325 Capital reports zero Astronics Corp (ATRO) ownership in 13D/A

Rhea-AI Filing Summary

Astronics Corp’s major shareholder group 325 Capital and related reporting persons have amended their Schedule 13D to disclose that they no longer beneficially own any Astronics common stock. The amendment states that as of October 15, 2025, these reporting persons ceased to beneficially own more than 5% of Astronics’ outstanding shares. As of the latest referenced date, October 30, 2025, the company had 31,619,410 common shares outstanding. Each reporting person now reports beneficial ownership of 0 shares, representing 0% of the class, with no voting or dispositive power over Astronics stock.

Insights

Equity ownership and governance analyst

325 Capital and affiliates report exiting their Astronics stake, reducing disclosed concentrated ownership.

The filing shows that 325 Capital Master Fund LP, its related entities, and individuals including Michael Braner, Daniel Friedberg, and Anil Shrivastava now report beneficial ownership of 0 Astronics shares, or 0% of the company’s common stock. The amendment notes that they ceased to beneficially own more than 5% of the outstanding shares as of October 15, 2025, meaning a previously significant position has been fully exited.

The ownership percentages are based on 31,619,410 Astronics shares outstanding as of October 30, 2025, as disclosed in the company’s Form 10‑Q. All reporting persons list 0 shares with no sole or shared voting or dispositive power, indicating no remaining influence over shareholder votes via this former block. The filing also references a Schedule 1 of transactions in the last 60 days, which frames the exit activity but is not detailed in this excerpt.

For investors, a complete exit by a former 5%‑plus holder can matter because it changes the makeup of the shareholder base and removes one concentrated holder from the register. The practical implications depend on who absorbs the shares and how Astronics’ broader investor base evolves, which would be understood through future ownership disclosures and company filings.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

ASTRONICS CORP

(Name of Issuer)

Common Stock, $0.01 par value per share

(Title of Class of Securities)

046433108

(CUSIP Number)

Michael Braner
325 Capital LLC, 757 Third Avenue, 20th Floor
New York, NY, 10017
646-774-2904

Kenneth A. Schlesinger, Esq.
Olshan Frome Wolosky LLP, 1325 Avenue of the Americas
New York, NY, 10019
212-451-2300

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

10/15/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on 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).

SCHEDULE 13D

CUSIP No. 046433108

1

Name of reporting person

325 Capital Master Fund LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 046433108

1

Name of reporting person

325 Capital GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 046433108

1

Name of reporting person

325 CAPITAL LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 046433108

1

Name of reporting person

Braner Michael David

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. 046433108

1

Name of reporting person

FRIEDBERG DANIEL M.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. 046433108

1

Name of reporting person

Shrivastava Anil K

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $0.01 par value per share
(b)	Name of Issuer: ASTRONICS CORP
(c)	Address of Issuer's Principal Executive Offices: 130 COMMERCE WAY, -, EAST AURORA, NEW YORK , 14052-2164.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 is hereby amended and restated to read as follows: As of the date hereof, the Reporting Persons beneficially own 0 Shares of the Issuer. The aggregate purchase price for the 0 Shares beneficially owned by the Reporting Persons is $0 (exclusive of brokerage commissions and other costs of execution).
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) is hereby amended and restated to read as follows: The aggregate percentage of Shares reported owned by the Reporting Persons is based upon 31,619,410 Shares outstanding as of October 30, 2025, as disclosed in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 6, 2025. As of the date hereof, 325 Master Fund beneficially owned 0 Shares of the Issuer, constituting 0% of the Shares outstanding. As of the date hereof, 325 Capital GP beneficially owned 0 Shares of the Issuer, constituting 0% of the Shares outstanding. As of the date hereof, 325 beneficially owned 0 Shares of the Issuer, constituting 0% of the Shares outstanding. As of the date hereof, Mr. Braner beneficially owned 0 Shares of the Issuer, constituting 0% of the Shares outstanding. As of the date hereof, Mr. Friedberg beneficially owned 0 Shares of the Issuer, constituting 0% of the Shares outstanding. As of the date hereof, Mr. Shrivastava beneficially owned 0 Shares of the Issuer, constituting 0% of the Shares outstanding.
(b)	Item 5(b) is hereby amended and restated to read as follows: (i) 325 Master Fund: Sole power to vote or direct the vote: 0 Shared power to vote or direct the vote: 0 Sole power to dispose or to direct the disposition: 0 Shared power to dispose or direct the disposition: 0 (ii) 325 Capital GP: Sole power to vote or direct the vote: 0 Shared power to vote or direct the vote: 0 Sole power to dispose or to direct the disposition: 0 Shared power to dispose or direct the disposition: 0 (iii) 325: Sole power to vote or direct the vote: 0 Shared power to vote or direct the vote: 0 Sole power to dispose or to direct the disposition: 0 Shared power to dispose or direct the disposition: 0 (iv) Michael Braner: Sole power to vote or direct the vote: 0 Shared power to vote or direct the vote: 0 Sole power to dispose or to direct the disposition: 0 Shared power to dispose or direct the disposition: 0 (v) Daniel Friedberg: Sole power to vote or direct the vote: 0 Shared power to vote or direct the vote: 0 Sole power to dispose or to direct the disposition: 0 Shared power to dispose or direct the disposition: 0 (vi) Anil Shrivastava: Sole power to vote or direct the vote: 0 Shared power to vote or direct the vote: 0 Sole power to dispose or to direct the disposition: 0 Shared power to dispose or direct the disposition: 0
(c)	Item 5(c) is hereby amended and restated to read as follows: Other than as set forth in Schedule 1 hereto, the Reporting Persons have not entered into any transactions in the securities of the Issuer in the last 60 days.
(e)	Item 5(e) is hereby amended and restated as follows: As of October 15, 2025, the Reporting Persons ceased to beneficially own more than 5% of the outstanding Shares of the Issuer.
Item 7.	Material to be Filed as Exhibits.
	Schedule 1 - Transactions in the Shares in the Last 60 Days

