New York, NY – March 4, 2020 — Spherix Incorporated (NASDAQ: SPEX) announced that, in light of the expected closing of its public offering tomorrow, March 5, 2020, the Hoth dividend date has been moved to Friday, March 6, 2020, so that its new shareholders may participate in the Hoth dividend.
As a result, each Spherix stockholder as of 5 p.m. Eastern Time on Friday, March 6, 2020, will be entitled to receive shares of Hoth common stock for shares of Spherix common stock held at such time by such stockholders. We expect the number of shares of Hoth Common Stock distributed per share 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, other than be a shareholder of record on March 6, 2020. 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.”
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.
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.
|Investor Relations:||Hayden IR|
|Brett Maas, Managing Partner|
|Phone: (646) 536-7331|
Source: Spherix Incorporated