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[8-K] Protagenic Therapeutics, Inc. Warrant Reports Material Event

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
8-K
Rhea-AI Filing Summary

Protagenic Therapeutics, Inc. (PTIX) filed an 8-K (Item 3.03) announcing a rights distribution designed to preserve pre-transaction ownership percentages following the Company’s previously announced share-exchange transaction with Alterola Biotech Inc. and the acquisition of 100% of Phytanix Bio.

Key mechanics: each stockholder of record on July 7 2025 will receive one Right per existing common share. Every Right allows the holder to purchase 4.57 common shares at an exercise price of $0.01 per share (collectively, the “Right Shares”). The Rights will initially trade together with PTIX common stock and will not be evidenced by separate certificates until they become exercisable.

Conditions: the Rights cannot be exercised until stockholders approve (i) the Alterola/Phytanix share-exchange transactions (“Proposed Transactions”) and (ii) the issuance of the Right Shares. Upon approval, the Rights become exercisable for a period—set by management or as detailed in the forthcoming Rights Agreement with Equiniti Trust Company, LLC—but not longer than six months. Prior to stockholder approval, the Board may freely amend the Rights Agreement; afterward, amendments are limited to non-adverse or corrective changes.

Purpose and implications: the distribution is intended to counteract dilution resulting from the Proposed Transactions, thereby aligning legacy PTIX holders’ fully diluted ownership with that of the incoming counterparties. The ultra-low $0.01 exercise price effectively subsidizes existing investors but simultaneously signals potential dilution of up to 457% relative to current share count if fully exercised. Investor focus will likely center on (1) gaining clarity regarding the final Rights Agreement terms, (2) the timing and outcome of the upcoming stockholder meeting, and (3) the ultimate size and valuation impact of the share issuance tied to the Phytanix acquisition.

Protagenic Therapeutics, Inc. (PTIX) ha depositato un modulo 8-K (voce 3.03) annunciando una distribuzione di diritti volta a preservare le percentuali di proprietà pre-transazione a seguito della precedente operazione di scambio azionario con Alterola Biotech Inc. e dell’acquisizione del 100% di Phytanix Bio.

Meccanismi principali: ogni azionista registrato al 7 luglio 2025 riceverà un diritto per ogni azione ordinaria posseduta. Ogni diritto consente di acquistare 4,57 azioni ordinarie al prezzo di esercizio di 0,01$ per azione (collettivamente, le “Azioni Derivate dai Diritti”). I diritti saranno inizialmente negoziati insieme alle azioni ordinarie PTIX e non saranno rappresentati da certificati separati fino a quando non diventeranno esercitabili.

Condizioni: i diritti non potranno essere esercitati fino all’approvazione da parte degli azionisti di (i) le operazioni di scambio azionario Alterola/Phytanix (“Operazioni Proposte”) e (ii) l’emissione delle Azioni Derivate dai Diritti. Una volta approvati, i diritti saranno esercitabili per un periodo stabilito dalla direzione o come dettagliato nel prossimo Rights Agreement con Equiniti Trust Company, LLC, ma non superiore a sei mesi. Prima dell’approvazione degli azionisti, il Consiglio può modificare liberamente l’Accordo; successivamente, le modifiche saranno limitate a cambiamenti non dannosi o correttivi.

Scopo e implicazioni: la distribuzione mira a contrastare la diluizione derivante dalle Operazioni Proposte, allineando così la proprietà completamente diluita degli azionisti storici di PTIX con quella delle controparti entranti. Il prezzo di esercizio estremamente basso di 0,01$ sostiene gli investitori esistenti, ma allo stesso tempo segnala una possibile diluizione fino al 457% rispetto al numero attuale di azioni se i diritti venissero esercitati completamente. L’attenzione degli investitori sarà probabilmente focalizzata su (1) ottenere chiarezza sui termini finali dell’Accordo sui Diritti, (2) i tempi e l’esito della prossima assemblea degli azionisti, e (3) la dimensione finale e l’impatto valutativo dell’emissione azionaria legata all’acquisizione di Phytanix.

Protagenic Therapeutics, Inc. (PTIX) presentó un formulario 8-K (Ítem 3.03) anunciando una distribución de derechos diseñada para preservar los porcentajes de propiedad previos a la transacción tras la operación de intercambio de acciones previamente anunciada con Alterola Biotech Inc. y la adquisición del 100% de Phytanix Bio.

