(By Balaseshan) Spherix Inc. (NASDAQ: SPEX), a scientific research company, said it has closed sale of $2.6 million of common shares with warrants to purchase additional shares in a private placement transaction.
Spherix has issued an aggregate of 483,657 common shares at $5.324 apiece along with warrants to purchase an additional 483,657 common shares at an exercise price of $6.53 apiece. The warrants shall be exercisable for a period of five years, but will not be effective until approved by the shareholders of the company.
The company intends to use the net proceeds from the offering for general corporate purposes.
The company and the Investors have executed a Registration Rights Agreement pursuant to which Spherix has agreed to register the common stock sold in the offering and the common stock issuable upon exercise of the warrants via a Form S-1 registration statement.
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSEAMEX: LTS), acted as the exclusive placement agent for this offering.
The company is enaged in developing biopharmaceutical products and providing technical and regulatory consulting services to food, consumer products and pharmaceutical companies.
SPEX is trading up 2.35% at $8.70 on Monday. The stock has been trading between $6.12 and $41.40 for the past 52 weeks.