Why Spherix (SPEX) Stock Is Up Today

NEW YORK (TheStreet) -- Spherix  (SPEX) rose Tuesday after the intellectual property development company announced it had supported its balance sheet with $20 million in equity financing.

The financing consists of 10 million shares of Series J Convertible Preferred Stock, convertible into common stock, at $2 a share to raise gross proceeds of $20 million.

The stock was up 7.18% to $1.94 at 9:57 a.m.

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