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:6/25/2016)... ... , ... The temporary closing of Bruton Memorial Library on June 21 due to a possible ... often overlooked aspect of head lice: the parasite’s ability to live away from a human ... but a necessary one in the event that lice have simply gotten out of control. ...
(Date:6/25/2016)... (PRWEB) , ... June 25, 2016 , ... On Friday, ... presented a Bronze Wellness at Work award to iHire in recognition of their exemplary ... part of the 7th annual Maryland Workplace Health & Wellness Symposium at the BWI ...
(Date:6/24/2016)... ... June 24, 2016 , ... Marcy was in a crisis. Her son James, eight, was out ... family verbally and physically. , “When something upset him, he couldn’t control his emotions,” remembers ... would throw rocks at my other children and say he was going to kill them. ...
(Date:6/24/2016)... NY (PRWEB) , ... June 24, 2016 , ... Topical BioMedics, Inc, makers of Topricin ... companies that call for a minimum wage raise to $12 an hour by 2020 and ... This will restore the lost value of the minimum wage, assure the wage floor does ...
(Date:6/24/2016)... ... 2016 , ... Strategic Capital Partners, LLC (SCP) in concert ... capital for emerging technology companies. SCP has delivered investment events and professional ... than a million dollars of capital investment for five companies. The ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... June 24, 2016  Collagen Matrix, Inc., ("Collagen ... and manufacturing of collagen and mineral based medical ... that Bill Messer has joined the ... further leverage the growing portfolio of oral surgery, ... Bill joins the Collagen Matrix executive team ...
(Date:6/24/2016)... 24, 2016 The Academy of Managed Care ... that would allow biopharmaceutical companies to more easily ... make formulary and coverage decisions, a move that addresses ... medicines. The recommendations address restrictions in the ... the drug label, a prohibition that hinders decision makers ...
(Date:6/24/2016)... , June 24, 2016   Pulmatrix, Inc ., ... developing innovative inhaled drugs, announced today that it was ... Investments reconstituted its comprehensive set of U.S. and ... "This is an important milestone for Pulmatrix," said Chief ... shareholder awareness of our progress in developing drugs for ...
Breaking Medicine Technology: