- Spherix's (SPEX) board has rejected a proposal from fellow IP licensing firm Marathon Patent Group (MARA) "indicating Marathon's interest in acquiring Spherix in a stock-for-stock transaction valuing Spherix at a 15% premium above the recent market price of Spherix's common stock."
- Spherix CEO Anthony Hayes: "After careful review and consideration, our Board of Directors has unanimously determined that Marathon's unsolicited proposal substantially undervalues Spherix and does not reflect the value of the Company's patent portfolio and its current business."
- SPEX +9.7% to $1.02 in premarket trading; the company currently sports a $28M market cap. Marathon has a $98M market cap; its shares are unchanged premarket.