Edward Smolyansky Issues Statement Regarding Lifeway Foods (NASDAQ: LWAY) Extension of Existing Rights Plan, Board Refreshment and Delayed 2025 Annual Meeting
Edward Smolyansky, a long‑term shareholder, criticized Lifeway Foods (NASDAQ: LWAY) after the board on Oct 29, 2025 amended its Shareholder Rights Agreement, extending the plan's expiration to Oct 29, 2026 without shareholder approval. Smolyansky and Ludmila Smolyansky together control about 26% of outstanding shares and say the extension occurred amid a board refreshment and leadership deadline.
The 8‑K cited "concentrated ownership" and possible share sales as justification; Smolyansky called for rescinding the extension, disclosure of director votes, a shareholder vote before any renewal, and genuine board refreshment. The release notes Danone holds about 23% of shares and that Lifeway will report Q3 results on Nov 12, 2025.
Edward Smolyansky, azionista di lungo periodo, ha criticato Lifeway Foods (NASDAQ: LWAY) dopo che il consiglio il 29 ottobre 2025 ha modificato il suo Accordo sui Diritti degli Azionisti, estendendo la scadenza del piano al 29 ottobre 2026 senza l'approvazione degli azionisti. Smolyansky e Ludmila Smolyansky controllano insieme circa il 26% delle azioni in circolazione e sostengono che l'estensione sia avvenuta nel contesto di un rinnovamento del consiglio e di una scadenza di leadership.
L'8-K citava "proprietà concentrata" e possibili vendite di azioni come giustificazione; Smolyansky ha chiesto di rescindere l'estensione, di rendere pubblici i voti dei direttori, di indire un voto degli azionisti prima di qualsiasi rinnovo e di un vero rinnovamento del consiglio. Il comunicato indica che Danone detiene circa il 23% delle azioni e che Lifeway riporterà i risultati del Q3 il 12 novembre 2025.
Edward Smolyansky, accionista de larga data, criticó a Lifeway Foods (NASDAQ: LWAY) después de que la junta, el 29 de octubre de 2025, enmendara su Acuerdo de Derechos de los Accionistas, extendiendo la expiración del plan hasta el 29 de octubre de 2026 sin la aprobación de los accionistas. Smolyansky y Ludmila Smolyansky, que en conjunto controlan aproximadamente el 26% de las acciones en circulación, dicen que la extensión ocurrió en medio de una renovación de la junta y un plazo de liderazgo.
El 8-K citaba "propiedad concentrada" y posibles ventas de acciones como justificación; Smolyansky pidió rescindir la extensión, divulgar los votos de los directores, convocar a una votación de los accionistas antes de cualquier renovación y una auténtica renovación de la junta. El comunicado señala que Danone posee alrededor del 23% de las acciones y que Lifeway reportará los resultados del Q3 el 12 de noviembre de 2025.
Edward Smolyansky, 오랜 주주, Lifeway Foods (NASDAQ: LWAY)에 대해 비판했고, 이사회가 2025년 10월 29일에 주주권 계약을 수정하여 계획의 만료를 2026년 10월 29일까지 연장했으며 주주 승인 없이 이루어졌다. Smolyansky와 Ludmila Smolyansky는 함께 발행 주식의 약 26%를 통제하며, 확-extension이 이사회 개편과 리더십 기한 사이에 발생했다고 말한다.
8-K는 '집중된 소유'와 주식 매각 가능성을 정당화로 인용했고, Smolyansky는 연장을 취소하고, 이사Votes 공개, 갱신 전 주주총회, 그리고 진정한 이사회 개편을 요구했다. 발표에 다르면 다논이 약 23%의 주식을 보유하고 있으며 Lifeway는 2025년 11월 12일에 3분기 실적을 발표할 것이라고 한다.
Edward Smolyansky, actionnaire de longue date, a critiqué Lifeway Foods (NASDAQ: LWAY) après que le conseil, le 29 octobre 2025, a modifié son Accord sur les droits des actionnaires, prolongeant l'expiration du plan jusqu'au 29 octobre 2026 sans l'approbation des actionnaires. Smolyansky et Ludmila Smolyansky contrôlent ensemble environ 26% des actions en circulation et disent que l'extension a eu lieu au milieu d'un renouvellement du conseil et d'un délai de leadership.
Le 8-K citait « propriété concentrée » et des potentielles ventes d'actions comme justification; Smolyansky a appelé à annuler l'extension, à divulguer les votes des administrateurs, à un vote des actionnaires avant tout renouvellement, et à un véritable renouvellement du conseil. Le communiqué note que Danone détient environ 23% des actions et que Lifeway annoncera les résultats du T3 le 12 novembre 2025.
Edward Smolyansky, Langzeitaktionär, kritisierte Lifeway Foods (NASDAQ: LWAY), nachdem der Vorstand am 29. Oktober 2025 sein Aktionärsrechtsabkommen geändert und die Ablaufdauer des Plans bis zum 29. Oktober 2026 verlängert hatte, ohne Zustimmung der Aktionäre. Smolyansky und Ludmila Smolyansky kontrollieren zusammen ca. 26% der ausstehenden Aktien und sagen, dass die Verlängerung im Zuge einer Vorstandserneuerung und einer Führungsfristenpast entstand.
Das 8-K-Zitat rechtfertigte mit "konzentiertem Eigentum" und möglichen Aktienverkäufen; Smolyansky forderte die Rücknahme der Verlängerung, Offenlegung der Abstimmung der Direktoren, eine Aktionärsabstimmung vor jeder Verlängerung und eine echte Vorstandserneuerung. In der Mitteilung heißt es, dass Danone ca. 23% der Aktien besitzt und Lifeway die Q3-Ergebnisse am 12. November 2025 melden wird.
