NEW YORK, March 15, 2018 /PRNewswire/ -- Spherix
Incorporated (SPEX), a technology development company committed to
the fostering of innovation and monetization of intellectual
property, today announced that it has priced a registered public
offering on a "best efforts" basis of an aggregate of 2,222,222
shares of common stock at a price to the public of $1.35 per share. The offering is expected
to close on or about March 19, 2018,
subject to the satisfaction of customary closing conditions.
Laidlaw & Company (UK) Ltd. acted as exclusive placement
agent for the offering.
The aggregate gross proceeds of the offering are anticipated to
be approximately $3 million.
After deducting the placement agent's commission and other
estimated offering expenses payable by Spherix, the net proceeds to
Spherix are anticipated to be approximately $2.7 million. Spherix intends to use the
net proceeds from the offering for working capital and general
corporate purposes.
The shares are being offered pursuant to an effective shelf
registration statement on Form S-3, as amended (File No.
333-222488), that was previously filed with the Securities and
Exchange Commission (SEC) and declared effective on January 19, 2018. The shares may be offered only
by means of a prospectus supplement and the accompanying base
prospectus. The preliminary prospectus supplement and the
accompanying base prospectus related to the offering have been
filed with the SEC, and a final prospectus supplement and the
accompanying base prospectus related to the offering will be filed
with the SEC. The final prospectus supplement and the
accompanying base prospectus will be available on the SEC's website
located at http://www.sec.gov and may also be obtained from Laidlaw
& Company (UK) Ltd., Attention: Syndicate Department, 546 Fifth
Avenue, 5th Floor, New York,
New York 10036, telephone (212) 953-4900, email:
syndicate@laidlawltd.com.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, nor may there be any sale of these
shares in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Spherix
Spherix is committed to advancing innovation by active
participation in all areas of the patent market. Spherix draws on
portfolios of pioneering technology patents to partner with and
support product innovation. Spherix has acquired over 100 patents
from Rockstar Consortium Inc., and several hundred patents issued
to Harris Corporation, covering a variety of methods and components
involved in switching, routing, networking, optical and
telecommunication sectors.
Forward-Looking Statements
This press release contains statements that are forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, including with respect to the
completion of the proposed public offering. Such statements involve
risks and uncertainties, such as market risks and the risk that the
conditions to the closing of the offering will not be satisfied and
other risks detailed in Spherix's most recent annual and quarterly
reports filed with the SEC and current reports filed with the SEC
since the filing of Spherix's most recent annual report. All
forward-looking statements are based upon information available to
Spherix on the date the statements are first published. Spherix
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Company Contact:
Investor
Relations:
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Hayden IR
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Brett Maas, Managing
Partner
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Phone: (646)
536-7331
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Email:
brett@haydenir.com
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www.haydenir.com
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Spherix:
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Phone:
212-745-1373
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Email: investorrelations@spherix.com
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www.spherix.com
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SOURCE Spherix Incorporated