Summary of SPHERIX INC - Yahoo! Finance

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Trans

Item 3.01. Notice of Delisting or Failure to Satisfy a
Continued Listing Rule or Standard; Transfer of Listing.

Spherix Incorporated (the "Company") has fully regained compliance with the requirements for continued listing on the Nasdaq Capital Market as described below.

Independent Director Requirement

On May 18, 2009, the Company received notification from Nasdaq confirming that the Company has regained compliance with the independent director requirement for continued listing on Nasdaq under Listing Rule 5605(b)(1). Nasdaq's determination was based on the Company's appointment of Thomas B. Peter to the Company's Board of Directors as reported in the Company's Current Report Form 8-K filed on May 14, 2009. In the letter, Nasdaq stated that this matter is now closed.

On April 17, 2009, the Company reported in the Current Report on Form 8-K filed with the Securities and Exchange Commission, that Mr. A. Paul Cox, Jr., one of our independent directors, passed away on April 13, 2009. On April 23, 2009, Nasdaq notified the Company that the Company no longer complied with Nasdaq Listing Rule 5605, which requires that a majority of the board of directors be comprised of independent directors.

Minimum Bid Price Requirement

On May 20, 2009, the Company received notification from Nasdaq confirming that it has regained compliance with the minimum bid price requirement for continued listing on Nasdaq under Listing Rule 5550(a)(2). In the letter, Nasdaq stated that this matter is now closed.

On July 21, 2008, Nasdaq notified the Company that its common stock failed to maintain a minimum bid price of $1.00 over the previous 30 consecutive business days as required by the Nasdaq Listing Rules. In October 2008, Nasdaq suspended enforcement of the minimum bid price and market value of publicly held shares requirements through January 16, 2009. On December 19, 2008, Nasdaq extended its suspension of the requirements until April 20, 2009 and on March 24, 2009 Nasdaq again extended the suspension until July 20, 2009.