NEW YORK, Sept. 25, 2019 /PRNewswire/ -- Spherix Incorporated (Nasdaq: SPEX) President and CEO, Anthony Hayes, today released a letter to shareholders outlining the Company's plans for its previously disclosed dividend distribution.
Dear Fellow Shareholders,
I want to thank all of you who recently voted to approve the Company's purchase of CBM BioPharma, Inc.'s assets. As previously stated, Spherix is moving forward with the distribution of 100,000 shares of common stock of Hoth Therapeutics, Inc. to its shareholders.
Spherix's Board of Directors will meet to set a record date for the stock dividend. Our shareholders who are owners of record on the record date will be paid the dividend distribution. Shareholders who are not registered as of this date will not receive the dividend distribution. Spherix's Board of Directors will also establish the ratio, which will designate how many shares of Hoth common stock each shareholder will receive for every share of Spherix stock owned by such shareholder. Once this amount is set, Spherix will publicly announce this information, including the record date, and we will instruct Hoth's transfer agent to distribute the dividend distribution to the Spherix shareholders of record.
We understand the desire to receive the dividend and are working diligently to effectuate the dividend distribution. However, since we are issuing securities in another company, as opposed to cash, it is naturally a slower process. I want to assure each of our shareholders that we are working diligently on this matter and are moving as expeditiously as practicable to complete the dividend distribution.
Spherix continues to pursue additional strategic acquisitions to enhance shareholder value. Our recent press releases on the options we acquired from the University of Kentucky and the University of Maryland, Baltimore present exciting opportunities for the Company. Upon the closing of the CBM asset purchase, and following the dividend distribution, we will further update the market on the status of our other strategic acquisitions.
Thank you for being a shareholder of Spherix.
Spherix Incorporated was launched in 1967 as a scientific research company. Spherix is committed to advancing innovation by active participation in the patent market. Spherix draws on portfolios of pioneering technology patents to partner with and support product innovation.
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"), not limited to Risk Factors relating to its patent business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Spherix Incorporated