FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Schwartz Carl I.
2. Issuer Name and Ticker or Trading Symbol

Precision Therapeutics Inc. [ AIPT ]
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
Chief Executive Officer
(Last)          (First)          (Middle)

3750 LAS VEGAS BLVD. SOUTH, APT. 4303
3. Date of Earliest Transaction (MM/DD/YYYY)

2/1/2019
(Street)

LAS VEGAS, NV 89158
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock                  144298   D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Third Amended and Restated Common Stock Purchase Warrant   (1) $0.704   2/1/2019     J   (3)    5279       2/1/2019   2/6/2024   Common Stock   5279     (3) 987440   D    
Third Amended and Restated Common Stock Purchase Warrant   $1.188   2/6/2019     J   (4)    138889       8/6/2019   2/6/2024   Common Stock   138889     (4) 1126329   D    
Third Amended and Restated Common Stock Purchase Warrant   $0.704   3/1/2019     J   (3)    5279       3/1/2019   2/6/2024   Common Stock   5279     (3) 1131608   D    
Third Amended and Restated Common Stock Purchase Warrant   $0.704   4/1/2019     J   (3)    5279       4/1/2019   2/6/2024   Common Stock   5279     (3) 1136887   D    
Third Amended and Restated Common Stock Purchase Warrant   (1) $0.704   5/1/2019     J   (2)    11506       5/1/2019   2/6/2024   Common Stock   11506     (2) 1148393   D    

Explanation of Responses:
(1)  On May 21, 2019 the Issuer and the Reporting Person executed the Third Amended and Restated Common Stock Purchase Warrant (the "Warrant") which amends and restates that certain warrant issued on November 30, 2018 (the "Original Warrant"). It included a second investment of an additional $950,000, and a third investment of an additional $300,000 resulting in a total investment of $1,620,000. (See Form 4 filed on December 10, 2018 for details of the Original Warrant.) In addition to the shares reported, the Warrant provides for additional shares to be added to the Warrant beginning on February 1, 2019 and the first day of each calendar month thereafter, equal to one-half percent (1/2%) of the outstanding principal balance of the Note on such date, divided by $0.704.
(2)  Represents additional shares added to the Warrant as of 5/1/2019 as a result of the formula in the Third Amended and Restated Warrant.
(3)  As a result of the formula in the Third Amended and Restated Warrant, additional shares were added to installments as of 2/1/2019, 3/1/2019 and 4/1/2019. The amounts reported represent these additional amounts, in excess of the amounts that were reported in previous Form 4 filings by the Reporting Person.
(4)  Due to a third investment of an additional $300,000, resulting in a total investment of $1,620,000, the Reporting Person received additional warrants.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Schwartz Carl I.
3750 LAS VEGAS BLVD. SOUTH
APT. 4303
LAS VEGAS, NV 89158
X
Chief Executive Officer

Signatures
/s/ Carl I. Schwartz, DDS 5/24/2019
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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