Protagenic Therapeutics Inc. (PTIX)

[buckhunter102001]

In hopes of trying to help put out the fire about the possibility that Atrinsic has done something shady...

I reference an 8-K and Prospectus Supplement No. 1, both dated 28 OCT 11

http://www.sec.gov/Archives/edgar/data/1022899/000114420411059890/v238417_8k.htm

http://www.sec.gov/Archives/edgar/data/1022899/000114420411059894/v238440_424b3.htm

And then I refer to Rule 135c
http://taft.law.uc.edu/CCL/33ActRls/rule135c.html
of the SEC in reference the following statement from both the 8-K and the Prospectus Supplement.

"The Company intends to make... an offering of securities not registered under the Securities Act of 1933, as amended (the “Securities Act”). The securities to be offered will not be registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. At this time, the title, amount and basic terms of the securities to be offered and the amount and timing of the offering are not known, but the Company anticipates that the terms of the offering may be substantially similar to the financing transaction the Company completed on May 31, 2011, as reported in the Company’s Current Reports on Form 8-K filed with the Securities and Exchange Commission on June 1, 2011 and October 27, 2011. The proceeds of the offering will be used for general working capital purposes, including to fund Atrinsic’s Kazaa digital music subscription business. The Company intends for this notice to comply with Rule 135(c) of the general rules and regulations promulgated under the Securities Act, and accordingly, this notice is not intended to and does not constitute an offer to sell nor a solicitation for an offer to purchase any securities of the Company."

Could these shares have been sold to an investor in a foreign market, who has subsequently been shorting and now that Atrinsic no longer has to report can buy back these shares and lock them away, thus reducing the O/S again to a manageable level? Just thoughts...Anyone? Another thought...Could the original deal between BD and Atrinsic for the Kazaa assets been cancelled in lieu of an offering to a foreign market that wouldn't have to be reported to the SEC? Could the Kazaa assets have been consummated through this offering and Atrinsic had an alterior motive for the use of Kazaa such as voice search or mobile? In this way, Atrinsic wouldn't have to spell out the plans for Kazaa until the plan was fully in place...April 23rd anyone?

Either way, I believe these documents are the out for Atrinsic to those saying they violated an SEC rule.