Protagenic Therapeutics Inc. (PTIX)

[Long-vestor]

Pump and dump

Jan 6 8-k the company only has 100 million authorized which; by Jan 6, they'd distributed 87 million. which case,, they will need to reverse split in order to have enough shares to pay down the continued defaulted dept..

Sorry, but the parties over.

http://ih.advfn.com/p.php?pid=nmona&article=50655027

On May 31, 2011, the Company sold to investors (the “Buyers”) Secured Convertible Promissory Notes (the “Notes”) in the original aggregate principal amount of $5,813,500, which Notes are convertible into shares of the Company’s common stock. The Company is authorized to issue up to an aggregate of 100,000,000 shares of common stock. As of the close of business on January 3, 2012, the Company had received Note conversion requests from certain Buyers such that all of the Company’s remaining authorized but unissued shares will be issued to such Buyers to partially pay down their Notes in accordance with their terms. As of the close of business on December 30, 2011, the Company had 47,654,144 shares issued and outstanding and as of the close of business on January 5, 2012, the Company had 87,060,096 shares issued and outstanding, which share numbers include 681,509 shares held in treasury by the Company. Since the close of business on December 27, 2011, the Company has issued an aggregate of 68,935,900 shares of its common stock to certain Buyers to partially pay down their Notes.