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Spherix Stockholders Authorize Potential Reverse Stock Split
Posted by: gurufocus (IP Logged)
Date: December 13, 2008 08:05PM

Press Release: Spherix Stockholders Authorize Potential Reverse Stock Split Spherix is a technology innovations company. The Company consists of aBiotechnology Division (BioSpherix) a Commercial Information Services Division (CISD) a Government Information Services Division (GISD) and an Information Technology Division (ITD). CISD GISD and ITD are collectively referred to as ``InfoSpherix.`` The Company is managed along two business segments BioSpherix and InfoSpherix. Spherix Inc. has a market cap of $4.31 million; its shares were traded at around $0.26 with and P/S ratio of 27.79. More on SPEX: Gurus buys and sells of SPEX 10-year financial history of SPEX. Insider buys/sells of SPEX.

Press Release:

BETHESDA, Md., Nov. 19 /PRNewswire-FirstCall/ -- Spherix Incorporated(Nasdaq: SPEX) reported that at a special meeting of stockholders held onNovember 17, 2008, the stockholders authorized the Board of Directors toeffect a reverse split of its common stock at any time within the next twelve(12) months at a ratio ranging from 1:5 to 1:20. The Board of Directors willbe assessing the appropriateness and size of a reverse split. If a reversesplit is approved by the Board of Directors, the result would be that aspecific number of shares of common stock between five (5) and twenty (20)would be combined into one (1) share of common stock.

As a result of Nasdaq's recent suspension of enforcement of its minimumprice requirement, the Company has until April 23, 2009 to achieve compliancewith the $1.00 per share minimum price request. Accordingly, it is expectedthat the Board of Directors will defer action on the reverse stock split untilearly 2009.

"We are pleased with the support of our stockholders in authorizing theBoard to affect a reverse split, and the confidence that it represents inSpherix going forward," said Claire Kruger, Spherix's CEO.

Spherix also reported that it has now received the final $2 million escrowpayment related to the sale of its InfoSpherix subsidiary last year.

Certain statements contained herein are "forward looking" statements asdefined in the Private Securities Litigation Reform Act of 1995. Because suchstatements include risks and uncertainties, actual results may differmaterially from those expressed or implied. Factors that could cause actualresults to differ materially from those expressed or implied include, but arenot limited to, those discussed in filings by the Company with the Securitiesand Exchange Commission, including the filing on Form 8-K made on October 10,2007.

Spherix's mission is to create value and increase shareholder wealththrough innovations that benefit our clients and the human condition. Spherixoffers innovations in biotechnology, and provides technical and regulatoryconsulting services to biotechnology and pharmaceutical companies.

Spherix's Internet address is :d133:http://www.spherix.com:/d133:.

Source: PRNewsWire More on SPEX: Gurus buys and sells of SPEX 10-year financial history of SPEX. Insider buys/sells of SPEX.


Stocks Discussed: SPEX,
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