Mecánica clave: cada accionista registrado al 7 de julio de 2025 recibirá un derecho por cada acción común existente. Cada derecho permite al titular comprar 4.57 acciones comunes a un precio de ejercicio de $0.01 por acción (colectivamente, las “Acciones de Derecho”). Los derechos inicialmente se negociarán junto con las acciones comunes de PTIX y no estarán representados por certificados separados hasta que sean ejercitables.

Condiciones: los derechos no podrán ejercerse hasta que los accionistas aprueben (i) las transacciones de intercambio de acciones Alterola/Phytanix (“Transacciones Propuestas”) y (ii) la emisión de las Acciones de Derecho. Tras la aprobación, los derechos serán ejercitables durante un periodo establecido por la dirección o según lo detallado en el próximo Acuerdo de Derechos con Equiniti Trust Company, LLC, pero no mayor a seis meses. Antes de la aprobación de los accionistas, la Junta puede modificar libremente el Acuerdo; después, las modificaciones se limitan a cambios no adversos o correctivos.

Propósito e implicaciones: la distribución pretende contrarrestar la dilución resultante de las Transacciones Propuestas, alineando así la propiedad totalmente diluida de los accionistas históricos de PTIX con la de las contrapartes entrantes. El precio de ejercicio ultra bajo de $0.01 subsidia efectivamente a los inversores existentes, pero al mismo tiempo señala una posible dilución de hasta el 457% respecto al número actual de acciones si se ejercen completamente. Los inversores probablemente se centrarán en (1) obtener claridad sobre los términos finales del Acuerdo de Derechos, (2) el momento y resultado de la próxima junta de accionistas, y (3) el tamaño final e impacto en la valoración de la emisión de acciones vinculada a la adquisición de Phytanix.

Protagenic Therapeutics, Inc. (PTIX)는 8-K 서류(Item 3.03)를 제출하며, Alterola Biotech Inc.와의 이전 주식 교환 거래 및 Phytanix Bio 100% 인수에 따른 거래 전 소유 비율을 유지하기 위한 권리 배포를 발표했습니다.

주요 내용: 2025년 7월 7일 기준 주주 명부에 등록된 모든 주주는 기존 보통주 1주당 1개의 권리를 받게 됩니다. 각 권리는 행사가격 주당 0.01달러로 보통주 4.57주를 구매할 수 있는 권리를 부여합니다(통칭 “권리주”). 권리는 초기에는 PTIX 보통주와 함께 거래되며, 행사 가능해질 때까지 별도의 증서로 발행되지 않습니다.

조건: 권리는 주주들이 (i) Alterola/Phytanix 주식 교환 거래(“제안된 거래”) 및 (ii) 권리주 발행을 승인할 때까지 행사할 수 없습니다. 승인 후 권리는 경영진이 정하거나 곧 발표될 권리 계약에 명시된 기간 동안 행사 가능하며, 최대 6개월을 넘지 않습니다. 주주 승인 전에는 이사회가 권리 계약을 자유롭게 수정할 수 있으나, 승인 후에는 비불리하거나 수정적인 변경만 가능합니다.

목적 및 영향: 이번 권리 배포는 제안된 거래로 인한 희석을 방지하여 기존 PTIX 주주의 완전 희석 소유권을 신규 참여자와 일치시키기 위한 것입니다. 매우 낮은 0.01달러 행사가격은 기존 투자자를 실질적으로 지원하지만, 권리가 전부 행사될 경우 현재 주식 수 대비 최대 457%의 희석 가능성을 시사합니다. 투자자들은 (1) 최종 권리 계약 조건의 명확성, (2) 예정된 주주총회의 시기와 결과, (3) Phytanix 인수와 관련된 주식 발행의 최종 규모 및 가치 영향에 주목할 것으로 예상됩니다.

Protagenic Therapeutics, Inc. (PTIX) a déposé un formulaire 8-K (point 3.03) annonçant une distribution de droits destinée à préserver les pourcentages de propriété avant la transaction suite à l’opération d’échange d’actions précédemment annoncée avec Alterola Biotech Inc. et l’acquisition de 100% de Phytanix Bio.

Mécanismes clés : chaque actionnaire inscrit au 7 juillet 2025 recevra un droit par action ordinaire détenue. Chaque droit permet à son détenteur d’acheter 4,57 actions ordinaires au prix d’exercice de 0,01 $ par action (collectivement, les « Actions des Droits »). Les droits seront initialement négociés conjointement avec les actions ordinaires PTIX et ne seront pas matérialisés par des certificats séparés tant qu’ils ne seront pas exerçables.

