<SEC-DOCUMENT>0001534424-13-000503.txt : 20131217
<SEC-HEADER>0001534424-13-000503.hdr.sgml : 20131217
<ACCEPTANCE-DATETIME>20131217165806
ACCESSION NUMBER:		0001534424-13-000503
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20131217
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20131217
DATE AS OF CHANGE:		20131217

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PRO DEX INC
		CENTRAL INDEX KEY:			0000788920
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				841261240
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-14942
		FILM NUMBER:		131282767

	BUSINESS ADDRESS:	
		STREET 1:		2361 MCGAW AVENUE
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92614
		BUSINESS PHONE:		949-769-3200

	MAIL ADDRESS:	
		STREET 1:		2361 MCGAW AVENUE
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92614
</SEC-HEADER>
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549 </B></P>
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><B>FORM 8-K</B></P>
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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>CURRENT REPORT </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of
the </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Securities Exchange Act of 1934 </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>Date of Report </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Date of earliest event reported) </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>December 17,
2013 </B></FONT></P>
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<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><B>PRO-DEX, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Exact name of registrant as specified in
its charter) </B></P>

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    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>COLORADO</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>0-14942</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>84-1261240</B></FONT></TD></TR>
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    <TD STYLE="vertical-align: top">
        <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(State or other jurisdiction</B></P>
        <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><B>of incorporation)</B></P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
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        <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Commission</B></P>
        <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><B>File Number)</B></P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(IRS Employer</B></P>
        <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><B>Identification Number)</B></P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>2361 McGaw Avenue </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Irvine, California 92614 </B></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Address of Principal Executive Offices)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>(949) 769-3200 </B></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Registrant&#8217;s Telephone Number, Including
Area Code) </B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 12; text-align: left">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):</P>

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    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD></TR>
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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

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    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD></TR>
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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

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    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD></TR>
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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

