BETHESDA, Md., Sept. 21, 2012 (GLOBE NEWSWIRE) -- Spherix Incorporated (Nasdaq: SPEX) – an innovator in biotechnology for therapy in diabetes, metabolic syndrome and atherosclerosis, and provider of technical and regulatory consulting services to food, supplement, biotechnology and pharmaceutical companies – today announced that it has filed a Certificate of Amendment to its Certificate of Incorporation, as amended, to effect a 1-for-20 reverse stock split of its common stock that will become effective at the end of business today. The reverse stock split-adjusted shares of the Company's common stock will begin trading at the start of NASDAQ trading on September 24, 2012. The Company's shares will continue to trade on The NASDAQ Capital Market under the symbol "SPEX", with the fifth character "D" added to the end of the trading symbol for a period of 20 trading days to indicate the reverse stock split has occurred. Thereafter, the Company's symbol will revert to its original symbol "SPEX". A new CUSIP number has been assigned to Spherix' common stock after the reverse stock split becomes effective.
Spherix stockholders will receive instructions from their broker or from Spherix's transfer agent, American Stock Transfer & Trust Company, LLC, containing the appropriate reverse stock split procedures. Fractional stockholdings will be paid out in cash based on Spherix's closing stock price on the effective date. As a result of the reverse stock split, the number of outstanding common shares will be reduced to approximately 208,000. The reverse stock split will affect all stockholders uniformly and will not affect any stockholder's ownership percentage of Spherix's common shares (except to the extent that the reverse stock split will result in some of the stockholders receiving cash in lieu of one or more fractional shares). Further information on the logistics regarding the reverse split can be obtained by contacting American Stock Transfer & Trust Company's shareholder services department at 877 248-6417 or 718 921-8317.
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