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Quotes & Info
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| NVD > SEC Filings for NVD > Form 8-K on 28-Sep-2009 | All Recent SEC Filings |
28-Sep-2009
Other Events
As previously disclosed in a Form 8-K filed with the Commission on June 30,
2009, NovaDel Pharma Inc. (the "Company") entered into a Common Stock Purchase
Agreement (the "Agreement") with Seaside 88, LP ("Seaside") whereby the Company
agreed to issue and sell to Seaside, and Seaside agreed to purchase from the
Company, 500,000 shares (the "Shares") of the Company's common stock, $0.001 par
value per share (the "Common Stock"), once every two (2) weeks for twenty-six
(26) closings over a fifty-two (52) week period (the "Offering"). Pursuant to
the terms of the Agreement, at the initial closing, the offering price of the
Common Stock equaled 87% of the volume weighted average trading price of the
Common Stock during the trading day immediately prior to the initial closing
date. At each subsequent closing, on each 14th day thereafter, the offering
price of the Company's Common Stock will equal 87% of the volume weighted
average trading price of the Common Stock for the ten-day trading period
immediately preceding each subsequent closing date. If, with respect to any
subsequent closing, the volume weighted average trading price of the Company's
Common Stock for the three trading days immediately prior to such closing is
below $0.25 per share, then the particular subsequent closing will not occur and
the aggregate number of Shares to be purchased shall be reduced by 500,000
shares of Common Stock.
Accordingly, on September 25, 2009, the Company had its sixth closing of the Offering pursuant to which Seaside purchased 500,000 shares of the Company's Common Stock at a price per share of $0.23 having an aggregate value of approximately $116,665, and, the Company received net proceeds of approximately $111,665, after deducting commissions and $1,500 in non-accountable expenses, pursuant to the terms of the Agreement.
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