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Spencer Pharmaceutical Inc. (SPPH.PK)
Spencer Pharmaceutical Inc. (Pinksheets:SPPH - News) announced today that it has received an irrevocable commitment for $500,000 in the Company from Al-Dorra. This commitment, the form of which will be determined, will be non-refundable.
According to the letter by Al-Dorra, they will forward this commitment on or before November 30, 2010. The non-refundable deposit is intended as a sign of good faith and will enable the company and its independent financial advisors to properly consider the $0.97 offer proposed by Al-Dorra. It should be noted that even though the Company will accept this non-refundable commitment, Company management is obliged by law to review any third party offer presented.
“This deposit is yet another great gesture by the Al-Dorra group and their interest in our technologies is unparalleled and we look forward to hosting the dinner in their honor,” said Dr. Max Arella, President of Spencer Pharmaceutical Inc. “The $0.97 offer is not yet established but each significant step, such as this investment, brings us further to considering whether such offer is in the best interests of our shareholders,” further added Dr. Arella.
The final terms and conditions of the transaction will be determined in a definitive agreement. No assurances can be provided that a definitive agreement will be executed. Execution of a definitive agreement is subject to, among other things, confirming due diligence by Spencer, and other conditions and approvals by both companies’ management, board of directors and shareholders, as appropriate.
About Spencer Pharmaceutical Inc.
Spencer Pharmaceutical Inc. is a US-based Pharmaceutical Research and Development Corporation, which is developing innovative drug release and absorption systems for the treatment of metabolic diseases such as diabetes and metabolic syndrome. Read the rest of this entry »