NovaDel Pharma Inc. (the “Company”) (OTC Pink: NVDL) announced today that the Special Meeting of the Company’s Stockholders scheduled for today for the purpose of obtaining stockholder approval of the sale of substantially all of the Company’s assets to Suda Ltd. and the liquidation and dissolution of the Company, was adjourned due to the lack of the requisite quorum. A majority of the Company’s outstanding common stock must be present at the Special Meeting, either in person or by proxy, to establish a quorum, but only approximately 45% of the outstanding shares have been voted. However, of the votes that have been cast to date, over 75% of such votes have been cast in favor of the proposals.
The Special Meeting of the Company’s Stockholders has been adjourned to 9:00 a.m. Eastern Time on July 19, 2013, and will be held at the offices of Morgan, Lewis & Bockius LLP, located at 101 Park Avenue, New York, New York 10178. The meeting is being adjourned to provide the Company with additional time to solicit proxies from its stockholders to establish the requisite quorum for the conduct of business at the Special Meeting of Stockholders.
“I urge the stockholders to vote for the proposals for the reasons set forth in the proxy statement,” stated Steven B. Ratoff, Chief Executive Officer and Sole Director of the Company. “We believe that the Suda transaction and the subsequent liquidation and dissolution of the Company provide stockholders with the best opportunity to potentially monetize their investment in the Company and will allow the Company to distribute the maximum amount of cash or other assets to the Company’s stockholders. In the event the proposals are not approved by the Company’s stockholders, we will likely be forced to file for bankruptcy.”
The Company’s proxy materials, including its Notice of the Special Meeting, which were previously filed and mailed to the Company’s stockholders on or about May 24, 2013, as well as the agenda for the meeting set out therein, remain unchanged. The record date for the stockholders entitled to vote at the special meeting remains the close of business on May 9, 2013.
Stockholders who have not voted as of yet are encouraged to submit their votes. Votes can be submitted via the internet at www.proxyvote.com, via telephone by calling 1-800-690-6903, or via mail by marking, signing and dating your proxy card and returning it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717. Additional proxies for the adjourned meeting will be accepted until 11:59 PM Eastern Time on July 18, 2013. Proxies previously submitted for the Special Meeting will be voted at the adjourned meeting unless revoked. Stockholders who have already voted on the proposal do not need to take any further action.
