Spherix Announces Pricing of USD 7.5 Million Public Offering

NEW YORK: Spherix Incorporated (SPEX) (Spherix or the Company), a technology development company committed to the fostering of innovative ideas, today announced that it has priced a public offering of an aggregate of 7,142,858 shares of common stock (or common stock equivalents) of the Company and warrants to purchase up to 7,142,858 shares of common stock.

Each share of common stock (or common stock equivalent) is being sold together with one warrant to purchase one share of common stock, at a public offering price of $1.05 per share and accompanying warrant.

The shares of common stock (or common stock equivalents) and the accompanying warrants are being sold together in this offering, but will be issued separately and will be immediately separable upon issuance. The warrants are exercisable immediately and expire five years from the date of issuance. Each warrant has an exercise price of $1.05.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The gross proceeds to Spherix from this offering are expected to be approximately $7.5 million, before deducting the placement agent's fees and other estimated offering expenses payable by Spherix. This offering is expected to close on or about March 5, 2020, subject to the satisfaction of customary closing conditions.

The Company intends to use the net proceeds from this offering for working capital and general corporate purposes.

The offering is being conducted pursuant to the registration statement on Form S-1 (File No. 333-236199), as amended, previously filed with and subsequently declared effective by the Securities and Exchange Commission (SEC) on March 3, 2020. A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website at http://www.sec.gov. Electronic copies of the final prospectus relating to this offering, when available, may be obtained by contacting H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, New York 10022, by email at [email protected] or by telephone at 646-975-6996. Before investing in this offering, interested parties should read in their entirety the registration statement that the Company has filed with the SEC, which provides additional information about the Company and this offering.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

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Spherix Announces Pricing of USD 7.5 Million Public Offering