SCHEDULE: LightPath Technologies: North Run Boosts Stake to 18.9%
Beneficial Ownership Update
North Run Strategic Opportunities Fund I, LP and its affiliates increased their beneficial ownership in LightPath Technologies Inc. to 18.9% following warrant exercises and the removal of ownership limitations.
Summary
- North Run Strategic Opportunities Fund I, LP (NR-SOF), North Run Strategic Opportunities Fund I GP, LLC, Todd B. Hammer, and Thomas B. Ellis are the new Reporting Persons for LightPath Technologies Inc.
- The previous Reporting Persons, NR-DNP, North Run LP, North Run Advisors, and Michael Bosco, are no longer deemed beneficial owners.
- The Issuer paid off a Promissory Note in full on December 31, 2025.
- On January 5, 2026, NR-SOF received 2,728,968 shares upon the cashless exercise of 3,499,289 Warrants.
- Following a stockholder vote on June 16, 2025, NR-SOF elected on January 5, 2026, for the Beneficial Ownership Limitation and the Exchange Cap to no longer apply to their Warrants and Series G Preferred shares.
- The Reporting Persons collectively beneficially own 12,683,638 shares of Class A common stock, representing 18.9% of the outstanding class.
- This beneficial ownership consists of 2,728,968 common shares and 9,954,670 shares convertible from Series G Preferred.
Sentiment
Score: 7
Explanation: The sentiment is moderately positive due to the significant increase in institutional ownership and the removal of ownership limitations, which could be interpreted as a vote of confidence and potential for increased strategic engagement. The payoff of a promissory note also contributes positively.
Positives
- An institutional investor group, North Run Strategic Opportunities Fund I, LP, has significantly increased its beneficial ownership in LightPath Technologies Inc. to 18.9%.
- The removal of the Beneficial Ownership Limitation and Exchange Cap indicates a greater potential for the Reporting Persons to influence the company's direction or engage in further transactions without prior restrictions.
- The Issuer paid off a Promissory Note in full, which could reduce debt obligations and improve financial health.
Future Outlook
The removal of beneficial ownership limitations and exchange caps for the Reporting Persons suggests they may have increased flexibility for future transactions or influence over LightPath Technologies Inc., though no specific forward-looking plans are detailed in this filing.
Industry Context
This filing primarily details a change in beneficial ownership by an institutional investor group and does not provide specific information to analyze broader industry trends or competitive positioning. However, a significant increase in institutional stake can sometimes signal confidence in the company's long-term prospects within its industry.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Ownership Limitation Removal | Following stockholder approval on June 16, 2025, NR-SOF elected on January 5, 2026, for the Beneficial Ownership Limitation and the Exchange Cap to no longer apply to their Warrants and Series G Preferred shares. | 01/05/2026 | This change grants the Reporting Persons greater flexibility in their holdings and potential influence over the Issuer, removing previous restrictions on their ability to convert or exercise certain securities. |
Stakeholder Impact
- Shareholders: The increased institutional ownership and removal of ownership limitations could lead to greater oversight or strategic shifts, potentially impacting shareholder value.
- Creditors: The payoff of the Promissory Note reduces the company's debt obligations, which could be viewed positively by creditors.
Key Dates
| Date | Description |
|---|---|
| 06/16/2025 | Special meeting of stockholders where stockholders voted in favor of the Stockholder Approval. |
| 12/08/2025 | Date as of which total Shares outstanding were reported in the Issuer's prospectus. |
| 12/12/2025 | Date Issuer's prospectus was filed with the Securities and Exchange Commission. |
| 12/15/2025 | Date 8,912,500 Shares were issued by the Issuer in a public offering. |
| 12/31/2025 | Issuer paid off the Promissory Note in full. |
| 01/05/2026 | NR-SOF received 2,728,968 Shares upon the cashless exercise of 3,499,289 Warrants. |
| 01/05/2026 | NR-SOF provided notice to the Issuer electing for the Beneficial Ownership Limitation and the Exchange Cap to no longer apply. |
| 01/07/2026 | Date of signing for the Schedule 13D Amendment. |
Keywords
LightPath Technologies, LPTH, Schedule 13D, beneficial ownership, institutional investment, warrants, Series G Preferred, equity stake, corporate governance
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