NEW YORK, March 4, 2020 /PRNewswire/ -- Spherix
Incorporated (Nasdaq: SPEX) announced that, in light of the
expected closing of its public offering tomorrow, March 5, 2020, the record date with respect to
the Hoth dividend has been moved to Friday,
March 6, 2020, so that its new shareholders may participate
in the Hoth dividend.
We expect the number of shares of Hoth Common Stock distributed
per share held of Spherix Common Stock to be one share of Hoth
common stock for every one-hundred seventy shares of Spherix common
stock held at such time. The ex-dividend date for the
distribution will be announced by Nasdaq once the effectiveness of
the registration statement registering the Hoth shares is
determined. In the event that warrants issued in our recently
announced offering are exercised between the record date and the
ex-dividend date, the ratio of Spherix shares to Hoth shares may
increase. We will not distribute fractional shares of Hoth
common stock, and any fractional shares will be rounded down to the
nearest whole share.
Spherix stockholders do not need to take any action to receive
the shares of Hoth common stock if you continue to hold shares of
Spherix Common Stock through the ex-dividend date. To receive
the Hoth dividend, Spherix stockholders do not need to pay any
consideration for, surrender or exchange shares of Spherix common
stock.
Mr. Anthony Hayes, CEO of Spherix
stated, "This is a transformative time for Spherix. We are
excited to move forward with developing our new assets. Returning
capital to shareholders is an important part of our strategy, and
the distribution of a portion of our holdings is another step in
this endeavor. We continue to work towards becoming a diversified
biopharmaceutical company with a compelling portfolio of potential
compounds to develop and commercialize."
About Spherix
Spherix was initially formed in 1967 and is currently a
biotechnology company with a diverse portfolio of small-molecule
anti-cancer therapeutics. The Company's platform consists of
patented technology from leading universities and researchers and
we are currently in the process of developing an innovative
therapeutic drug platform through strong partnerships with world
renowned educational institutions, including The University of
Texas at Austin and Wake
Forest University. Our diverse pipeline of therapeutics includes
therapies for pancreatic cancer, acute myeloid leukemia (AML) and
acute lymphoblastic leukemia (ALL). In addition, we are constantly
seeking to grow our pipe to treat unmet medical needs in
oncology.
Forward-Looking Statements
To the extent any statements made in this news release deal with
information that is not historical, these are forward-looking
statements under the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, statements
about the company's plans, objectives, expectations and
intentions with respect to future operations and products, the
potential of the company's technology and product candidates, the
anticipated timing of future clinical trials, and other statements
that are not historical in nature, particularly those that utilize
terminology such as "would," "will," "plans," "possibility,"
"potential," "future," "expects," "anticipates," "believes,"
"intends," "continue," "expects," other words of similar meaning,
derivations of such words and the use of future dates.
Forward-looking statements by their nature address matters that
are, to different degrees, uncertain. Uncertainties and risks may
cause the Spherix's actual results to be materially different than
those expressed in or implied by such forward-looking statements.
Particular uncertainties and risks include: our ability to satisfy
the closing conditions of the public offering, the closing of
the public offering; the use of proceeds of the offering; market
and other conditions; the difficulty of developing pharmaceutical
products; obtaining regulatory and other approvals and achieving
market acceptance; general business and economic conditions; the
company's need for and ability to obtain additional financing or
partnering arrangements; and the various risk factors (many of
which are beyond Spherix's control) as described under the heading
"Risk Factors" in the preliminary prospectus and Spherix's filings
with the United States Securities and Exchange Commission. All
forward-looking statements in this news release speak only as of
the date of this news release and are based on management's current
beliefs and expectations. Spherix undertakes no obligation to
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
Company Contact:
Investor
Relations:
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Hayden IR
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Brett Maas, Managing
Partner
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Phone: (646)
536-7331
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Email:
brett@haydenir.com
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www.haydenir.com
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Spherix:
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Phone:
212-745-1373
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Email: investorrelations@spherix.com
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www.spherix.com
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SOURCE Spherix Incorporated