TYSONS CORNER, Va.,
March 27, 2014 /PRNewswire/ --
Spherix Incorporated (NASDAQ:SPEX) (the "Company") today announced
that it has closed a private placement of common stock and warrants
and terminated the private offering. Laidlaw & Co (UK) Ltd.
served as exclusive placement agent in connection with the private
offering. The Company is an intellectual property development
company committed to the fostering and monetization of intellectual
property.
The gross proceeds to the Company before deduction of placement
agent fees and offering expenses was approximately $4.4 million. Net proceeds from the
offering are expected to be used for working capital and general
corporate purposes.
Further details of the private placement are available in the
Company's Current Report on Form 8-K filed with the SEC on
March 26, 2014 together with each of
the transaction documents as Exhibits thereto. The securities
in the private placement have not been registered under the
Securities Act of 1933, as amended (the "Securities Act"), or
applicable state securities laws. Accordingly, they may not
be offered or sold in the United
States except pursuant to an effective registration
statement or an applicable exemption from the registration
requirements of the Securities Act and such applicable state
securities laws. The securities were sold only to accredited
investors.
This release does not constitute an offer to sell or the
solicitation of an offer to buy any securities of the Company, nor
shall there be any sale of any securities of the Company where such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under applicable securities laws.
About Spherix
Spherix Incorporated was launched in
1967 as a scientific research company. Spherix is committed to
advancing innovation by active participation in the patent market.
Spherix draws on portfolios of pioneering technology patents to
partner with and support product innovation.
About Laidlaw & Co. (UK) Ltd.
Laidlaw &
Company (UK) Ltd., founded in 1842, is a relationship driven
international investment bank, providing wealth management
services, capital raising, mergers & acquisitions advisory,
research and corporate access to clients on a global level.
Headquartered in New York City and
United Kingdom, Laidlaw maintains
eight offices across the United
States and London, England
with over 150 employees firm wide. Laidlaw also offers personalized
investment advice and skillful execution to private and public
institutions, as well as high net worth individual investors. The
firm is a FINRA, MSRB and SIPC registered company.
Forward Looking Statements
Certain statements in this
press release constitute "forward-looking statements" within the
meaning of the federal securities laws. Words such as "may,"
"might," "will," "should," "believe," "expect," "anticipate,"
"estimate," "continue," "predict," "forecast," "project," "plan,"
"intend" or similar expressions, or statements regarding intent,
belief, or current expectations, are forward-looking statements.
While the Company believes these forward-looking statements are
reasonable, undue reliance should not be placed on any such
forward-looking statements, which are based on information
available to us on the date of this release. These forward looking
statements are based upon current estimates and assumptions and are
subject to various risks and uncertainties, including without
limitation those set forth in the Company's filings with the
Securities and Exchange Commission (the "SEC"), not limited to Risk
Factors relating to its patent business contained therein,
including the Prospectus filed under Rule 424B3 filed February 19, 2014 with the SEC. Thus, actual
results could be materially different. The Company expressly
disclaims any obligation to update or alter statements whether as a
result of new information, future events or otherwise, except as
required by law.
Contact:
Investor Relations
Phone: (703)
992-9325
Email: info@spherix.com
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SOURCE Spherix Incorporated