Suda did not acquire Novadel. Suda acquired most of the IP of Novadel. Novadel still trades on the OTC under NVDL. NVDL owns 50M shares of SUDA and an option to buy 10M more shares at 5 cents each. (see note below from CEO that puts these 50M shares in question)
Novadel also still owns the IP rights to Zopolmist.
Here is my email from the NVDL CEO:
I sent Mr Ratoff the note below and his reply is below my note.
On Feb 4, 2014, at 3:15 PM, SChris wrote:
Mr Ratoff,
Greetings!
I am an investor in Novadel with 1 million shares to my name.
I realize that you sold off most of the assets but just want to know what the next steps are?
At what point will the assets of the company be passed on to the investors?
I am anxious to get my share of the SUDA stock that Novadel owns.
I appreciate what you can tell me.
"LinkedIn INMAIL: ACCEPTED
Steven Ratoff has accepted your request.
Title: Novadel Pharma
The assets that remain are-
-The zolpimist license and intellectual property offset by what is owed to the FDA
-SUDA stock not sold to pay creditors.
Shareholder approval is required to liquidate. It is not yet clear whether distributing shares of SUDA or proceeds from sale of SUDA shares is the preferable route to liquidate.
Timing is an issue as the remaining non SUDA assets have to be sold and all liabilities settled.
Press releases will be issued when these assets are sold and future plans are announced.
Steven Ratoff
Sent from my iPhone"
This email from him raises some questions:
1. How many shares of SUDA has been sold from the 50M?
2. When will we see any press releases?
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