Today has been quite the trading day. Currently, Spherix Inc. (NASDAQ:SPEX) is trading up more than 50%, making it one of the trending tickers of the day.
What Happened Today With Spherix Inc.?
Founded in 1967, Spherix Inc. is an intellectual property company based in Virginia. Today, March 13, the company disclosed that it has entered into a definitive purchase agreement to obtain 100% ownership of a privately held personal privacy platform: DatChat Inc. Acquiring DatChat Inc. is bound to do great things for Spherix, as DatChat just recently rolled out a messaging application that allows users to control sent messages on their phones. Further, the company is looking to start expanding its platform so that it can include a P2P secure email system, built entirely on Ethereum blockchain technology.
That’s not all, either. The company also disclosed today that it will be solidifying its move into this sector by defining “Ether Mining Company” as a subsidiary of Spherix. What’s the point of this subsidiary? Well, according to the company, it is to mine the cryptocurrency “Ether.” We know the gist of the acquisition, but many are left wondering why this intellectual property company decided to acquire 100% ownership of DatChat, Inc. The reason, according to the CEO of Spherix, Anthony Hayes, is that “the DatChat Platform offers a solution by giving users total control of their information after transmittal.”
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Considering how monumental this news is, I’m not surprised to see the stock trading up as much as it is. Currently, it is trading at $2.01 on the Nasdaq Exchange. This puts the stock up $0.71, or a whopping 54.62%. For perspective, the stock opened Tuesday’s trading session at $1.92, hitting a high of $2.42 at one point during the session, and currently has a market cap of 12.52 million.
This is not the first piece of news Spherix Inc. has announced this year. In fact, the company disclosed last month that it has completed Series A funding.
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