negative

• None.

SAN DIEGO, Jan. 27, 2022 (GLOBE NEWSWIRE) -- Ensysce Biosciences, Inc. (“Ensysce” or the “Company”) (NASDAQ: ENSC, OTC: ENSCW), a clinical-stage biotech company with two novel technology platforms designed to provide relief for those suffering with severe pain while protecting against abuse and overdose, today announced the results of the special meeting of stockholders held January 26, 2022. This meeting was held virtually, and the following resolutions were submitted and adopted by the stockholders:

• For purposes of complying with Nasdaq Listing Rule 5635(d), the issuance of shares of common stock issuable upon the conversion of certain convertible notes and the exercise of certain warrants.
  
• The approval of the Company’s Amended and Restated 2021 Omnibus Incentive Plan and certain conditional grants thereunder.
  

About Ensysce Biosciences

Ensysce Biosciences, San Diego, CA is a clinical-stage biotech company using its proprietary technology platforms to develop safer prescription drugs. Leveraging its Trypsin-Activated Abuse Protection (TAAP) and Multi-Pill Abuse Resistance (MPAR™) platforms, the Company is in the process of developing a new class of powerful, tamper-proof opioids that prevent both drug abuse and overdoses. Ensysce’s products are anticipated to provide safer options to treat severe pain and assist in preventing deaths caused by opioid abuse, reducing the human and economic cost. The platforms are covered by an extensive worldwide intellectual property portfolio for a wide array of prescription drug compositions. For more information, please visit www.ensysce.com.

Forward-Looking Statements

Statements contained in this press release that are not purely historical may be deemed to be forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 and other federal securities laws. Without limiting the foregoing, the use of words such as “may,” “intends,” “can,” “might,” “will,” “expect,” “plan,” “possible” and other similar expressions are intended to identify forward-looking statements. The product candidates discussed are in clinic and not approved and there can be no assurance that the clinical programs will be successful in demonstrating safety and/or efficacy, that Ensysce will not encounter problems or delays in clinical development, or that any product candidate will ever receive regulatory approval or be successfully commercialized. All forward-looking statements are based on estimates and assumptions by Ensysce’s management that, although Ensysce believes to be reasonable, are inherently uncertain. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that Ensysce expected. In addition, Ensysce’s business is subject to additional risks and uncertainties, including among others, the initiation and conduct of preclinical studies and clinical trials; the timing and availability of data from preclinical studies and clinical trials; expectations for regulatory submissions and approvals; potential safety concerns related to, or efficacy of, Ensysce’s product candidates; the availability or commercial potential of product candidates; the ability of Ensysce to fund its continued operations, including its planned clinical trials; the dilutive effect of stock issuances from our fundraising; and Ensysce’s and its partners’ ability to perform under their license, collaboration and manufacturing arrangements. These statements are also subject to a number of material risks and uncertainties that are described in Ensysce’s most recent quarterly report on Form 10-Q and current reports on Form 8-K, which are available, free of charge, at the SEC’s website at www.sec.gov. Any forward-looking statement speaks only as of the date on which it was made. Ensysce undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required under applicable law.

Ensysce Biosciences Company Contact:
Lynn Kirkpatrick, Ph.D.
Chief Executive Officer
(858) 263-4196

Ensysce Biosciences Investor Relations Contact:
Shannon Devine
MZ North America
(203) 741-8811
ENSC@mzgroup.us

Source: Ensysce Biosciences Inc.

FAQ

What were the key resolutions adopted by Ensysce Biosciences on January 26, 2022?

The key resolutions included the issuance of common stock for the conversion of certain convertible notes and the approval of the Amended and Restated 2021 Omnibus Incentive Plan.

How does Ensysce Biosciences plan to address opioid abuse?

Ensysce is developing tamper-proof opioids using its proprietary technology platforms to prevent abuse and overdoses.

What is the significance of the special meeting held by Ensysce on January 26, 2022?

The meeting was significant for approving resolutions that could support the company's financial structure and incentive plans.

What is the stock symbol for Ensysce Biosciences?

The stock symbol for Ensysce Biosciences is ENSC, and for its warrants, it is ENSCW.