BRIDGEWATER, N.J.--(BUSINESS WIRE)--NovaDel Pharma Inc. (OTC Pink: NVDL) solicited the vote of its shareholders to either approve a business combination with another company, or to approve the dissolution of NovaDel. The consent solicitation concluded on Friday February 17, 2017. The NovaDel shareholders did not approve the business combination, but rather, they elected to dissolve NovaDel and distribute any remaining assets to its shareholders. It is anticipated that the shareholders will receive approximately $0.01 per share in cash upon dissolution after the payment of outstanding liabilities and certain reserves for wind-down expenses. It is expected that the dissolution and distribution to shareholders will be completed by June 30, 2017.
About NovaDel Pharma
NovaDel Pharma Inc. is a specialty pharmaceutical company that previously developed oral spray formulations of marketed pharmaceutical products. The Company has discontinued its operations.
Except for historical information contained herein, this document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks and uncertainties that may cause the Company’s actual results or outcomes to be materially different from those anticipated and discussed herein, including, but not limited to, the Company’s ability to achieve other strategic alternatives (the lack of which would cause the Company to file for bankruptcy).