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    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Item 1.01 Entry into a Material Definitive
Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On December 17, 2013, Pro-Dex, Inc. (the &#8220;Company&#8221;) entered into a Standby Purchase Agreement with AO Partners, LLC
(together with its permitted designees under the Standby Purchase Agreement, &#8220;AO Partners&#8221;) and Farnam Street Capital, Inc. (together with its permitted designees under the Standby Purchase Agreement, &#8220;Farnam Street Capital&#8221;) (each a &#8220;Standby Purchaser&#8221;
and collectively the &#8220;Standby Purchasers&#8221;), pursuant to which the Standby Purchasers have agreed to purchase, at the
prevailing subscription price, any and all shares of the Company&#8217;s common stock, no par value per share (&#8220;Common Stock&#8221;),
up to a maximum amount of $3 million, not subscribed for by the Company&#8217;s shareholders pursuant to the exercise of their subscription privileges in connection
with the rights offering described in Item 8.01 below, subject to the Company&#8217;s right to reduce the numbers of shares purchased
by the Standby Purchasers to such number of shares as the Company in its sole discretion shall determine to be advisable in order
to preserve the Company&#8217;s ability to use its Tax Attributes, as defined in the Standby Purchase Agreement. Shares of Common Stock purchasable under the Standby Purchase Agreement are allocated 50% to AO Partners and 50% to Farnam Street Capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Nicholas J. Swenson, a
director of the Company, is the Managing Member of AO Partners and, in such capacity, has the power to direct the affairs of AO
Partners. Raymond E. Cabillot, a director of the Company, is Chief Executive Officer and a director of Farnam Street Capital and,
in such capacity, has the power to direct the affairs of Farnam Street Capital. No fees or other consideration will be paid by
the Company to the Standby Purchasers in exchange for their commitment to purchase any and all unsubscribed shares of Common Stock
following the rights offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Standby Purchase Agreement
also contains other provisions, including conditions to closing, termination rights, and representations, warranties and covenants
of the Company and the Standby Purchasers that are customary for agreements of this type.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Standby Purchase Agreement
is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein, and the summary set forth above
is qualified by reference to the full text of the Standby Purchase Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Item 8.01&nbsp;&nbsp;&nbsp;Other Events</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><B>Press Release Announcing
Rights Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On December 17, 2013, the Company issued a press release to publicly announce its plans to complete a rights offering to existing
holders of its Common Stock. Upon completion of the rights offering, the Company expects to receive gross proceeds of approximately $3,000,000
before expenses, subject to reduction by the Company in its sole discretion as the Company may deem advisable to preserve its use of Tax Attributes. As disclosed in Item 1.01 above, the Company has received a standby commitment from the Standby Purchasers to
purchase any and all shares of Common Stock that are not subscribed for by shareholders in connection with the rights offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The rights offering will
be made through the Company&#8217;s distribution to its existing shareholders of non-transferable subscription rights to purchase
their pro rata portion of newly issued shares of Common Stock. The subscription price has not yet been determined but is expected to be based
on a percentage discount of the closing market price of the Common Stock, as reported by the NASDAQ Capital Market, on the latest practicable
date prior to the launch of the rights offering. The record date for the distribution of the rights and the dates for both the
subscription period and the expiration of the rights offering will be included in the final prospectus&nbsp;that will be filed with the Securities and Exchange Commission (&ldquo;SEC&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company intends to
use the net proceeds from the Rights Offering to pursue strategic opportunities that may present themselves from time to time or,
if not used to pursue strategic opportunities, for working capital and general corporate purposes, including to fund ongoing research
and development and product initiatives. Also, to the extent net proceeds of the Rights Offering are not deployed, some of the
funds may be invested in accordance with the terms of the Company&#8217;s Surplus Capital Investment Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A copy of the press release
is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Updated Description
of Capital Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Attached as Exhibit 99.2
to this Current Report on Form 8-K and incorporated by reference herein is an updated description of the capital stock of Pro-Dex,
Inc. (the &#8220;Company&#8221;). The updated description of the Company&#8217;s capital stock contained in Exhibit 99.2 supersedes
the description of capital stock contained in any of the Company&#8217;s prior filings with the SEC. This updated description of capital stock will be available for, among other things, incorporation by reference
into the Company&#8217;s registration statements filed with the SEC under the Securities Act of 1933, as amended.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: left"><B>Item 9.01&nbsp;&nbsp;&nbsp;Financial
Statements and Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left">(d) Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Exhibit No.</U>&#9;<U>Description</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 15pt; text-align: right">Exhibit&nbsp;10.1</TD><TD STYLE="width: 15pt"></TD><TD STYLE="text-align: justify">Standby Purchase Agreement, dated December 17, 2013, between the Registrant and AO Partners, LLC and Farnam Street Capital, Inc. (incorporated by reference to
Exhibit 10.1 to the Form S-3 Registration Statement filed by the
Registrant on December 17, 2013.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

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<TD STYLE="width: 15pt; text-align: right">Exhibit&nbsp;99.1</TD><TD STYLE="width: 15pt"></TD><TD STYLE="text-align: justify">Press Release dated December 17, 2013.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 15pt; text-align: right">Exhibit&nbsp;99.2</TD><TD STYLE="width: 15pt"></TD><TD STYLE="text-align: justify">Description of Capital Stock.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 24.5pt">Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left">Date: December 17,
2013</P>

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    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 31%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pro-Dex, Inc.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: left; border-bottom: black 1pt solid">/s/ Harold
        A. Hurwitz</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Harold A. Hurwitz</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Executive Officer</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

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<DESCRIPTION>EXHIBIT 99-1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 9pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Sans-Serif"><IMG SRC="prodex.jpg" ALT=""></FONT></P>

<P STYLE="font: 9pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 9pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in">Contact: Harold A. Hurwitz,
Chief Executive Officer</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right">(949) 769-3200</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>For Immediate Release</I></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 12pt; text-align: center">PRO-DEX, INC. ANNOUNCES PLANS FOR RIGHTS OFFERING TO SHAREHOLDERS</P>


