SC 13G/A 1 p21-0495sc13ga.htm PROTALIX BIOTHERAPEUTICS, INC.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


SCHEDULE 13G/A


Under the Securities Exchange Act of 1934

(Amendment No. 1)*

Protalix BioTherapeutics, Inc.
(Name of Issuer)

Common Stock, par value $0.001 per share
(Title of Class of Securities)

74365A309
(CUSIP Number)

December 31, 2020
(Date of event which requires filing of this statement)


Check the appropriate box to designate the rule pursuant to which this Schedule 13G is filed:

¨	Rule 13d-1(b)
x	Rule 13d-1(c)
¨	Rule 13d-1(d)

(Page 1 of 7 Pages)

______________________________

*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. 74365A309

13G/A

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1	NAMES OF REPORTING PERSONS Highbridge Capital Management, LLC
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP		(a) ¨ (b) ¨
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION State of Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	5	SOLE VOTING POWER 0
	6	SHARED VOTING POWER 6,063,194 shares of Common Stock (including 3,648,707 shares of Common Stock issuable upon conversion of convertible notes and 2,414,487 shares of Common Stock issuable upon exercise of warrants) (See Item 4)*
	7	SOLE DISPOSITIVE POWER 0
	8	SHARED DISPOSITIVE POWER 6,063,194 shares of Common Stock (including 3,648,707 shares of Common Stock issuable upon conversion of convertible notes and 2,414,487 shares of Common Stock issuable upon exercise of warrants) (See Item 4)*
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,063,194 shares of Common Stock (including 3,648,707 shares of Common Stock issuable upon conversion of convertible notes and 2,414,487 shares of Common Stock issuable upon exercise of warrants) (See Item 4)*
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES			¨
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.99% (See Item 4)*
12	TYPE OF REPORTING PERSON IA, OO

* As more fully described in Item 4, these shares of Common Stock are issuable upon conversion of convertible notes and exercise of warrants. The convertible notes and exercisable warrants are each subject to a 9.99% beneficial ownership blocker and the percentage set forth in row (11) gives effect to such blockers. However, rows (6), (8), and (9) show the number of shares of Common Stock that would be issuable upon the conversion of the reported convertible notes and exercise of the reported warrants in full. Therefore, the actual number of shares of Common Stock beneficially owned by such Reporting Person, after giving effect to such blockers, is less than the number of securities reported in rows (6), (8), and (9).

CUSIP No. 74365A309

13G/A

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1	NAMES OF REPORTING PERSONS Highbridge Tactical Credit Master Fund, L.P.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP		(a) ¨ (b) ¨
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION State of Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	5	SOLE VOTING POWER 0
	6	SHARED VOTING POWER 5,403,546 shares of Common Stock (including 2,989,059 shares of Common Stock issuable upon conversion of convertible notes and 2,414,487 shares of Common Stock issuable upon exercise of warrants) (See Item 4)*
	7	SOLE DISPOSITIVE POWER 0
	8	SHARED DISPOSITIVE POWER 5,403,546 shares of Common Stock (including 2,989,059 shares of Common Stock issuable upon conversion of convertible notes and 2,414,487 shares of Common Stock issuable upon exercise of warrants) (See Item 4)*
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,403,546 shares of Common Stock (including 2,989,059 shares of Common Stock issuable upon conversion of convertible notes and 2,414,487 shares of Common Stock issuable upon exercise of warrants) (See Item 4)*
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES			¨
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.99% (See Item 4)*
12	TYPE OF REPORTING PERSON PN

CUSIP No. 74365A309

13G/A

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Item 1(a).	NAME OF ISSUER:

	The name of the issuer is Protalix BioTherapeutics, Inc. (the "Company").

Item 1(b).	ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:

	The Company's principal executive offices are located at 2 Snunit Street, Science Park, POB 455, Carmiel, Israel 2161401.

Item 2(a).	NAME OF PERSON FILING:
Item 2(b).	ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:
Item 2(c).	CITIZENSHIP:

	This statement is filed by:

	(i)	Highbridge Capital Management, LLC 277 Park Avenue, 23^rd Floor New York, New York 10172 Citizenship: State of Delaware

	(ii)	Highbridge Tactical Credit Master Fund, L.P. 277 Park Avenue, 23^rd Floor New York, New York 10172 Citizenship: State of Delaware

	The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons."

Item 2(d).	TITLE OF CLASS OF SECURITIES:

	Common Stock, par value $0.001 per share (the "Common Stock").