Conditions : les droits ne peuvent être exercés que lorsque les actionnaires approuvent (i) les transactions d’échange d’actions Alterola/Phytanix (« Transactions Proposées ») et (ii) l’émission des Actions des Droits. Après approbation, les droits deviennent exerçables pour une période fixée par la direction ou comme précisé dans le prochain Contrat de Droits avec Equiniti Trust Company, LLC, mais pas plus de six mois. Avant l’approbation des actionnaires, le Conseil peut modifier librement le contrat ; après, les modifications sont limitées à des changements non défavorables ou correctifs.

Objectif et implications : la distribution vise à compenser la dilution résultant des Transactions Proposées, alignant ainsi la propriété totalement diluée des actionnaires historiques de PTIX avec celle des nouvelles parties prenantes. Le prix d’exercice extrêmement bas de 0,01 $ subventionne effectivement les investisseurs existants, tout en signalant une dilution potentielle pouvant atteindre 457 % par rapport au nombre actuel d’actions si les droits sont entièrement exercés. L’attention des investisseurs se portera probablement sur (1) la clarté des termes finaux du Contrat de Droits, (2) le calendrier et le résultat de la prochaine assemblée générale des actionnaires, et (3) la taille finale et l’impact sur la valorisation de l’émission d’actions liée à l’acquisition de Phytanix.

Protagenic Therapeutics, Inc. (PTIX) hat einen 8-K-Bericht (Punkt 3.03) eingereicht, in dem eine Bezugsrechtsverteilung angekündigt wird, die darauf abzielt, die Eigentumsanteile vor der Transaktion nach der zuvor angekündigten Aktientauschtransaktion mit Alterola Biotech Inc. und der Übernahme von 100% von Phytanix Bio zu erhalten.

Wesentliche Mechanik: Jeder zum 7. Juli 2025 eingetragene Aktionär erhält ein Bezugsrecht pro bestehender Stammaktie. Jedes Bezugsrecht berechtigt den Inhaber zum Kauf von 4,57 Stammaktien zu einem Ausübungspreis von 0,01 $ pro Aktie (zusammen die „Bezugsrechtsaktien“). Die Bezugsrechte werden zunächst zusammen mit den PTIX-Stammaktien gehandelt und werden erst ausgegeben, wenn sie ausübbar sind.

Bedingungen: Die Bezugsrechte können erst ausgeübt werden, wenn die Aktionäre (i) die Alterola/Phytanix-Aktientauschtransaktionen („Vorgeschlagene Transaktionen“) und (ii) die Ausgabe der Bezugsrechtsaktien genehmigen. Nach der Genehmigung sind die Bezugsrechte für einen von der Geschäftsleitung festgelegten Zeitraum – oder wie im bevorstehenden Bezugsrechtsvertrag mit Equiniti Trust Company, LLC beschrieben – ausübbar, jedoch nicht länger als sechs Monate. Vor der Aktionärsgenehmigung kann der Vorstand den Vertrag frei ändern; danach sind Änderungen nur noch auf nicht nachteilige oder korrigierende Anpassungen beschränkt.

Zweck und Auswirkungen: Die Verteilung soll der Verwässerung durch die Vorgeschlagenen Transaktionen entgegenwirken und so die voll verwässerte Eigentümerschaft der bisherigen PTIX-Aktionäre mit der der neuen Gegenparteien in Einklang bringen. Der äußerst niedrige Ausübungspreis von 0,01 $ subventioniert effektiv die bestehenden Investoren, signalisiert aber gleichzeitig eine potenzielle Verwässerung von bis zu 457 % im Vergleich zur aktuellen Aktienanzahl bei vollständiger Ausübung. Das Interesse der Investoren wird sich voraussichtlich auf (1) die Klarheit der endgültigen Bedingungen des Bezugsrechtsvertrags, (2) den Zeitpunkt und das Ergebnis der bevorstehenden Hauptversammlung und (3) die endgültige Größe und Bewertungsauswirkung der mit der Phytanix-Akquisition verbundenen Aktienausgabe konzentrieren.

