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June 3, 2014 /PRNewswire/ -- Spherix Incorporated (NASDAQ: SPEX) -- an intellectual property development company committed to the fostering and monetization of intellectual property, today announced that it has completed a
$20 million equity financing consisting of 10 million shares of Series J Convertible Preferred Stock (convertible into common stock) at
$2 per share to raise gross proceeds of
$20 million, before payment of placement agent fees and other expenses of the offering payable by us. No warrants were issued as part of the transaction.
Anthony Hayes, Chief Executive Officer of Spherix, stated, "This closing is another major step in the evolution of Spherix into a world-class monetization company. We believe the confidence expressed by these investors in Spherix substantiates our belief in the value of our intellectual property and the future of the company. We believe that this transaction provides Spherix with the necessary funding to meet our contractual obligations to Rockstar Consortium US LP for the remainder of 2014 and to help fund the company's growth."
The transaction was closed on
June 2, 2014, pursuant to Spherix's effective shelf registration previously filed with the Securities and Exchange Commission on Form S-3, dated
May 7, 2014, as supplemented by a preliminary and final prospectus supplement and the public filings incorporated by reference therein. Laidlaw & Company (UK) Ltd. acted as the placement agent for the transaction.
Spherix Incorporated was launched in 1967 as a scientific research company. Spherix is committed to advancing innovation by active participation in the patent market. Spherix draws on portfolios of pioneering technology patents to partner with and support product innovation.