NEW YORK, Oct. 11, 2019 /PRNewswire/ -- Spherix
Incorporated (Nasdaq: SPEX) today announced that on October 2, 2019, the Board of Directors of
Spherix Incorporated ("Spherix") approved a distribution to Spherix
stockholders of 100,000 shares of Hoth Therapeutics, Inc. ("Hoth")
held by Spherix.
Each Spherix stockholder will be entitled to receive one (1)
share of Hoth common stock for every twenty-nine (29) shares of
Spherix common stock held as of 5 p.m.
Eastern Time on October 21,
2019, the record date. Spherix will not distribute
fractional shares of Hoth common stock, and any fractional shares
will be rounded down to the nearest whole share.
Spherix stockholders do not need to take any action to receive
the shares of Hoth common stock, other than be a shareholder of
record on October 21, 2019. Spherix
stockholders do not need to pay any consideration for, surrender or
exchange shares of Spherix common stock.
Mr. Anthony Hayes, CEO of Spherix
stated, "Returning capital to shareholders is an important part of
our strategy, and the distribution of a portion of our holdings in
Hoth is the first step in this endeavor. We continue to work
towards becoming a diversified biopharmaceutical company with a
compelling portfolio of potential compounds to develop and
commercialize."
About Spherix
Spherix Incorporated is a technology development company
committed to the fostering of innovative ideas. Spherix
Incorporated was formed in 1967 as a scientific research
company.
Our activities generally include the acquisition and development of
technology through internal or external research and development.
In addition, we seek to acquire existing rights to intellectual
property through the acquisition of already issued patents and
pending patent applications, both in the
United States and abroad. We may alone, or in conjunction
with others, develop products and processes associated with
technology development. Recently, the Company has invested in and
helped develop technology with Hoth Therapeutics, Inc., DatChat,
Inc. and entered into an agreement to acquire certain technology
assets from CBM BioPharma, Inc.
Forward-Looking Statements
Certain statements made herein are not historical facts but are
forward-looking statements for purposes of the safe harbor
provisions under The Private Securities Litigation Reform Act of
1995. Forward-looking statements generally are accompanied by words
such as "may", "should", "would", "plan", "intend", "anticipate",
"believe", "estimate", "predict", "potential", "seem", "seek",
"continue", "future", "will", "expect", "outlook" or other similar
words, phrases or expressions. These forward-looking statements
include statements regarding Spherix's and CBM's industry, future
events, the proposed transaction between the parties to the Asset
Purchase Agreement, the estimated or anticipated future results and
benefits of the Company following the transaction, including the
likelihood and ability of the parties to successfully consummate
the proposed transaction, future opportunities for the combined
company, and other statements that are not historical facts. These
statements are based on the current expectations of Spherix's
management and are not predictions of actual performance. These
statements are subject to a number of risks and uncertainties
regarding the businesses of Spherix and the transaction, and actual
results may differ materially. These risks and uncertainties
include, but are not limited to, changes in the business
environment in which Spherix or CBM operates, including inflation
and interest rates, and general financial, economic, regulatory and
political conditions affecting the industry in which Spherix or CBM
operates; changes in taxes, governmental laws, and regulations;
competitive product and pricing activity; difficulties of managing
growth profitably; the inability of the parties to successfully or
timely consummate the proposed transaction, including the risk that
any required regulatory approvals are not obtained, are delayed or
are subject to unanticipated conditions that could adversely affect
the combined company or the expected benefits of the transaction;
failure to realize the anticipated benefits of the transaction,
including as a result of a delay in consummating the transaction or
a delay or difficulty in integrating the assets of CBM; uncertainty
as to the long-term value of Spherix's common stock; those
discussed in the Spherix's Annual Reports on Form 10-K and
Quarterly Reports on Form 10-Q and other documents of Spherix on
file with the SEC or in the registration statement that will be
filed with the SEC by Spherix. There may be additional risks that
Spherix presently does not know or that Spherix currently believes
are immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. In addition,
forward-looking statements provide Spherix's expectations, plans or
forecasts of future events and views as of the date of this
communication. Spherix anticipates that subsequent events and
developments will cause Spherix's assessments to change. However,
while Spherix may elect to update these forward- looking statements
at some point in the future, Spherix specifically disclaims any
obligation to do so. These forward-looking statements should not be
relied upon as representing Spherix's assessments as of any date
subsequent to the date of this communication.
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