Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s
Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities
Market Information
Our units, common stock and warrants are
traded on the Nasdaq Capital Market under the symbols “LACQU,” “LACQ” and “LACQW,” respectively.
Our units commenced public trading on December 1, 2017, and our common stock and warrants commenced public trading on December
28, 2017.
Holders
On March 1, 2021, there was one holder
of record of our units, 17 holders of record of shares of our common stock and nine holders of record of our warrants. This
number does not include beneficial owners whose units, shares and/or warrants were held in street name (e.g., all of the public
shares). The actual number of holders of our units, common stock and warrants is greater than this number of record holders and
includes holders who are beneficial owners, but whose securities are held in street name by brokers or held by other nominees.
This number of holders of record also does not include holders whose securities may be held in trust by other entities.
Dividends
We have not paid any cash dividends on
our common stock to date and do not intend to pay cash dividends in the foreseeable future. The payment of cash dividends in the
future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent
to completion of our Business Combination. The payment of any cash dividends subsequent to our Business Combination will be within
the discretion of our board of directors at such time. In addition, our board of directors is not currently contemplating and
does not anticipate declaring any stock dividends in the foreseeable future. Further, if we incur any indebtedness in connection
with our Business Combination, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection
therewith.
Securities
Authorized for Issuance under Equity Compensation Plans
None.
Recent
Sales of Unregistered Securities; Use of Proceeds from Registered Offerings
On December 5,
2017, we consummated our Initial Public Offering of 20,000,000 units, with each unit consisting of one share of our common stock,
and one-half (1/2) of one warrant, each whole warrant entitling the holder to purchase one share of common stock at a price of
$11.50. The units in the Initial Public Offering were sold at an offering price of $10.00 per unit, generating total gross proceeds
of $200,000,000. Morgan Stanley & Co., LLC acted as the book running manager and EarlyBirdCapital, Inc. acted as lead manager
of the offering. The securities sold in the offering were registered under the Securities Act on registration statement on Form
S-1 (No. 333-221330). The SEC declared the registration statement effective on December 1, 2017.
We paid a total
of $4,000,000 in underwriting discounts and commissions and $548,735 for other costs and expenses related to the Initial Public
Offering. In addition, the underwriters agreed to defer $7,000,000 in underwriting discounts and commissions, and up to this amount
will be payable upon consummation of the Business Combination. After deducting the underwriting discounts and commissions (excluding
the deferred portion of $7,000,000 in underwriting discounts and commissions, which will be released from the Trust Account upon
consummation of the Business Combination, if consummated) and the estimated offering expenses, the total net proceeds from our
Initial Public Offering and the private placement was $202,276,265, of which $200,000,000 (or $10.00 per unit sold in the Initial
Public Offering) was placed in the Trust Account.
In connection with special stockholders
meetings at which the completion window for a Business Combination was extended, an aggregate of 18,775,732 public shares were
redeemed for cash from the trust account, for an aggregate redemption amount of approximately $196.4 million. As of December 31,
2020, there was approximately $12,628,170 held in the trust account. In addition, On January 31, 2021, the underwriters agreed
to reduce the total deferred underwriting fee that is to be paid to such underwriters upon the consummation of our Business Combination
to $2,000,000, which have the right, under certain situations, to pay in the form of our common stock.
There
has been no material change in the planned use of proceeds from our Initial Public Offering as described in our final prospectus
dated December 1, 2017 which was filed with the SEC.
Purchases
of Equity Securities by the Issuer and Affiliated Purchasers
None.
Item 6. Selected Financial Data
Not required for smaller reporting companies.
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