Positive
  • Ultra-low $0.01 exercise price provides existing shareholders a deeply discounted opportunity to maintain proportional ownership post-acquisition.
Negative
  • Potential 457% increase in share count if all Rights are exercised, representing significant dilution risk to future EPS and share value.
  • Rights exercisability remains contingent upon stockholder approval, introducing execution uncertainty and timeline risk.

Insights

TL;DR Rights issue offers protective dilution relief but adds execution risk pending stockholder vote.

The rights distribution is structured to maintain legacy holders’ proportional ownership after closing the Phytanix deal. At $0.01 per share for 4.57 shares per Right, the exercise terms are highly favorable to existing shareholders. However, material dilution is inevitable once exercised, expanding the float by up to 457%. Immediate impact is neutral because Rights remain unexercisable until the stockholder meeting. Investors should assess whether the Phytanix acquisition creates sufficient value to offset dilution. Short-term trading dynamics may be muted as Rights initially trade inseparably with common stock, but post-approval could introduce share-price volatility and pressure.

TL;DR Board-approved Rights favor legacy holders yet rely on forthcoming stockholder approval.

From a governance standpoint, the Board is proactively addressing ownership preservation through a conditional Rights plan rather than a traditional poison pill. Conditioning exercisability on stockholder approval of both the transaction and share issuance aligns the process with Nasdaq and SEC expectations, mitigating concerns of unilateral dilution. The ability to amend the Rights Agreement pre-approval offers flexibility but introduces uncertainty. Post-approval amendment limits protect Right holders, reflecting reasonable balance between board discretion and investor safeguards.

Protagenic Therapeutics, Inc. (PTIX) ha depositato un modulo 8-K (voce 3.03) annunciando una distribuzione di diritti volta a preservare le percentuali di proprietà pre-transazione a seguito della precedente operazione di scambio azionario con Alterola Biotech Inc. e dell’acquisizione del 100% di Phytanix Bio.

Meccanismi principali: ogni azionista registrato al 7 luglio 2025 riceverà un diritto per ogni azione ordinaria posseduta. Ogni diritto consente di acquistare 4,57 azioni ordinarie al prezzo di esercizio di 0,01$ per azione (collettivamente, le “Azioni Derivate dai Diritti”). I diritti saranno inizialmente negoziati insieme alle azioni ordinarie PTIX e non saranno rappresentati da certificati separati fino a quando non diventeranno esercitabili.

Condizioni: i diritti non potranno essere esercitati fino all’approvazione da parte degli azionisti di (i) le operazioni di scambio azionario Alterola/Phytanix (“Operazioni Proposte”) e (ii) l’emissione delle Azioni Derivate dai Diritti. Una volta approvati, i diritti saranno esercitabili per un periodo stabilito dalla direzione o come dettagliato nel prossimo Rights Agreement con Equiniti Trust Company, LLC, ma non superiore a sei mesi. Prima dell’approvazione degli azionisti, il Consiglio può modificare liberamente l’Accordo; successivamente, le modifiche saranno limitate a cambiamenti non dannosi o correttivi.

Scopo e implicazioni: la distribuzione mira a contrastare la diluizione derivante dalle Operazioni Proposte, allineando così la proprietà completamente diluita degli azionisti storici di PTIX con quella delle controparti entranti. Il prezzo di esercizio estremamente basso di 0,01$ sostiene gli investitori esistenti, ma allo stesso tempo segnala una possibile diluizione fino al 457% rispetto al numero attuale di azioni se i diritti venissero esercitati completamente. L’attenzione degli investitori sarà probabilmente focalizzata su (1) ottenere chiarezza sui termini finali dell’Accordo sui Diritti, (2) i tempi e l’esito della prossima assemblea degli azionisti, e (3) la dimensione finale e l’impatto valutativo dell’emissione azionaria legata all’acquisizione di Phytanix.

Protagenic Therapeutics, Inc. (PTIX) presentó un formulario 8-K (Ítem 3.03) anunciando una distribución de derechos diseñada para preservar los porcentajes de propiedad previos a la transacción tras la operación de intercambio de acciones previamente anunciada con Alterola Biotech Inc. y la adquisición del 100% de Phytanix Bio.

Mecánica clave: cada accionista registrado al 7 de julio de 2025 recibirá un derecho por cada acción común existente. Cada derecho permite al titular comprar 4.57 acciones comunes a un precio de ejercicio de $0.01 por acción (colectivamente, las “Acciones de Derecho”). Los derechos inicialmente se negociarán junto con las acciones comunes de PTIX y no estarán representados por certificados separados hasta que sean ejercitables.