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

325 Capital Master Fund LP

Signature:	/s/ Michael Braner
Name/Title:	Michael Braner, Managing Member
Date:	01/15/2026

325 Capital GP, LLC

Signature:	/s/ Michael Braner
Name/Title:	Michael Braner, Managing Member
Date:	01/15/2026

325 CAPITAL LLC

Signature:	/s/ Michael Braner
Name/Title:	Michael Braner, Managing Member
Date:	01/15/2026

Braner Michael David

Signature:	/s/ Michael Braner
Name/Title:	Michael Braner
Date:	01/15/2026

FRIEDBERG DANIEL M.

Signature:	/s/ Daniel Friedberg
Name/Title:	Daniel Friedberg
Date:	01/15/2026

Shrivastava Anil K

Signature:	/s/ Anil Shrivastava
Name/Title:	Anil Shrivastava
Date:	01/15/2026

FAQ

What does this Schedule 13D/A filing for Astronics Corp (ATRO) disclose?

It discloses that 325 Capital Master Fund LP, its related entities, and associated individuals have amended their Schedule 13D to report beneficial ownership of 0 shares of Astronics Corp common stock, meaning they no longer hold a reportable stake.

How many Astronics Corp shares do the 325 Capital reporting persons now own?

Each reporting person, including 325 Capital Master Fund LP, 325 Capital GP, LLC, 325 Capital LLC, Michael Braner, Daniel Friedberg, and Anil Shrivastava, reports beneficial ownership of 0 Astronics Corp common shares, representing 0% of the class.

When did the 325 Capital group cease to own more than 5% of Astronics Corp?

The filing states that as of October 15, 2025, the reporting persons ceased to beneficially own more than 5% of Astronics Corp’s outstanding common shares.

What total share count for Astronics Corp is used in this ownership calculation?

The ownership percentages are calculated based on 31,619,410 Astronics Corp common shares outstanding as of October 30, 2025, as disclosed in the company’s Form 10‑Q filed on November 6, 2025.

Do the 325 Capital reporting persons retain any voting or dispositive power over Astronics Corp shares?

No. The filing shows that each reporting person has 0 sole voting power, 0 shared voting power, 0 sole dispositive power, and 0 shared dispositive power over Astronics Corp common shares.

What is the reported purchase price for the Astronics Corp shares now held by the reporting persons?

Item 3 states that the reporting persons beneficially own 0 shares of Astronics Corp and that the aggregate purchase price for the 0 shares beneficially owned is $0, exclusive of commissions and execution costs.

Does the filing mention recent transactions in Astronics Corp shares by the 325 Capital group?

Yes. Item 5(c) notes that, other than transactions listed in Schedule 1 (transactions in the last 60 days), the reporting persons have not entered into other transactions in Astronics Corp securities during that period, though the specific trades are not detailed in this excerpt.