MAK Capital, Michael Kaufman report 3.62M‑share PLX stake (PLX)

Rhea-AI Filing Summary

Protalix BioTherapeutics schedules a disclosure that MAK Capital Fund LP, MAK Capital One L.L.C. and Michael A. Kaufman beneficially own 3,616,289 shares of Common Stock, equal to 4.5% of the class.

The filing states the ownership figure is as of 03/30/2026 and cites 80,421,181 shares outstanding as of November 1, 2025 per the issuer's Form 10-Q.

Insights

Corporate Governance Analyst

MAK entities report a passive sub‑5% stake in Protalix.

The Schedule 13G/A shows combined beneficial ownership of 3,616,289 shares (4.5%), reported as of 03/30/2026. The filing classifies the position under passive ownership rules consistent with 13G treatment rather than an active 13D campaign.

Key dependencies include any future amendments if stake increases above 5% or if voting/dispositive arrangements change; subsequent filings would disclose such developments.

Equity Markets Specialist

Position size is under common disclosure thresholds and unlikely to force near-term market action.

At 4.5% of the 80,421,181 shares outstanding cited, the stake is material for reporting but below many activism thresholds. The filing reports shared voting and dispositive power of 3,616,289 shares, indicating collective control among the reporting persons.

Watch for any Form 13D/13G amendments if holdings or voting arrangements change.

Key Figures

Beneficial ownership: 3,616,289 shares Percent of class: 4.5% Shares outstanding: 80,421,181 shares

3 metrics

Beneficial ownership 3,616,289 shares Amount beneficially owned as of 03/30/2026

Percent of class 4.5% Percent of common stock based on outstanding shares cited

Shares outstanding 80,421,181 shares Outstanding as of November 1, 2025 per issuer Form 10-Q

Key Terms

Schedule 13G/A, beneficially owned, shared dispositive power

3 terms

Schedule 13G/A regulatory

"Amendment No. 1 / Schedule 13G/A reporting beneficial ownership"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

beneficially owned financial

"Amount beneficially owned: 3,616,289 shares of Common Stock"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

shared dispositive power regulatory

"Shared Dispositive Power 3,616,289.00 reported for the persons"

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Protalix BioTherapeutics, Inc.

(Name of Issuer)

Common Stock, $0.001 par value per share

(Title of Class of Securities)

74365A309

(CUSIP Number)

03/24/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 74365A309

1

Names of Reporting Persons

MAK Capital Fund LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

BERMUDA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,616,289.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,616,289.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,616,289.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.5 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: The calculation is based upon 3,616,289 shares of Common Stock beneficially owned as of 03/30/2026 and a total of 80,421,181 shares of Common Stock, $0.001 par value per share, outstanding as of November 1, 2025, as reported by the Issuer in its Form 10-Q filed November 13, 2025.

SCHEDULE 13G

CUSIP Number(s): 74365A309

1

Names of Reporting Persons

MAK CAPITAL ONE LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,616,289.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,616,289.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,616,289.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.5 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: The calculation is based upon 3,616,289 shares of Common Stock beneficially owned as of 03/30/2026 and a total of 80,421,181 shares of Common Stock, $0.001 par value per share, outstanding as of November 1, 2025, as reported by the Issuer in its Form 10-Q filed November 13, 2025.

SCHEDULE 13G

CUSIP Number(s): 74365A309

1

Names of Reporting Persons

Kaufman Michael A

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,616,289.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,616,289.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,616,289.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.5 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: The calculation is based upon 3,616,289 shares of Common Stock beneficially owned as of 03/30/2026 and a total of 80,421,181 shares of Common Stock, $0.001 par value per share, outstanding as of November 1, 2025, as reported by the Issuer in its Form 10-Q filed November 13, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Protalix BioTherapeutics, Inc.
(b)	Address of issuer's principal executive offices: 2 UNIVERSITY PLAZA, Suite 100, HACKENSACK, NEW JERSEY, 07601
Item 2.
(a)	Name of person filing: This Schedule 13G/A is being filed by: i. MAK Capital Fund LP ("MAK Fund") ii. MAK Capital One L.L.C. ("MAK Capital"); and iii. Michael A. Kaufman ("Mr. Kaufman," and collectively with MAK Fund and MAK Capital, the "Reporting Persons")
(b)	Address or principal business office or, if none, residence: The principal business address of (i) MAK Fund is c/o Wakefield Quin, Victoria Place, 31 Victoria Street, Bermuda; and (ii) MAK Capital and Mr. Kaufman is 590 Madison Avenue, 31st Floor, New York, NY 10022.
(c)	Citizenship: MAK Capital Fund LP is a Bermuda limited partnership. MAK Capital One L.L.C. is a Delaware limited liability company. Mr. Kaufman is a United States citizen.
(d)	Title of class of securities: Common Stock, $0.001 par value per share
(e)	CUSIP No.:
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 3,616,289
(b)	Percent of class: 4.5% The calculation is based upon 3,616,289 shares of Common Stock beneficially owned as of 03/30/2026 and a total of 80,421,181 shares of Common Stock, $0.001 par value per share, outstanding as of November 1, 2025, as reported by the Issuer in its Form 10-Q filed November 13, 2025.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 3,616,289
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 3,616,289
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

MAK Capital Fund LP

Signature:	/s/ Michael A. Kaufman
Name/Title:	Managing Member
Date:	03/30/2026

MAK CAPITAL ONE LLC

Signature:	/s/ Michael A. Kaufman
Name/Title:	Managing Member
Date:	03/30/2026

Kaufman Michael A

Signature:	/s/ Michael A. Kaufman
Name/Title:	Michael A. Kaufman
Date:	03/30/2026

FAQ

What stake in Protalix (PLX) did MAK Capital and Michael Kaufman report?

They reported beneficial ownership of 3,616,289 shares, representing 4.5% of common stock. The filing states the ownership is measured as of 03/30/2026 and references 80,421,181 shares outstanding as of November 1, 2025.

Does the Schedule 13G/A indicate shared or sole voting power for the PLX shares?

The filing reports shared voting power and shared dispositive power of 3,616,289 shares. It shows no sole voting or sole dispositive power for the reporting persons, indicating joint control over those shares.

Is the reported PLX position passive under SEC rules?

Yes; the use of Schedule 13G/A indicates the reporting persons are claiming a passive ownership status. The filing does not assert activist intent and follows 13G disclosure conventions rather than a 13D takeover disclosure.

When were the outstanding share figures used to compute the 4.5% stake reported?

The percentage calculation cites 80,421,181 shares outstanding as of November 1, 2025, a figure the filing attributes to the issuer's Form 10-Q filed November 13, 2025, and the beneficial ownership date is 03/30/2026.