Protagenic Therapeutics Announces Pricing Of $1.275M Private Placement For The Purchase And Sale Of An Aggregate Of 1,948,295 Shares Of Common Stock; The Purchase Price Of Each Share Of Common Stock And Associated Common Stock Purchase Warrants Will Be $0.64

Protagenic Therapeutics, Inc. (NASDAQ:PTIX) ("Protagenic Therapeutics" or the "Company"), a leader in biopharmaceutical innovation, announced today it has entered into a purchase agreement (the "Purchase Agreement") for the purchase and sale of an aggregate of 1,948,295 shares of common stock (or pre-funded warrants in lieu of 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 (as defined in the Purchase Agreement) for a term of eighteen (18) months from the Stockholder Approval Date (as defined in the Purchase Agreement), 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 (5) 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 ($0.89 in the case of insiders).

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, a division of Arcadia Securities, LLC, is acting as sole placement agent for the private placement.