<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left"><B>IRVINE, CA, December 17, 2013</B>
- PRO-DEX, INC. (NasdaqCM: PDEX) today announced that it has filed a Registration Statement on Form S-3 with the Securities and
Exchange Commission (the "SEC") for a rights offering to existing holders of its common stock. Upon completion of the rights offering,
the Company expects to receive gross proceeds of approximately $3,000,000 before expenses, subject to the Company's right to reduce the rights offering in order to preserve certain of the Company's tax attributes, such as net operating loss carry forwards. The Company has received a standby commitment
from AO Partners, LLC and Farnam Street Capital, Inc. (collectively the "Standby Purchasers"). Nicholas J. Swenson, a director
of the Company, is the Managing Member of AO Partners, LLC. Raymond E. Cabillot, a director of the Company, is Chief Executive
Officer and a director of Farnam Street Capital, Inc. The Standby Purchasers have agreed to purchase any and all shares of common
stock that are not subscribed for by shareholders in connection with the rights offering up to an aggregate amount of $3 million, subject to the Company's right to reduce
the number of shares purchased by the Standby Purchasers in order to preserve the above-referenced tax attributes.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left">The rights offering will
be made through the Company's distribution to its existing shareholders of non-transferable subscription rights to purchase their
pro rata portion of newly issued shares of the Company's common stock. The subscription price has not yet been determined but
is expected to be based on a percentage discount of the closing market price of the Company's common stock, as reported by the NASDAQ Capital Market,
on the latest practicable date prior to the launch of the rights offering. The record date for the distribution of the rights
and the dates for both the subscription period and the expiration of the rights offering will be included in the final prospectus that will be filed with the SEC.
The purpose of this rights offering is to raise equity capital in a cost-effective manner that gives all of the Company's existing
shareholders the opportunity to participate on a pro rata basis. The Company intends to use the net proceeds from the rights offering
to pursue strategic opportunities that may present themselves from time to time or, if not used to pursue strategic opportunities,
for working capital and general corporate purposes, including to fund ongoing research and development and product initiatives.
Also, to the extent net proceeds of the rights offering are not deployed, some of the funds may be invested in accordance with
the terms of the Company's Surplus Capital Investment Policy.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify">A Registration Statement
relating to these securities has been filed with the SEC but has not yet become effective. The securities may not be sold nor
may offers to buy be accepted prior to the time the Registration Statement is declared effective. A copy of the prospectus forming
a part of the Registration Statement may be obtained free of charge at the website maintained by the SEC at www.sec.gov or by
contacting the Company at (949) 769-3200. The rights will be issued to holders of the Company's common stock as of a record date,
which has yet to be determined. The Company will provide notice of the record date in the future at such time as it is determined.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of
these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such jurisdiction.</P>

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<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: left"><B><U>About Pro-Dex, Inc.:</U></B></P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left">Pro-Dex, Inc., with operations
in California and Oregon, specializes in the design, development and manufacture of powered rotary drive surgical and dental instruments
used primarily in the orthopedic, spine, maxocranial facial and dental markets. Its OMS division designs and manufactures embedded
motion control systems serving the medical, dental, semi-conductor and scientific research markets. Pro-Dex's products are found
in hospitals, dental offices, medical engineering labs, scientific research facilities and high tech manufacturing operations
around the world. For more information, visit the Company's website at www.pro-dex.com.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left">Statements herein concerning
the Company's plans, growth and strategies, as well as statements concerning the rights offering, may include 'forward-looking statements' within the context of the federal securities
laws. Statements regarding the Company's future events, developments and future performance, as well as management's expectations,
beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws.
The Company's actual results may differ materially from those suggested as a result of various factors. Interested parties should
refer to the disclosure concerning the operational and business concerns of the Company set forth in the Company's filings with
the Securities and Exchange Commission.</P>


