Navigation Links
Spherix Incorporated to Seek Stockholder Approval of Reverse Stock Split

BETHESDA, Md., Sept. 8 /PRNewswire-FirstCall/ -- Spherix Incorporated (Nasdaq: SPEX) announced that it will seek stockholder approval to implement a reverse stock split at a Special Meeting of Stockholders on November 17, 2008, in an effort to meet the minimum per share market price requirements for continued listing on the NASDAQ Global Market. The date for determining stockholders of record entitled to receive notice of, and to vote at, the Special Meeting is September 19, 2008.

A definitive proxy statement containing important stockholder information regarding the proposed reverse stock split will be mailed to all stockholders on or about September 26, 2008. Copies of the proxy statement will also be available at no charge from the Securities and Exchange Commission's website at Stockholders are urged to read the proxy statement prior to submitting their vote.

The Company believes that a reverse stock split, which should result in a higher per share price and a corresponding lower number of total shares issued and outstanding at the time of implementation, should help increase the marketability of its stock to a broader range of potential new investors and enable the Company to attain the minimum $1.00 per share bid price for its common stock.

The Company's Board of Directors is asking the stockholders to vote on and approve a proposal to effect a reverse split of the Company's common stock within a range of 1:5 to 1:20. The stockholders are being asked to grant authority to the Board of Directors to determine, in its discretion, the actual ratio of the reverse stock split immediately prior to the effective date of the reverse stock split, and when such reverse stock split should be implemented.

As of September 3, 2008, there were 14,357,162 shares of Spherix Incorporated common stock outstanding. The reverse stock split would affect all Spherix Incorporated common stock and stock options outstanding immediately prior to the effective time of the reverse stock split, if approved.

Certain statements contained herein are "forward looking" statements as defined in the Private Securities Litigation Reform Act of 1995. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied. Factors that could cause actual results to differ materially from those expressed or implied include, but are not limited to, those discussed in filings by the Company with the Securities and Exchange Commission, including the filing on Form 8-K made on October 10, 2007.

Spherix's mission is to create value and increase shareholder wealth through innovations that benefit our clients and the human condition. Spherix offers innovations in biotechnology, and provides technical and regulatory consulting services to biotechnology and pharmaceutical companies.

Our Internet address is

SOURCE Spherix Incorporated
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Market Research Shows Spherixs Naturlose(R) Readily Accepted by Diabetes Patients
2. Aflac Incorporated to Webcast Tokyo Analysts Meeting
3. Aflac Incorporated To Present at the Keefe, Bruyette & Woods 2008 Insurance Conference
4. Vertrue Incorporated and Feed The Children Join Forces to Give Away $1 Million in Aid to Families in Need
5. Accuray Incorporated to Report Fourth Quarter and Fiscal Year 2008 Financial Results
6. Accuray Incorporateds CEO to Speak at Jefferies Second Annual Healthcare Conference
7. Aflac Incorporated to Present at the Sanford C. Bernstein & Co., LLC Twenty-Fourth Annual Strategic Decisions Conference 2008
8. Aflac Incorporated to Webcast 2008 Financial Analysts Briefing
9. ViroPharma Incorporated Reports First Quarter 2008 Financial Results
10. Accuray Incorporateds CEO to Present at Morgan Stanley 2008 Global Healthcare Unplugged Conference
11. Aflac Incorporated Announces First Quarter Results, Declares Second Quarter Cash Dividend
Post Your Comments:
(Date:11/27/2015)... ... November 27, 2015 , ... ProSidebar: Fashion ... Cut Pro X. With ProSidebar: Fasion, video editors can easily add an informative ... a minimalist title opener. Utilize presets featuring self-animating drop zones, lines, bars, and ...
(Date:11/27/2015)... ... November 27, 2015 , ... Consistent with the ... 2016 Building Better Radiology Marketing Programs meeting will showcase some of ... 6, 2016, at Caesars Palace in Las Vegas with a pre-conference session on ...
(Date:11/27/2015)... ... ... A simply groundbreaking television series, "Voices in America", which is hosted by Hollywood ... issues that are presently affecting Americans. Dedicated to providing the world with a wide ... subjects consumers focus on, one episode at a time. , In the latest ...
(Date:11/27/2015)... ... November 27, 2015 , ... Keeping ... platform for mental health and wellness consultation, has collaborated with a leading web-based ... the knowledge gap experienced by parents and bring advice from parenting experts within ...
(Date:11/27/2015)... ... 2015 , ... The men and women on this list ... the country. They have overseen financial turnarounds, shown commitment to their community through ... as a whole through their advocacy and professional efforts. , Becker's Hospital Review ...
Breaking Medicine News(10 mins):
(Date:11/26/2015)... , November 26, 2015 ... the addition of the  "2016 Future ... European Therapeutic Drug Monitoring (TDM) Market: ... Intelligence, Emerging Opportunities"  report to their ... has announced the addition of the  ...
(Date:11/26/2015)... , November 26, 2015 ... the "Self Administration of High Viscosity Drugs" ... ) has announced the addition of the ... report to their offering. --> Research ... addition of the "Self Administration of High ...
(Date:11/26/2015)... DUBLIN , November 26, 2015 /PRNewswire/ ... the addition of the "Radioimmunoassay Market ... User (Hospital, Pharmaceutical Industry, Academics, Clinical Diagnostic ... - Global Forecast to 2020" report ... ) has announced the addition of the ...
Breaking Medicine Technology: