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Spherix Incorporated Announces $20 Million Registered Direct Offering Of Preferred Stock

Stocks in this article: SPEX

BETHESDA, Md., May 29, 2014 /PRNewswire/ --  Spherix Incorporated (Nasdaq: SPEX) ("Spherix'' or the "Company''), an intellectual property development company committed to the fostering and monetization of intellectual property, announced today that it entered into a placement agent agreement with Laidlaw & Company (UK) Ltd. on May 28, 2014, to sell 10 million shares of Series J Convertible Preferred Stock in a registered direct offering at a purchase price of $2.00 per share, with each share convertible into one share of Company common stock. The offering is expected to close on June 2, 2014. Net proceeds to the Company, following payment of placement agent fees and other expenses of the Offering payable by us, are expected to be approximately $18.3 million.

Spherix Logo.

The net proceeds of the Offering will be used by the Company, among other things, for the redemption of a minimum $5 million of the Company's the Series I Convertible Preferred Stock issued to Rockstar Consortium US LP ("Rockstar") under the terms of the Company's December 2013 acquisition of 101 patent and patent applications developed by Nortel Networks. Additional amounts shall be used for general working capital purposes or additional redemptions of Series I Convertible Preferred Stock.

Laidlaw & Company (UK) Ltd. acted as the placement agent on a best efforts basis in connection with this Offering.

The securities were offered pursuant to the Company's effective shelf registration statement previously filed with the Securities and Exchange Commission on Form S-3. A preliminary prospectus relating to the offering has been filed with the SEC and is available on the SEC's website at . Copies of the final prospectus relating to the offering, when available, may be obtained from Laidlaw & Company (UK) Ltd. 546 Fifth Avenue, 5 th Floor, New York, NY 10036, or from the above-mentioned SEC website.

The foregoing summaries of the offering, the securities to be issued in connection therewith and the full terms and conditions of the Series J Preferred Stock do not purport to be complete and are qualified in their entirety by reference to the definitive documents filed with the SEC.

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