Protagenic Therapeutics to sell 1.95M shares at 64c in private placement

Protagenic Therapeutics (PTIX) has entered into a purchase agreement for the purchase and sale of an aggregate of 1,948,295 shares of common stock, series A common stock purchase warrants to purchase an aggregate of 1,948,295 shares of common stock, with an exercise price of $0.64 per share, which are exercisable on the trading day immediately following the Stockholder Approval Date for a term of eighteen months from the Stockholder Approval Date, and series B common stock purchase warrants to purchase an aggregate of 1,948,295 shares of Common Stock with an exercise price of $0.64 per share, which are exercisable on the trading day immediately following the Stockholder Approval Date for a term of five years from the Stockholder Approval Date. The purchase price of each share of common stock and associated common stock purchase warrants will be $0.64. The closing of the offering is expected to occur on or before November 4, 2024, subject to the satisfaction of customary closing conditions. The gross proceeds from the offering are expected to be approximately $1.275 million, excluding any proceeds that may be received upon exercise of the warrants and before deducting fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from the sale of the securities for working capital purposes. Brookline Capital Markets is acting as sole placement agent for the private placement.