إدوارد سموْليانسكي، مساهم منذ فترة طويلة، انتقد Lifeway Foods (NASDAQ: LWAY) بعد أن عدّلت اللجنة المعنية بحقوق المساهمين في 29 أكتوبر 2025 اتفاق حقوق المساهمين، ممددة انتهاء الخطة إلى 29 أكتوبر 2026 دون موافقة المساهمين. يسيطر Smolyansky وLudmila Smolyansky معاً على نحو 26% من الأسهم القائمة ويقولان إن التمديد حدث في إطار تجديد المجلس وموعد القيادة.
استشهدت 8-K بـ"الملكية المركّزة" وبيع محتمل للأسهم كتبرير؛ ودعا Smolyansky إلى إلغاء التمديد، وكشف تصويتات المدراء، وآراء المساهمين قبل أي تجديد، وتحديث حقيقي للمجلس. يذكر البيان أن دانون تمتلك نحو 23% من الأسهم وأن Lifeway ستعلن عن نتائج الربع الثالث في 12 نوفمبر 2025.
- Shareholder pressure may force governance disclosure
- Stakeholder scrutiny ahead of Nov 12, 2025 Q3 results
- Rights plan extended to Oct 29, 2026 without shareholder vote
- Ownership concentration: Smolyansky ~26%, Danone ~23%
- Bylaws amended to set board size between 5 and 10 directors
Extension protects entrenched board and management rather than maximizes
shareholder value; shareholders must demand an immediate vote.
On October 29, 2025, the Board of Lifeway Foods approved an amendment to its Shareholder Rights Agreement, extending its expiration date by one year to October 29, 2026. All other terms and conditions of the Rights Plan remain unchanged. This action was taken without shareholder approval or a provided explanation regarding its impact on shareholders.
This maneuver was taken by a management-aligned board on the eve of a "board refreshment" and leadership deadline, with a yet to be departed director present, Mr. Pol Sikar, who continues to serve on the board at this time. It also occurred just one day before Lifeway was obligated to name a new chairperson in connection with the deadline. This timing underscores Lifeway's lack of transparency and accountability in its governance culture.
Furthermore, on October 29, the Company amended and restated its bylaws to stipulate that the number of directors shall be no fewer than five (5) and no more than ten (10). Lifeway Foods is scheduled to announce its third quarter results on November 12 before the market opens.
"The board's unilateral extension is a power grab that shields management and already entrenched directors at the expense of ordinary shareholders," said Edward Smolyansky. "If the newly comprised board genuinely believes this plan serves shareholders, they should put it to a vote at the upcoming Annual Meeting," Smolyansky continued. "Instead, they rushed through an extension during a moment of director transition — a move that betrays fear of accountability and disregard for shareholder rights."
Concerns Over the Extension of the Rights Plan
The company's recent 8-K filing makes it clear that there was no concrete takeover bid or specific acquisition proposal driving the decision to extend the Shareholder Rights Agreement. Instead, the filing references only "concentrated ownership" and the possibility of share sales as justification. This reasoning is vague and insufficient, failing to provide a compelling explanation for continuing to implement defensive measures that could impact shareholder rights.
Moreover, this unilateral action stands in direct opposition to widely recognized governance standards. Influential proxy advisory firms such as Institutional Shareholder Services (ISS) and Glass Lewis have consistently advised against long-term poison pills—specifically those that extend beyond one year or are renewed without the express approval of shareholders. In their guidance, such actions should trigger adverse voting recommendations against incumbent directors who support these measures, highlighting the importance of transparency and shareholder involvement in major governance decisions.
This latest entrenchment follows sustained ownership concentration by Danone SA, which holds approximately
Call to Action
Shareholders deserve a transparent, accountable, and refreshed Lifeway board. We call on the company to:
- Immediately rescind the amendment extending the Rights Plan;
- Fully disclose the board vote, including each director's position and timing;
- Commit to a shareholder vote before any further renewal of the plan; and
- Honor true board refreshment, rather than rubber-stamping entrenchment measures on the eve of director departures and leadership deadlines.
If the board refuses, we will urge institutional investors and proxy advisory firms to hold the responsible directors accountable and to oppose the reelection of Lifeway's governance committee at the next annual meeting.
Important Information
The Rights Plan Extension and 8k follows a Letter delivered to the Company on October 17, 2025 by Mr. Smolyansky giving notice to Lifeway Foods, Inc. (the "issuer") of (i) his intent to nominate a candidate for election to the issuer's board of directors at the issuer's 2025 annual meeting of shareholders (the "Annual Meeting") and (ii) his plan to bring before the Annual Meeting, in accordance with Rule 14a-8 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), a non-binding advisory shareholder proposal requesting that the issuer's Board of Directors establish a new committee of the Board of Directors that (x) consists solely of two or more independent directors who were first appointed or elected after the issuer's September 30, 2025 public announcement of its agreement to carry out an orderly refreshment of the Board of Directors, (y) is authorized and directed to conduct evaluations of the performance of the issuer's executive management team, the issuer's strategic plan and the issuer's strategic alternatives, and (z) is authorized to retain independent financial and legal advisors in connection with such evaluations.
For more information and to contact the shareholder group, follow Edward Smolyansky on LinkedIn.
View original content:SOURCE Edward and Ludmila Smolyansky
FAQ
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