Steel Partners details 5.8% DMC Global (BOOM) stake in latest 13D/A

Rhea-AI Filing Summary

Steel Partners–affiliated entities updated their ownership disclosure in DMC Global Inc. The group, through Steel Connect Sub LLC, reports beneficial ownership of 1,194,441 shares of DMC Global common stock, or about 5.8% of the company, based on 20,590,482 shares outstanding as of October 31, 2025.

The filing states that these shares were bought in the open market for an aggregate purchase price of approximately $20,994,267, funded with Steel Connect Sub’s cash on hand. Several related Delaware entities may be deemed to share voting and dispositive power over this stake.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 7)

DMC Global Inc.

(Name of Issuer)

Common Stock, $0.05 Par Value

(Title of Class of Securities)

23291C103

(CUSIP Number)

Warren G. Lichtenstein
Steel Partners Holdings L.P., 590 Madison Avenue, 32nd Floor
New York, NY, 10022
212-520-2300

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

02/20/2026

(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. 23291C103

1

Name of reporting person

STEEL PARTNERS HOLDINGS L.P.

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)

AF

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 1,194,441.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,194,441.00

11

Aggregate amount beneficially owned by each reporting person

1,194,441.00

12

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

13

Percent of class represented by amount in Row (11)

5.8 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 23291C103

1

Name of reporting person

Steel Partners Holdings GP Inc.

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)

AF

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 1,194,441.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,194,441.00

11

Aggregate amount beneficially owned by each reporting person

1,194,441.00

12

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

13

Percent of class represented by amount in Row (11)

5.8 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 23291C103

1

Name of reporting person

SPH Group 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)

AF

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 1,194,441.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,194,441.00

11

Aggregate amount beneficially owned by each reporting person

1,194,441.00

12

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

13

Percent of class represented by amount in Row (11)

5.8 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 23291C103

1

Name of reporting person

SPH Group Holdings 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)

AF

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 1,194,441.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,194,441.00

11

Aggregate amount beneficially owned by each reporting person

1,194,441.00

12

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

13

Percent of class represented by amount in Row (11)

5.8 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 23291C103

1

Name of reporting person

Steel Excel Inc.

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)

AF

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 1,194,441.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,194,441.00

11

Aggregate amount beneficially owned by each reporting person

1,194,441.00

12

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

13

Percent of class represented by amount in Row (11)

5.8 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 23291C103

1

Name of reporting person

Steel Connect 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)

AF

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 1,194,441.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,194,441.00

11

Aggregate amount beneficially owned by each reporting person

1,194,441.00

12

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

13

Percent of class represented by amount in Row (11)

5.8 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 23291C103

1

Name of reporting person

STEEL CONNECT SUB 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)

OO

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 1,194,441.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,194,441.00

11

Aggregate amount beneficially owned by each reporting person

1,194,441.00

12

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

13

Percent of class represented by amount in Row (11)

5.8 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $0.05 Par Value
(b)	Name of Issuer: DMC Global Inc.
(c)	Address of Issuer's Principal Executive Offices: 11800 RIDGE PARKWAY, SUITE 300, BROOMFIELD, COLORADO , 80021.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 is hereby amended and restated as follows: The aggregate purchase price of the 1,194,441 Shares owned directly by Steel Connect Sub is approximately $20,994,267, including brokerage commissions. Such Shares were acquired with Steel Connect Sub's cash on hand.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) is hereby amended and restated as follows: The aggregate percentage of Shares reported owned by each person named herein is based upon 20,590,482 Shares outstanding, which is the total number of Shares outstanding as of October 31, 2025 as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 4, 2025. As of the close of business on the date hereof, Steel Connect Sub owned directly 1,194,441 Shares, constituting approximately 5.8% of the Shares outstanding. By virtue of their relationships with Steel Connect Sub, each of Steel Holdings, SPHG, SPHG Holdings, Steel Holdings GP, Steel Excel and Steel Connect may be deemed to beneficially own the Shares owned directly by Steel Connect Sub.
(c)	Item 5(c) is hereby amended and restated as follows: The transactions in the Shares by Steel Connect Sub since the filing of Amendment No. 6 to the Schedule 13D are set forth in Exhibit 1 and are incorporated herein by reference. All of such transactions were effected in the open market.
Item 7.	Material to be Filed as Exhibits.
	Item 7 is hereby amended to add the following exhibit: 1 - Transactions in Securities

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.

STEEL PARTNERS HOLDINGS L.P.

Signature:	/s/ Maria Reda
Name/Title:	Maria Reda, Secretary of Steel Partners Holdings GP Inc., its General Partner
Date:	02/24/2026

Steel Partners Holdings GP Inc.

Signature:	/s/ Maria Reda
Name/Title:	Maria Reda, Secretary
Date:	02/24/2026

SPH Group LLC

Signature:	/s/ Maria Reda
Name/Title:	Maria Reda, Secretary of Steel Partners Holdings GP Inc., its Managing Member
Date:	02/24/2026

SPH Group Holdings LLC

Signature:	/s/ Maria Reda
Name/Title:	Maria Reda, Secretary of Steel Partners Holdings GP Inc., its Manager
Date:	02/24/2026

Steel Excel Inc.

Signature:	/s/ Maria Reda
Name/Title:	Maria Reda, Secretary
Date:	02/24/2026

Steel Connect LLC

Signature:	/s/ Maria Reda
Name/Title:	Maria Reda, Secretary
Date:	02/24/2026

STEEL CONNECT SUB LLC

Signature:	/s/ Maria Reda
Name/Title:	Maria Reda, Secretary
Date:	02/24/2026

FAQ

How large is Steel Partners’ beneficial stake in DMC Global Inc. (BOOM)?

Steel Partners–affiliated entities report beneficial ownership of 1,194,441 DMC Global shares, equal to about 5.8% of the company. This percentage is calculated using 20,590,482 shares outstanding as of October 31, 2025, as disclosed in DMC Global’s Form 10-Q.

Which entity directly holds DMC Global (BOOM) shares for the Steel Partners group?

The filing states that Steel Connect Sub LLC directly owns 1,194,441 DMC Global common shares. Other related entities, including Steel Partners Holdings L.P. and several affiliates, may be deemed to beneficially own this stake through their relationships with Steel Connect Sub LLC.

What was the aggregate purchase price paid for the DMC Global (BOOM) shares?

The aggregate purchase price for the 1,194,441 DMC Global shares owned by Steel Connect Sub LLC is approximately $20,994,267, including brokerage commissions. The filing explains that these shares were acquired using Steel Connect Sub’s existing cash on hand rather than external financing sources.

How did Steel Partners acquire its DMC Global (BOOM) position?

The filing indicates that all reported DMC Global share transactions by Steel Connect Sub LLC were executed in the open market. Detailed trade-level information for transactions since Amendment No. 6 is provided in an exhibit referenced as Exhibit 1 to the amended Schedule 13D.

What share count did Steel Partners use to calculate its 5.8% stake in DMC Global (BOOM)?

The reported 5.8% ownership is based on 20,590,482 DMC Global shares outstanding. This outstanding share figure comes from DMC Global’s Form 10-Q, which reported that total as of October 31, 2025, and serves as the denominator for the ownership percentage calculation.

Which entities are listed as reporting persons in the DMC Global (BOOM) Schedule 13D/A?

Reporting persons include Steel Partners Holdings L.P., Steel Partners Holdings GP Inc., SPH Group LLC, SPH Group Holdings LLC, Steel Excel Inc., Steel Connect LLC, and Steel Connect Sub LLC. Each is organized in Delaware and may be deemed to share beneficial ownership of the same DMC Global shares.