Spherix Announces Registered Direct Offering of $1.15M

Spherix Incorporated

today announced that it has entered into definitive agreements to sell $1.15 million of shares of its common stock and warrants to purchase shares of its common stock in a registered direct offering to institutional investors. Spherix will issue an aggregate of 1,064,815 shares of common stock to the institutional investors together with warrants to purchase an additional 212,963 shares of common stock. Each investor will receive one (1) share of common stock and a warrant to purchase 0.2 shares of common stock for a purchase price of $1.08. The warrants have an exercise price of $1.40 per share, and are exercisable 6 months after issuance and terminate 66 months after the date of issuance.