Spherix Announces Closing Of Public Offering Of Common Stock

On July 24, 2017 Spherix Incorporated ("Spherix" or the "Company") (NASDAQ: SPEX), an intellectual property development company committed to fostering of technology, reported that it has closed its previously announced 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 (Press release, Spherix, JUL 24, 2017, View Source [SID1234538992]).

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The total gross proceeds of the offering are approximately $2.5 million. After deducting the underwriter’s discount and other offering expenses payable by Spherix, the net proceeds to the Company are approximately $2.1 million.

Anthony Hayes, the Chief Executive Officer of Spherix, stated, "One of the purposes of this offering is to raise capital to explore potential acquisition opportunities. Looking beyond our recent investment in Hoth Therapeutics, we hope to use these proceeds to find other similar opportunities."

Laidlaw & Company (UK) Ltd. acted as the sole underwriter for the offering.

The shares were 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 were offered only by means of a prospectus. A final prospectus supplement related to the offering has been filed with the SEC, and is 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: [email protected].

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.