Spherix Inc (NASDAQ:SPEX) Incorporated was a big mover in Wednesday trading session, days after confirming it had signed a new client as it continues to pursue growth opportunities in the $3.5 billion Vaporizer business. Even on the stock rallying by more than 30% to highs of $1.35 a share, it continues to trade below its 52-week high of $8.90 a share.
Spherix is down by more than 60% for the year amidst growing concerns that it could continue edging lower even with the recent swing to the upside. However, the company is doing all it can to reaffirm its growth prospects and bolster investor confidence most of whom appear to have triggered the selloff wave.
The signing of a Patent Monetization ad Consulting Agreement with Vapir Enterprises is one of the opportunities the company hopes to use to reinvigorate its growth prospects. As part of the agreement, the Intellectual property development company is to review Vapir’s patent portfolio with a view of developing a monetization program that the company can use to generate value from its IP.
IP Monetization Push
“We are excited to work with Spherix to explore the value of our intellectual property, which may allow us, if market conditions allow, better serve the interests of our stockholders, “said Vapir CEO ,Hamid Emarlou.
The signing of an agreement with Vapir follows the Launch of Spherix Management Services, a subsidiary that the company plans to use to help investors and small companies manage their IP monetization programs. The subsidiary will provide interested clients strategic advice, legal among other back office support.
The formation of the new subsidiary is not expected to result in any new operational costs. Spherix Incorporates has also confirmed that it does not intend to invest or finance any third party intellectual property with its latest IP monetization push.
Separately, Spherix Inc (NASDAQ:SPEX) has confirmed the exit of Jeffrey Ballabon and Howard E. Goldberg from the board of directors.