Spherix Incorporated expects USD2.6m in private placement
Nov 09, 2012 (Menafn - M2 EQUITYBITES via COMTEX) --Pharmaceutical products company Spherix Incorporated (nasdaqcm:SPEX) on Thursday announced the execution of definitive agreements to sell USD2.6m of shares of its common stock, together with warrants to purchase additional shares of its common stock in a private placement transaction.
Completion of the offering is expected around 9 November 2012, subject to customary closing conditions, at which time the company will receive the cash proceeds and deliver the securities.
As part of the offering, the company will sell 483,657 common shares at a price of USD5.324 per share plus warrants to purchase an additional 483,657 common shares at an exercise price of USD6.53 per share.
The company added the warrants shall be exercisable for a period of five years, but not until approved by its shareholders.
Ladenburg Thalmann & Co Inc, a subsidiary of Ladenburg Thalmann Financial Services Inc LTS, acted as the exclusive placement agent for this offering.
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