Spherix Inc. (SPEX), the patent licensing company run by CEO Anthony Hayes, said it reached a second licensing agreement with RPX Corp. (RPXC) for $4.36 million in cash, cancellation of of 381,967 shares of Series H convertible preferred stock.

Shares of Spherix more than doubled to $3.87 after the agreement was announced today. They gained $1.96, or 103%, to $3.88 in late morning trading in New York.

Bethesda, Maryland-based Spherix said in a filing with the Securities and Exchange Commission that the Series H convertible preferred stock held by RPX had a total carrying value of $31.89 million at the time the shares were issued to the Rockstar Consortium US LP in 2012.

Spherix said it has granted RPX the rights to grant to its current clients a fully paid portfolio license, to the extent such parties did not already have licenses to Spherix’s patents. In addition, Spherix provided a covenant-not-to-sue current RPX clients for supply of chipsets, and a standstill of litigation involving any patents acquired in the next five years.

In other news, Spherix said it granted to Alcatel-Lucent a license to the portfolio acquired from the Harris Corp.

Under a separate agreement, Spherix agreed to give RPX the ability to grant to VTech Telecommunications Ltd. a sublicense for a fully paid portfolio license in exchange for an additional $20,000 in cash consideration.

Spherix said the license granted under the terms of the RPX license does not extend to entities/companies that are not clients of RPX and provide chipsets or other hardware to current RPX clients.

The company also said its existing litigations against L3 Communications Inc., TW Telecommunications Inc., Fairpoint Communications Inc., and Uniden financed by Dean Becker's Equitable IP will continue.

Spherix added that with the support of Equitable IP it intends to bring additional new actions against entities that are not currently members of RPX, and/or to continue to seek and execute alternative monetization strategies with such other entities in its discretion.

Previously, Spherix granted a license to some of its patents to RPX in return for $5 million in Spherix preferred convertible stock the patent aggregator received when it purchased a portfolio of patents from the Rockstar Consortium for $900 million in January 2015

"We are pleased to have reached this second license agreement with RPX,” Hayes said in a statement. “We continue to seek long-term, mutually beneficial license agreements that represent a positive outcome for our shareholders.”

—To reach the reporter responsible for this story please contact Dan Lonkevich at 707 318-7899 or at dan@thepatentinvestor.com