Deal proceeds to develop D-tagatose and for general corporate purposes
By Devika Patel
Knoxville, Tenn., Oct. 7 - Spherix Inc. said it will conduct a registered offering of series B convertible preferred stock.
The company will sell $5.25 million of the preferreds, which are each convertible into about 800 common shares at $1.25 per share. The conversion price is a 7.4% discount to $1.35, the Oct. 6 closing share price.
Investors also will receive warrants for 2.1 million shares. Each warrant is exercisable at $1.50 for five years.
Settlement is expected Oct. 13. Rodman & Renshaw, LLC is the agent.
Proceeds will be used to develop D-tagatose for diabetes and triglycerides, as well as for general corporate purposes.
Located in Beltsville, Md., Spherix offers information technology, knowledge management and biotechnology.
| Issuer: | Spherix Inc.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $5.25 million
|
| Conversion price: | $1.25
|
| Conversion ratio: | Into about 800 common shares (per preferred)
|
| Warrants: | For 2.1 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.50
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | Oct. 7
|
| Settlement date: | Oct. 13
|
| Stock symbol: | Nasdaq: SPEX
|
| Stock price: | $1.35 at close Oct. 6
|
| Market capitalization: | $19.72 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