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<SEQUENCE>3
<FILENAME>ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
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<P STYLE="margin: 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 99.2</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DESCRIPTION OF CAPITAL STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 0.5in">The following summary
of the terms of the Company&#8217;s capital stock does not purport to be complete and is subject to and qualified in its entirety
by reference to the Company&#8217;s Articles of Incorporation and the Company&#8217;s Bylaws, each of which may be further amended
from time to time and both of which are incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">As of December 16, 2013, the Company&#8217;s authorized capital stock consists of (i) 50,000,000 shares of Common Stock, no par value
per share, and (ii) 10,000,000 shares of preferred stock, no par value per share (&#8220;Preferred Stock&#8221;), of which 78,129
shares have been designated as Series A Convertible Preferred Stock (&#8220;Series A Preferred Stock&#8221;). As of December 16, 2013, 3,342,321 shares of Common Stock were issued and outstanding
and no shares of Preferred Stock were issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left"><B>Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">The holders of the
Company&#8217;s Common Stock are entitled to one vote for each share of Common Stock held of record on all matters submitted to
a vote of the Company&#8217;s shareholders, including the election of directors, and do not have cumulative voting rights. Subject
to preferences that may be applicable to any outstanding Preferred Stock, holders of Common Stock are entitled to receive ratably
those dividends, if any, as may be declared by the Board of Directors out of legally available funds. Subject to the rights of
any outstanding Preferred Stock, upon the Company&#8217;s liquidation, dissolution or winding-up, the holders of Common Stock will
be entitled to share ratably in the net assets legally available for distribution to the Company&#8217;s shareholders after the
payment of all of the Company&#8217;s debts and other liabilities. Holders of Common Stock have no preemptive or conversion rights
or other subscription rights and there are no redemption or sinking fund provisions applicable to the Common Stock. All outstanding
shares of Common Stock are fully paid and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Broadridge Corporate Issuer
Solutions, Inc. is the transfer agent for the Company&#8217;s Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company&#8217;s Common
Stock is listed on the NASDAQ Capital Market under the symbol &#8220;PDEX&#8221;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left"><B>Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 10; text-align: justify; text-indent: 0.5in">The Company&#8217;s
Board of Directors has the authority, without further action by the Company&#8217;s shareholders (other than such approval rights
as may be granted to any outstanding series of Preferred Stock), to designate and issue one or more series of Preferred Stock and
to fix the rights, powers, preferences, qualifications, limitations and restrictions of each series of Preferred Stock to the maximum
extent permitted by Colorado law. Among other things, the Board of Directors may establish the following with respect to each series
of Preferred Stock:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right">(i)</TD><TD STYLE="width: 19pt"></TD><TD STYLE="text-align: justify">the number of shares that constitute each series of Preferred Stock;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right">(ii)</TD><TD STYLE="width: 19pt"></TD><TD STYLE="text-align: justify">the rate and preference of dividends, if any, the time of payment of dividends, whether
dividends are cumulative and the date from which any dividend shall accrue;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right">(iii)</TD><TD STYLE="width: 19pt"></TD><TD STYLE="text-align: justify">whether the series of Preferred Stock may be redeemed and, if so, the redemption price
and the other terms and conditions of redemption;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right">(iv)</TD><TD STYLE="width: 19pt"></TD><TD STYLE="text-align: justify">sinking fund or other provisions, if any, for redemption or purchase of the series
of Preferred Stock;</TD>
</TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right">(v)</TD><TD STYLE="width: 19pt"></TD><TD STYLE="text-align: justify">whether the series of Preferred Stock may be converted into, or exchangeable for,
other classes of capital stock of the Company (including Common Stock or another series of Preferred Stock) and, if so, the conversion
price or exchange rate and the other terms of conversion or exchange; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right">(vi)</TD><TD STYLE="width: 19pt"></TD><TD STYLE="text-align: justify">the liquidation preferences payable on, and other rights afforded to, the series of
Preferred Stock in the event of voluntary or involuntary dissolution, winding-up or other liquidation of the Company.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">The rights, powers,
preferences, qualifications, limitations and restrictions of different series of Preferred Stock may differ with respect to dividend
rates, redemption provisions, sinking fund provisions, conversion and exchange rights, liquidation preferences and other matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">The issuance of
Preferred Stock could decrease the amount of earnings and assets available for distribution to holders of Common Stock or adversely
affect the rights and powers, including voting rights, of the holders of Common Stock. The existence of authorized but unissued
Preferred Stock may also discourage or render more difficult attempts to take control of the Company, as described in more detail