Condiciones: los derechos no podrán ejercerse hasta que los accionistas aprueben (i) las transacciones de intercambio de acciones Alterola/Phytanix (“Transacciones Propuestas”) y (ii) la emisión de las Acciones de Derecho. Tras la aprobación, los derechos serán ejercitables durante un periodo establecido por la dirección o según lo detallado en el próximo Acuerdo de Derechos con Equiniti Trust Company, LLC, pero no mayor a seis meses. Antes de la aprobación de los accionistas, la Junta puede modificar libremente el Acuerdo; después, las modificaciones se limitan a cambios no adversos o correctivos.

Propósito e implicaciones: la distribución pretende contrarrestar la dilución resultante de las Transacciones Propuestas, alineando así la propiedad totalmente diluida de los accionistas históricos de PTIX con la de las contrapartes entrantes. El precio de ejercicio ultra bajo de $0.01 subsidia efectivamente a los inversores existentes, pero al mismo tiempo señala una posible dilución de hasta el 457% respecto al número actual de acciones si se ejercen completamente. Los inversores probablemente se centrarán en (1) obtener claridad sobre los términos finales del Acuerdo de Derechos, (2) el momento y resultado de la próxima junta de accionistas, y (3) el tamaño final e impacto en la valoración de la emisión de acciones vinculada a la adquisición de Phytanix.

Protagenic Therapeutics, Inc. (PTIX)는 8-K 서류(Item 3.03)를 제출하며, Alterola Biotech Inc.와의 이전 주식 교환 거래 및 Phytanix Bio 100% 인수에 따른 거래 전 소유 비율을 유지하기 위한 권리 배포를 발표했습니다.

주요 내용: 2025년 7월 7일 기준 주주 명부에 등록된 모든 주주는 기존 보통주 1주당 1개의 권리를 받게 됩니다. 각 권리는 행사가격 주당 0.01달러로 보통주 4.57주를 구매할 수 있는 권리를 부여합니다(통칭 “권리주”). 권리는 초기에는 PTIX 보통주와 함께 거래되며, 행사 가능해질 때까지 별도의 증서로 발행되지 않습니다.

조건: 권리는 주주들이 (i) Alterola/Phytanix 주식 교환 거래(“제안된 거래”) 및 (ii) 권리주 발행을 승인할 때까지 행사할 수 없습니다. 승인 후 권리는 경영진이 정하거나 곧 발표될 권리 계약에 명시된 기간 동안 행사 가능하며, 최대 6개월을 넘지 않습니다. 주주 승인 전에는 이사회가 권리 계약을 자유롭게 수정할 수 있으나, 승인 후에는 비불리하거나 수정적인 변경만 가능합니다.

목적 및 영향: 이번 권리 배포는 제안된 거래로 인한 희석을 방지하여 기존 PTIX 주주의 완전 희석 소유권을 신규 참여자와 일치시키기 위한 것입니다. 매우 낮은 0.01달러 행사가격은 기존 투자자를 실질적으로 지원하지만, 권리가 전부 행사될 경우 현재 주식 수 대비 최대 457%의 희석 가능성을 시사합니다. 투자자들은 (1) 최종 권리 계약 조건의 명확성, (2) 예정된 주주총회의 시기와 결과, (3) Phytanix 인수와 관련된 주식 발행의 최종 규모 및 가치 영향에 주목할 것으로 예상됩니다.

Protagenic Therapeutics, Inc. (PTIX) a déposé un formulaire 8-K (point 3.03) annonçant une distribution de droits destinée à préserver les pourcentages de propriété avant la transaction suite à l’opération d’échange d’actions précédemment annoncée avec Alterola Biotech Inc. et l’acquisition de 100% de Phytanix Bio.

Mécanismes clés : chaque actionnaire inscrit au 7 juillet 2025 recevra un droit par action ordinaire détenue. Chaque droit permet à son détenteur d’acheter 4,57 actions ordinaires au prix d’exercice de 0,01 $ par action (collectivement, les « Actions des Droits »). Les droits seront initialement négociés conjointement avec les actions ordinaires PTIX et ne seront pas matérialisés par des certificats séparés tant qu’ils ne seront pas exerçables.

