<SEC-DOCUMENT>0001179110-19-004487.txt : 20190402
<SEC-HEADER>0001179110-19-004487.hdr.sgml : 20190402
<ACCEPTANCE-DATETIME>20190402160241
ACCESSION NUMBER:		0001179110-19-004487
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20190401
FILED AS OF DATE:		20190402
DATE AS OF CHANGE:		20190402

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Schwartz Carl I.
		CENTRAL INDEX KEY:			0001573354

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36790
		FILM NUMBER:		19724551

	MAIL ADDRESS:	
		STREET 1:		20155 N.E. 38TH COURT, UNIT 3104
		CITY:			AVENTURA
		STATE:			FL
		ZIP:			33180

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Precision Therapeutics Inc.
		CENTRAL INDEX KEY:			0001446159
		STANDARD INDUSTRIAL CLASSIFICATION:	ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842]
		IRS NUMBER:				331007393
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		2915 COMMERS DRIVE,
		STREET 2:		SUITE 900
		CITY:			EAGAN
		STATE:			MN
		ZIP:			55121
		BUSINESS PHONE:		651-389-4800

	MAIL ADDRESS:	
		STREET 1:		2915 COMMERS DRIVE,
		STREET 2:		SUITE 900
		CITY:			EAGAN
		STATE:			MN
		ZIP:			55121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Precision Therapeutic Inc.
		DATE OF NAME CHANGE:	20180208

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Skyline Medical Inc.
		DATE OF NAME CHANGE:	20130807

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BioDrain Medical, Inc.
		DATE OF NAME CHANGE:	20080925
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2019-04-01</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001446159</issuerCik>
        <issuerName>Precision Therapeutics Inc.</issuerName>
        <issuerTradingSymbol>AIPT</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001573354</rptOwnerCik>
            <rptOwnerName>Schwartz Carl I.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>3750 LAS VEGAS BLVD. SOUTH</rptOwnerStreet1>
            <rptOwnerStreet2>APT. 4303</rptOwnerStreet2>
            <rptOwnerCity>LAS VEGAS</rptOwnerCity>
            <rptOwnerState>NV</rptOwnerState>
            <rptOwnerZipCode>89158</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Executive Officer</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>144298</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Amended and Restated Warrant to purchase common stock</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0.704</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2019-04-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F2"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>6227</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2019-07-08</value>
            </exerciseDate>
            <expirationDate>
                <value>2024-01-08</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>6227</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>982161</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">This Amended and Restated Warrant (the &quot;Warrant&quot;) amends and restates that certain warrant issued on November 30, 2018 (the &quot;Original Warrant&quot;), due to a second investment of an additional $950,000, resulting in a total investment of $1,320,000.  (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 (1) one-half percent (1/2%) of the outstanding principal balance of the Note on such date, divided by (2) the closing price of Common Stock on that date. The number of warrant shares is subject to a share limit such that the total of number of warrant shares issued under the Warrant, together with the 78,125 shares purchased directly, may not exceed 2,818,350 shares.</footnote>
        <footnote id="F2">Additional shares added to the Warrant as of 4/1/2019.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Carl I. Schwartz, DDS</signatureName>
        <signatureDate>2019-04-02</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
