NEW YORK, July 19, 2017 /PRNewswire/ -- Spherix
Incorporated ("Spherix" or the "Company") (NASDAQ: SPEX), an
intellectual property development company committed to fostering of
technology and monetization of intellectual property, today
announced that it has priced a firm commitment underwritten public
offering of 1,250,000 shares of its common stock at a price to the
public of $2.00 per share. In
addition, Spherix has granted the underwriter a 45-day option to
purchase up to 187,500 additional shares of common stock to cover
over-allotments, if any. The offering is expected to close on or
about July 24, 2017, subject to
satisfaction of closing conditions.
The total gross proceeds of the offering are expected to be
approximately $2.5 million. After
deducting the underwriter's discount and other estimated offering
expenses payable by Spherix, the net proceeds to the Company are
expected to be approximately $2.1
million. These amounts assume no exercise of the
underwriter's over-allotment option.
Laidlaw & Company (UK) Ltd. acted as the sole underwriter
for the offering.
The shares are being offered pursuant to a registration
statement on Form S-1 (File No. 333-218216) that was declared
effective by the Securities and Exchange Commission (SEC) on
July 18, 2017. The securities may be
offered only by means of a prospectus. A final prospectus
supplement related to the offering will be filed with the SEC, and
will be available on the SEC's website at 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
securities 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 Incorporated
Spherix Incorporated was launched in 1967 as a scientific
research company. Spherix is committed to advancing innovation by
participation in the development of new technology. Spherix draws
on portfolios of pioneering technology to support product
innovation.
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. We are a small
company with limited financial resources and our scientific
background and abilities to implement a commercialization strategy
is subject to ever-changing market conditions and rapidly-advancing
technologies over which we have no control. While we believe that
these forward-looking statements are reasonable, market conditions
and competition in the marketplace is ever-changing and we have no
control over these influences. As a result, 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")
including, but not limited to, the Risk Factors relating to the
Company's patent business and other aspects of the Company's
business contained therein. 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 Contact:
Hayden IR, LLC
Brett Mass
Phone: (646) 536-7331
Email: investorrelations@spherix.com
www.haydenir.com
Spherix Contact:
Phone: (703) 992-9325
Email: info@spherix.com
www.spherix.com
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SOURCE Spherix Incorporated