NEW YORK, March 3, 2020 /PRNewswire/ -- Spherix
Incorporated (SPEX) ("Spherix" or the "Company"), a technology
development company committed to the fostering of innovative ideas,
today announced that it has priced a public offering of an
aggregate of 7,142,858 shares of common stock (or common stock
equivalents) of the Company and warrants to purchase up to
7,142,858 shares of common stock. Each share of common stock
(or common stock equivalent) is being sold together with one
warrant to purchase one share of common stock, at a public offering
price of $1.05 per share and
accompanying warrant. The shares of common stock (or common
stock equivalents) and the accompanying warrants are being sold
together in this offering, but will be issued separately and will
be immediately separable upon issuance. The warrants are
exercisable immediately and expire five years from the date of
issuance. Each warrant has an exercise price of $1.05.
H.C. Wainwright & Co. is acting as the exclusive placement
agent for the offering.
The gross proceeds to Spherix from this offering are expected to
be approximately $7.5 million, before
deducting the placement agent's fees and other estimated offering
expenses payable by Spherix. This offering is expected to close on
or about March 5, 2020, subject to
the satisfaction of customary closing conditions.
The Company intends to use the net proceeds from this offering
for working capital and general corporate purposes.
The offering is being conducted pursuant to the registration
statement on Form S-1 (File No. 333-236199), as amended, previously
filed with and subsequently declared effective by the Securities
and Exchange Commission ("SEC") on March 3,
2020. A final prospectus relating to the offering will be
filed with the SEC and will be available on the SEC's website at
http://www.sec.gov. Electronic copies of the final prospectus
relating to this offering, when available, may be obtained by
contacting H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd
Floor, New York, New York 10022,
by email at placements@hcwco.com or by telephone at 646-975-6996.
Before investing in this offering, interested parties should read
in their entirety the registration statement that the Company has
filed with the SEC, which provides additional information about the
Company and this offering.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About Spherix
Spherix was initially formed in 1967 and is currently a
biotechnology company with a diverse portfolio of small-molecule
anti-cancer therapeutics. The Company's platform consists of
patented technology from leading universities and researchers and
we are currently in the process of developing an innovative
therapeutic drug platform through strong partnerships with world
renowned educational institutions, including The University of
Texas at Austin and Wake
Forest University. Our diverse pipeline of therapeutics includes
therapies for pancreatic cancer, acute myeloid leukemia (AML) and
acute lymphoblastic leukemia (ALL). In addition, we are constantly
seeking to grow our pipe to treat unmet medical needs in
oncology.
Forward-Looking Statements
To the extent any statements made in this news release deal with
information that is not historical, these are forward-looking
statements under the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, statements
about the company's plans, objectives, expectations and
intentions with respect to future operations and products, the
potential of the company's technology and product candidates, the
anticipated timing of future clinical trials, and other statements
that are not historical in nature, particularly those that utilize
terminology such as "would," "will," "plans," "possibility,"
"potential," "future," "expects," "anticipates," "believes,"
"intends," "continue," "expects," other words of similar meaning,
derivations of such words and the use of future dates.
Forward-looking statements by their nature address matters that
are, to different degrees, uncertain. Uncertainties and risks may
cause the Spherix's actual results to be materially different than
those expressed in or implied by such forward-looking statements.
Particular uncertainties and risks include: our ability to satisfy
the closing conditions of the public offering, the closing of
the public offering; the use of proceeds of the offering; market
and other conditions; the difficulty of developing pharmaceutical
products; obtaining regulatory and other approvals and achieving
market acceptance; general business and economic conditions; the
company's need for and ability to obtain additional financing or
partnering arrangements; and the various risk factors (many of
which are beyond Spherix's control) as described under the heading
"Risk Factors" in the preliminary prospectus and Spherix's filings
with the United States Securities and Exchange Commission. All
forward-looking statements in this news release speak only as of
the date of this news release and are based on management's current
beliefs and expectations. Spherix undertakes no obligation to
update or revise any forward-looking statement, 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