According to my napkin, the maximum size of the PIPE will be $8,745,000.

That would be one-third of the $26.5 million market value of non-affiliate stock as of Sept. 18 -- see page one of the prospectus. SEC doesn't allow more than one-third in this situation.

See sec reference at the end of this post: 60 days = the key window. 60 days from Sept. 18 is Nov. 17.

Wild guess: I wonder if spherix will use Veteran's Day as a buffer -- announce news on Nov. 10 and announce the PIPE on the non-trading holiday.

http://www.sec.gov/about/forms/forms-3.p...

Instruction. For the purposes of this Form, “common equity” is as defined in Securities Act Rule 405
(§230.405 of this chapter). The aggregate market value of the registrant’s outstanding voting and non-voting
common equity shall be computed by use of the price at which the common equity was last sold, or the average
of the bid and asked prices of such common equity, in the principal market for such common equity as of a
date within 60 days prior to the date of filing. See the definition of “affiliate” in Securities Act Rule 405., as
of a date within 60 days prior to the date of filing.