Spherix Prices 5.719M Units; 1.23 Shares Of Common At Exercise Price Of $0.43

Spherix Incorporated

an intellectual property development company committed to the fostering and monetization of intellectual property, today announced that it has entered into definitive agreements with certain institutional investors to sell an aggregate of 5,719,532 units, with each unit consisting of (i) one share of its common stock, par value $.0001 per share ("Common Stock") and (ii) one warrant to purchase 1.23 shares of Common Stock, in a registered direct offering for gross proceeds of approximately $1.5 million excluding the exercise of any Warrants issued in the offering, before deducting placement agent's fees and estimated offering expenses. The per share exercise price of the warrants is $.43. The warrants are exercisable beginning on the date that is six months and one day following the closing of this offering and will expire on the date that is five and one half years from the date of closing. The securities described above are being offered directly by Spherix Incorporated pursuant to an effective shelf registration statement on Form S-3 which was previously filed with the Securities and Exchange Commission. The closing of this offering is expected to occur on or about July 21, 2015, subject to the satisfaction of customary closing conditions. Chardan Capital Markets LLC served as the sole placement agent for the offering. Copies of the prospectus supplement, containing a more detailed explanation of the offering and the securities, and accompanying base prospectus relating to the offering may be obtained from the Securities and Exchange Commission website at http://www.sec.gov. This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or jurisdiction.