Protagenic Therapeutics, Inc. Enters into Amendment No. 1 to At Market Issuance Sales Agreement

On January 9, 2025, Protagenic Therapeutics, Inc. announced that it has entered into Amendment No. 1 to the At Market Issuance Sales Agreement with B. Riley Securities, Inc. The Sales Agreement, dated July 2, 2021, enables the company to offer and sell shares of its common stock through the Agent, with an aggregate offering price of up to $1,200,000.

While the company is not obligated to sell any shares under the Sales Agreement, the Agent will make reasonable efforts to sell shares based on the company’s instructions and any specified price, time, or size limits. The sales may occur based on an ‘at the market offering’ as defined by Rule 415(a)(4) under the Securities Act of 1933.

In accordance with the terms of the Sales Agreement, the Agent will receive a commission of 3.0% of the gross sales price per share sold. The Agreement also outlines customary indemnification and contribution rights for the Agent. Both parties retain the right to terminate the Sales Agreement upon notice to the other party.

The sale of any shares by Protagenic Therapeutics under this Agreement will be made under the company’s shelf registration statement on Form S-3 (Registration No. 333-280244), which was declared effective by the Securities and Exchange Commission (SEC) on January 8, 2025. The details of the ATM Offering are provided in the company’s Prospectus dated January 9, 2025, filed with the SEC.

It is important to note that this description of the Sales Agreement is not exhaustive, and interested parties are encouraged to consult the full text of the Agreement, available as Exhibit 1.1 to the Current Report on Form 8-K. Additionally, the legal opinion of Duane Morris LLP pertaining to the shares offered under the Agreement can be found in Exhibit 5.1 to the same report.

Protagenic Therapeutics emphasizes that this Current Report on Form 8-K does not constitute an offer to sell or a solicitation to buy any shares under the Sales Agreement. Any such sale would be subject to registration or qualification under relevant securities laws.

Under Item 9.01, the report lists the exhibits attached, including the Amendment to the Sales Agreement and the legal opinion of Duane Morris LLP. Further details can be found in the report filed with the Securities and Exchange Commission.

This article contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those currently anticipated. Readers are advised to consult the complete filing for a thorough understanding of the matter at hand.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Protagenic Therapeutics’s 8K filing here.

About Protagenic Therapeutics

Protagenic Therapeutics, Inc, a biopharmaceutical company, engages in the discovery and development of therapeutics to treat stress-related neuropsychiatric and mood disorders. The company's lead compound comprises PT00114, a synthetic form of teneurin carboxy-terminal associated peptide, an endogenous brain signaling peptide that can dampen overactive stress responses.