SPHERIX INCORPORATED (NASDAQ:SPEX) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01.Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On November 27, 2018, Spherix Incorporated (the “Company”) received a staff deficiency notice from The Nasdaq Stock Market (“Nasdaq”) informing the Company that its common stock, par value $0.0001 per share, failed to comply with the $1.00 minimum bid price required for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2). Nasdaq’s letter advised the Company that, based upon the closing bid price during the period from October 15, 2018 to November 26, 2018, the Company no longer meets this test.
to Nasdaq Marketplace Rule 5810(c)(3)(A), the Company has been provided an initial compliance period of 180 calendar days, or until May 28, 2019, to regain compliance with the minimum bid price requirement. To regain compliance, the closing bid price of the Company’s common stock must meet or exceed $1.00 per share for a minimum of 10 consecutive business days prior to May 28, 2019.
Item 8.01.Other Events.
On November 23, 2018, the Company purchased 25% of the issued and outstanding limited liability company membership interests of Mellow Scooters, LLC, a platform focused on the shared vehicle space, including electric scooters and dockless bicycles, for a subscription price of $106,000.
A press release relating to such event is attached as Exhibit 99.1 hereto.
Item 9.01.Financial Statements and Exhibits.
| 99.1 | Press release, dated November 26, 2018 |
SPHERIX INC ExhibitEX-99.1 2 s114334_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 Spherix Announces Ownership Interest in Electric Scooter Business The Next Generation of Human Transportation Meets Innovation in Ownership NEW YORK,…To view the full exhibit click here
About SPHERIX INCORPORATED (NASDAQ:SPEX)
Spherix Incorporated is an intellectual property company that owns patented and unpatented intellectual property. The Company is a patent commercialization company focused on generating revenues from the monetization of intellectual property. The Company acquires intellectual property from patent holders in order to maximize the value of the patent holdings by conducting and managing a licensing campaign. Its activities generally include the acquisition and development of patents through internal or external research and development. In addition, it seeks to acquire existing rights to intellectual property through the acquisition of already issued patents and pending patent applications. Its patent portfolio includes both the United States and foreign patents and pending patent applications in the wireless communications and telecommunication sectors, including data, optical and voice technology, antenna technology, wireless fidelity (Wi-Fi), base station functionality, and cellular.