Item 2(e).	CUSIP NUMBER:

	74365A309

Item 3.

IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b) OR 13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A:

(a)	¨	Broker or dealer registered under Section 15 of the Act,
(b)	¨	Bank as defined in Section 3(a)(6) of the Act,
(c)	¨	Insurance Company as defined in Section 3(a)(19) of the Act,
(d)	¨	Investment Company registered under Section 8 of the Investment Company Act of 1940,
(e)	¨	An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);
(f)	¨	Employee Benefit Plan or Endowment Fund in accordance with Rule 13d-1(b)(1)(ii)(F),

CUSIP No. 74365A309

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(g)	¨	Parent Holding Company or control person in accordance with Rule 13d-1(b)(1)(ii)(G),
(h)	¨	Savings Association as defined in Section 3(b) of the Federal Deposit Insurance Act,
(i)	¨	A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act;
(j)	¨	A non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J);
(k)	¨	Group, in accordance with Rule 13d-1(b)(1)(ii)(K).

If filing as a non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J), please

specify the type of institution: ___________________________

Item 4.	OWNERSHIP.

		(a)	Amount beneficially owned:

	As of the date hereof, subject to the 9.99% Blocker (as defined in Item 4(b) below), (i) Highbridge Capital Management, LLC, as the trading manager of Highbridge Tactical Credit Master Fund, L.P. and Highbridge Convertible Dislocation Fund, L.P. (collectively, the "Highbridge Funds"), may be deemed to be the beneficial owner of the 6,063,194 shares of Common Stock (including 3,648,707 shares of Common Stock issuable upon conversion of convertible notes and 2,414,487 shares of Common Stock issuable upon exercise of warrants) held by the Highbridge Funds and (ii) Highbridge Tactical Credit Master Fund, L.P. may be deemed to be the beneficial owner of the 5,403,546 shares of Common Stock (including 2,989,059 shares of Common Stock issuable upon conversion of convertible notes and 2,414,487 shares of Common Stock issuable upon exercise of warrants) held by it.

		(b)	Percent of class:

	The percentages used herein and in the rest of this Schedule 13G are calculated based upon 33,336,709 shares of Common Stock reported to be outstanding as of October 15, 2020, as reported in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020 filed with the Securities and Exchange Commission on October 29, 2020 and assumes the conversion of the convertible notes and the exercise of the warrants, subject to the 9.99% Blockers.

	Pursuant to the terms of the reported convertible notes and exercisable warrants, the Reporting Persons cannot convert any of the reported convertible notes or exercise any of the reported warrants if the Reporting Persons would beneficially own, after any such conversion or exercise, as applicable, more than 9.99% of the outstanding shares of Common Stock (each, a "9.99% Blocker"). The percentage set forth in Row (11) of the cover page for each Reporting Person gives effect to the 9.99% Blockers. Consequently, as of December 31, 2020, the Reporting Persons were not able to convert all of such reported convertible notes or exercise all of such reported warrants due to the 9.99% Blockers.

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13G/A

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The foregoing should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of the shares of Common Stock (including the shares of Common Stock issuable upon conversion of the convertible notes and shares of Common Stock issuable upon exercise of the warrants) held by the Highbridge Funds.

	(c)	Number of shares as to which such person has:

		(i)	Sole power to vote or to direct the vote

			0

		(ii)	Shared power to vote or to direct the vote

			See Item 4(a)

		(iii)	Sole power to dispose or to direct the disposition of

			0

		(iv)	Shared power to dispose or to direct the disposition of

			See Item 4(a)

Item 5.	OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.

	Not applicable.

Item 6.	OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.

	Not applicable.

Item 7.	IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.

	Not applicable.

Item 8.	IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.

	Not applicable.

Item 9.	NOTICE OF DISSOLUTION OF GROUP.

	Not applicable.

Item 10.	CERTIFICATION.

	Each Reporting Person hereby makes the following certification:

	By signing below the Reporting Person certifies that, to the best of its knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

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SIGNATURES

After reasonable inquiry and to the best of our knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

DATED: February 9, 2021

HIGHBRIDGE CAPITAL MANAGEMENT, LLC


By:	/s/ Kirk Rule
Name:	Kirk Rule
Title:	Executive Director

HIGHBRIDGE TACTICAL CREDIT MASTER FUND, L.P.


By:	Highbridge Capital Management, LLC its Trading Manager

By:	/s/ Kirk Rule
Name:	Kirk Rule
Title:	Executive Director

SEC Form SC 13G/A filed