Spherix Announces Institutional Investors Purchase $5.25 Million of Stock and Warrants

Spherix Incorporated SPEX today announced that it has entered into agreements to sell $5.25 million of shares of its Series B Convertible Preferred Stock and warrants to purchase shares of its common stock in a registered offering to institutional investors. Each share of Series B Convertible Preferred Stock is convertible at the option of the holder, at any time during its existence, into approximately 800 shares of common stock at a conversion price of $1.25 per share of common stock for a total of approximately 4.2 million common shares. In connection with the offering, the investors received warrants to purchase up to 2.1 million shares of common stock. The warrants have an exercise price of $1.50 per warrant share, and are exercisable immediately upon issuance and terminate 60 months after the date of issuance.