Conditions : les droits ne peuvent être exercés que lorsque les actionnaires approuvent (i) les transactions d’échange d’actions Alterola/Phytanix (« Transactions Proposées ») et (ii) l’émission des Actions des Droits. Après approbation, les droits deviennent exerçables pour une période fixée par la direction ou comme précisé dans le prochain Contrat de Droits avec Equiniti Trust Company, LLC, mais pas plus de six mois. Avant l’approbation des actionnaires, le Conseil peut modifier librement le contrat ; après, les modifications sont limitées à des changements non défavorables ou correctifs.

Objectif et implications : la distribution vise à compenser la dilution résultant des Transactions Proposées, alignant ainsi la propriété totalement diluée des actionnaires historiques de PTIX avec celle des nouvelles parties prenantes. Le prix d’exercice extrêmement bas de 0,01 $ subventionne effectivement les investisseurs existants, tout en signalant une dilution potentielle pouvant atteindre 457 % par rapport au nombre actuel d’actions si les droits sont entièrement exercés. L’attention des investisseurs se portera probablement sur (1) la clarté des termes finaux du Contrat de Droits, (2) le calendrier et le résultat de la prochaine assemblée générale des actionnaires, et (3) la taille finale et l’impact sur la valorisation de l’émission d’actions liée à l’acquisition de Phytanix.

Protagenic Therapeutics, Inc. (PTIX) hat einen 8-K-Bericht (Punkt 3.03) eingereicht, in dem eine Bezugsrechtsverteilung angekündigt wird, die darauf abzielt, die Eigentumsanteile vor der Transaktion nach der zuvor angekündigten Aktientauschtransaktion mit Alterola Biotech Inc. und der Übernahme von 100% von Phytanix Bio zu erhalten.

Wesentliche Mechanik: Jeder zum 7. Juli 2025 eingetragene Aktionär erhält ein Bezugsrecht pro bestehender Stammaktie. Jedes Bezugsrecht berechtigt den Inhaber zum Kauf von 4,57 Stammaktien zu einem Ausübungspreis von 0,01 $ pro Aktie (zusammen die „Bezugsrechtsaktien“). Die Bezugsrechte werden zunächst zusammen mit den PTIX-Stammaktien gehandelt und werden erst ausgegeben, wenn sie ausübbar sind.

Bedingungen: Die Bezugsrechte können erst ausgeübt werden, wenn die Aktionäre (i) die Alterola/Phytanix-Aktientauschtransaktionen („Vorgeschlagene Transaktionen“) und (ii) die Ausgabe der Bezugsrechtsaktien genehmigen. Nach der Genehmigung sind die Bezugsrechte für einen von der Geschäftsleitung festgelegten Zeitraum – oder wie im bevorstehenden Bezugsrechtsvertrag mit Equiniti Trust Company, LLC beschrieben – ausübbar, jedoch nicht länger als sechs Monate. Vor der Aktionärsgenehmigung kann der Vorstand den Vertrag frei ändern; danach sind Änderungen nur noch auf nicht nachteilige oder korrigierende Anpassungen beschränkt.

Zweck und Auswirkungen: Die Verteilung soll der Verwässerung durch die Vorgeschlagenen Transaktionen entgegenwirken und so die voll verwässerte Eigentümerschaft der bisherigen PTIX-Aktionäre mit der der neuen Gegenparteien in Einklang bringen. Der äußerst niedrige Ausübungspreis von 0,01 $ subventioniert effektiv die bestehenden Investoren, signalisiert aber gleichzeitig eine potenzielle Verwässerung von bis zu 457 % im Vergleich zur aktuellen Aktienanzahl bei vollständiger Ausübung. Das Interesse der Investoren wird sich voraussichtlich auf (1) die Klarheit der endgültigen Bedingungen des Bezugsrechtsvertrags, (2) den Zeitpunkt und das Ergebnis der bevorstehenden Hauptversammlung und (3) die endgültige Größe und Bewertungsauswirkung der mit der Phytanix-Akquisition verbundenen Aktienausgabe konzentrieren.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

 

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of Earliest Event Reported):   June 24, 2025

 

PROTAGENIC THERAPEUTICS, INC.

(Exact name of Company as specified in its charter)

 

Delaware   001-12555   06-1390025

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

 

149 Fifth Avenue, Suite 500, New York, NY   10010
(Address of principal executive offices)   (Zip Code)

 

212-994-8200
(Company’s telephone number, including area code)

 

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Company under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Ticker symbol(s)   Name of each exchange on which registered
Common Stock   PTIX   Nasdaq
Common Stock Warrants   PTIXW   Nasdaq

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 3.03 Material Modification to Rights of Security Holders.