below under &#8220;Anti-Takeover Provisions of Governing Documents.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left"><B>Series A Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">78,129 shares of
the Company&#8217;s Preferred Stock have been designated as Series A Preferred Stock, which have the following rights and preferences:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right">(i)</TD><TD STYLE="width: 19pt"></TD><TD STYLE="text-align: justify">holders of Series A Preferred Stock will have a liquidation preference of $3.60 per
share of Series A Preferred Stock payable in preference to holders of Common Stock and holders of shares of the Company&#8217;s
other capital stock, if any, ranking junior to the Series A Preferred Stock (a consolidation or merger of the Company with or
into another corporation or entity or sale of all or substantially all of the assets of the Company shall be deemed a &#8220;liquidation&#8221;
with respect to the Series A Preferred Stock unless such consolidation or merger is a Pro Forma Merger; a &#8220;Pro Forma Merger&#8221;
is defined in the Company&#8217;s Articles of Incorporation as a consolidation or merger, as the result of which 15% or fewer
of the equity securities of the Company outstanding after the merger or consolidation are owned by persons who were not holders
of equity securities of the Company immediately preceding the merger or consolidation);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right">(ii)</TD><TD STYLE="width: 19pt"></TD><TD STYLE="text-align: justify">holders of Series A Preferred Stock have the right, at any time and from time to time,
to convert three shares of Series A Preferred Stock into one share of Common Stock (which conversion rate is subject to adjustment
in the event shares of Common Stock are issued as a dividend or distribution on any class of capital stock of the Company or if
the Common Stock is subdivided, split or combined or subject to a recapitalization, reclassification or similar transaction);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right">(iii)</TD><TD STYLE="width: 19pt"></TD><TD STYLE="text-align: justify">no fractional shares of Common Stock will be issued upon conversion of Series A Preferred
Stock, and in lieu of any fractional share the Company shall pay the holder of converted Series A Preferred Stock an amount calculated
in accordance with the Company&#8217;s Articles of Incorporation;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right">(iv)</TD><TD STYLE="width: 19pt"></TD><TD STYLE="text-align: justify">the Company must at all times reserve and keep available out of its authorized but
unissued Common Stock, solely for the purpose of issuance upon conversion of the Series A Preferred Stock, the number of shares
of Common Stock<I> </I>issuable upon the conversion of all outstanding shares of Series A Preferred Stock;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right">(v)</TD><TD STYLE="width: 19pt"></TD><TD STYLE="text-align: justify">the Company will not, by amendment of<I> </I>its Articles of Incorporation or through
any other voluntary action, avoid or seek to avoid the observance or performance of any of the rights or preferences of the Series
A Preferred Stock;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right">(vi)</TD><TD STYLE="width: 19pt"></TD><TD STYLE="text-align: justify">the Company does not have the right to redeem Series A Preferred Stock;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right">(vii)</TD><TD STYLE="width: 19pt"></TD><TD STYLE="text-align: justify">holders of Series A Preferred Stock have no voting rights except as otherwise granted
to them under Colorado law;</TD>
</TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right">(viii)</TD><TD STYLE="width: 19pt"></TD><TD STYLE="text-align: justify">Series A Preferred Stock will not be entitled to dividends; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right">(ix)</TD><TD STYLE="width: 19pt"></TD><TD STYLE="text-align: justify">all shares of Series A Preferred Stock surrendered for conversion into Common Stock
shall be restored to the status of authorized but unissued shares of Preferred Stock and may not be reissued as Series A Preferred
Stock.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left"><B>Anti-Takeover Provisions of Governing
Documents</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">The Company&#8217;s
Bylaws require that the Company&#8217;s shareholders satisfy certain advance notice and other requirements in order to properly
submit proposals or director nominees for consideration at the Company&#8217;s annual meetings of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">As discussed above,
the Company&#8217;s Board of Directors has the authority, without further action by the Company&#8217;s shareholders (other than
such approval rights as may be granted to any outstanding series of Preferred Stock), to designate and issue one or more series
of Preferred Stock and to fix the rights, powers, preferences, qualifications, limitations and restrictions of each series of Preferred
Stock to the maximum extent permitted by Colorado law. The existence of authorized but unissued Preferred Stock may enable the
Board of Directors to render more difficult or to discourage an attempt to obtain control of the Company by means of a merger,
tender offer, proxy contest or otherwise. Among other things, if in the due exercise of its fiduciary obligations, the Board of
Directors were to determine that a takeover proposal is not in the best interests of the Company and its shareholders, the Board
of Directors could cause shares of Preferred Stock to be designated and issued without further shareholder approval in one or more
private offerings or other transactions that might dilute the voting or other rights of the proposed acquirer or insurgent shareholder
or shareholder group.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
