MAK Capital Group (PLX) reports 4,649,599 shares, a 5.8% stake

Rhea-AI Filing Summary

Protalix BioTherapeutics disclosed that MAK Fund, MAK Capital and Michael A. Kaufman reported beneficial ownership of 4,649,599 shares of Common Stock, representing 5.8% of the class.

The filing states the 4,649,599 shares are beneficially owned as of 03/04/2026, using an outstanding share base of 80,421,181 Common Stock as of November 1, 2025, per the company’s Form 10-Q filed November 13, 2025. The reporting persons disclose shared voting and dispositive power over these shares.

Insights

Institutional Ownership Analyst

MAK entities and Michael Kaufman report a 5.8% stake (4,649,599 shares).

The filing lists 4,649,599 shares beneficially owned as of 03/04/2026 and calculates 5.8% using 80,421,181 shares outstanding as of November 1, 2025. The disclosed ownership is held with shared voting and dispositive power.

Cash‑flow treatment and planned transactions are not stated; subsequent filings would show any purchases or dispositions.

Corporate Governance Specialist

The filing identifies shared control rather than sole control over the reported shares.

The reporting persons indicate 0 sole voting power and 4,649,599 shared voting power, and similarly for dispositive power. This signals collective authority structure across MAK Fund, MAK Capital and Mr. Kaufman.

Investor implications depend on whether the group acts jointly; any coordinated actions would be visible in future disclosures.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Protalix BioTherapeutics, Inc.

(Name of Issuer)

Common Stock, $0.001 par value per share

(Title of Class of Securities)

02/26/2026

(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)

SCHEDULE 13G

CUSIP Number(s):

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 4,649,599.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,649,599.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,649,599.00

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)

5.8 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: The calculation is based upon 4,649,599 shares beneficially owned as of 03/04/2026 and 80,421,181 total shares of Common Stock 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):

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 4,649,599.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,649,599.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,649,599.00

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)

5.8 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: The calculation is based upon 4,649,599 shares beneficially owned as of 03/04/2026 and 80,421,181 total shares of Common Stock 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):

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 4,649,599.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,649,599.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,649,599.00

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)

5.8 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: The calculation is based upon 4,649,599 shares beneficially owned as of 03/04/2026 and 80,421,181 total shares of Common Stock 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 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.: 74365A309
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: 4,649,599
(b)	Percent of class: 5.8% The calculation is based upon 4,649,599 shares of Common Stock beneficially owned as of 03/04/2026 and 80,421,181 total 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: 4,649,599
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 4,649,599
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
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:	03/04/2026

MAK CAPITAL ONE LLC

Signature:	/s/ Michael A. Kaufman
Name/Title:	Managing Member
Date:	03/04/2026

Kaufman Michael A

Signature:	/s/ Michael A. Kaufman
Name/Title:	Michael A. Kaufman
Date:	03/04/2026

FAQ

How many Protalix (PLX) shares does MAK Capital report owning?

MAK Fund, MAK Capital and Michael A. Kaufman report beneficial ownership of 4,649,599 shares. The filing states this figure as of 03/04/2026, representing 5.8% of the outstanding common stock using the company’s November 1, 2025 share count.

What percent ownership does 4,649,599 shares represent in PLX?

The reported 4,649,599 shares equal 5.8% of Protalix common stock. The calculation uses 80,421,181 shares outstanding as of November 1, 2025, cited from the issuer’s Form 10-Q filed November 13, 2025.

Do the reporting persons have sole voting power over the PLX shares?

No. The filing discloses 0 shares with sole voting power and 4,649,599 shares with shared voting power. It also shows 0 sole dispositive power and 4,649,599 shared dispositive power, indicating shared control.

What dates anchor the ownership calculation in the Schedule 13G for PLX?

The beneficial ownership is stated as of 03/04/2026. The percent calculation uses an outstanding share count of 80,421,181 as of November 1, 2025, per the issuer’s Form 10-Q filed November 13, 2025.

Who are the reporting persons on the PLX Schedule 13G?

The Schedule 13G is filed by MAK Capital Fund LP, MAK Capital One L.L.C., and Michael A. Kaufman. The filing gives the entities’ principal addresses and indicates MAK Fund is Bermuda‑organized and MAK Capital is a Delaware LLC.