Spencer Pharmaceutical Inc. announced today that it has received the $500,000 deposit from Al-Dorra as an ongoing process to close the $245 million buyout.
According to the company, a third party corporate finance advisory firm working with Al-Dorra has provided a non-refundable deposit to the company in the amount of $500,000 to be used for ongoing business expenses and expenses related to the buyout offer including but not limited to legal fees.
"We are pleased that the next anticipated step in the process of the buyout offer is completed," said Dr. Max Arella, President of Spencer Pharmaceutical Inc. "We intend to continue to update our shareholders on the progress of the buyout offer as it is presented to us."
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