 

On June 24, 2025, the Board of Directors (the “Board”) of Protagenic Therapeutics, Inc. (the “Company”) authorized and declared a distribution of rights (the “Rights”) to purchase shares of the Company’s common stock, par value $0.0001 per share (“Common Stock”), to stockholders of record as of the close of business on July 7, 2025 (the “Record Date”), conditioned on stockholder approval, in order to maintain the projected relative ownership of legacy stockholders and the transaction counterparties as calculated on a fully diluted basis following consummation of the of the transactions (the “Proposed Transactions”) contemplated by the Share Exchange Agreement entered into among the Company, Alterola Biotech Inc., EMC2 Capital LLC, the preferred stockholders of Phytanix Bio (“Phytanix”) set forth therein, and Colin Stott, as Seller’s Representative (as defined in the Exchange Agreement), pursuant to which the Company acquired 100% of the issued and outstanding stock of Phytanix.

 

Effective as of the Record Date, the Company intends to issue to each holder of record of Common Stock as of the Record Date (each such holder, an “Acquiring Person”) one (1) Right for each share of Common Stock held by such holder, which each Right entitling the holder thereof to purchase, at an exercise price of $0.01 per share, 4.57 shares of Common Stock (the “Right Shares”), subject to the terms and conditions described in the unanimous written consent of the Board.

 

In connection with the grant of Rights, the Company will into an agreement, between the Company and Equiniti Trust Company, LLC, as Rights Agent (the “Rights Agreement”) to govern to issuance and potential exercise of Rights.

 

The Rights will initially trade with, and will be inseparable from, the shares of Company Common Stock. The Rights will not be evidenced by separate certificates until they become exercisable. Following any stockholder approval at the Stockholder Meeting (as defined below), separate certificates evidencing the Rights will be mailed to eligible holders of record of shares of Company Common Stock.

 

The Rights shall not be exercisable unless and until the Company’s stockholders, at a duly called meeting (the “Stockholder Meeting”), approve both (i) the Proposed Transactions and (ii) the issuance of the Rights Shares upon exercise of the Rights, and until such approval is obtained, the Rights shall remain unexercisable, nontransferable (except as may be required by law), and shall confer no rights as a stockholder with respect to the Right Shares. Upon approval by the stockholders at the Stockholder Meeting (the “Stockholder Approval Date”), the Rights shall become exercisable for a period to be determined by the executive officers of the Company (or such other period as may be described in the Rights Agreement), subject to applicable law, Nasdaq Listing Rules, and any other applicable rules or regulations, but in no case shall the rights be exercisable for a period greater than 6-months.

 

Amendments. The Company may amend the Rights Agreement in any way at any time prior to the Stockholder Approval Date. After the Stockholder Approval Date, the Company may amend the Rights Agreement without the approval of Rights holders in order (a) to cure any ambiguity, (b) to correct or supplement any defective or inconsistent provision, (c) subject to certain exceptions, to shorten or lengthen any time period as permitted by the Rights Agreement or (d) subject to certain exceptions, to change or supplement the Rights Agreement in any manner that would not adversely affect the interests of Rights holders.

 

Item 9.01 Financial Statements and Exhibits

 

(d) Exhibits. The following exhibits are filed herewith:

 

104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

 

 

 

 

SIGNATURES

 

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.

 

  Protagenic Therapeutics, Inc.
   
Date: June 27, 2025 By: /s/ Alexander K. Arrow
    Alexander K. Arrow
    Chief Financial Officer

 

 

 

 

 

FAQ

What is Protagenic Therapeutics (PTIX) distributing to shareholders?

The company is distributing one Right for each common share held, allowing purchase of 4.57 shares at $0.01 per share.

When is the PTIX Rights distribution record date?

Shareholders must be on record as of July 7 2025 to receive the Rights.

What must occur before the PTIX Rights can be exercised?

Stockholders must approve (i) the Alterola/Phytanix transactions and (ii) the issuance of Right Shares at a duly called meeting.

How long will the Rights remain exercisable after approval?

Management will set the period, but it cannot exceed six months according to the current plan.

Who is the Rights Agent for the PTIX distribution?

Equiniti Trust Company, LLC will act as the Rights Agent.
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