9% holder Ibex updates Barfresh (BRFH) stake as Borus exits board

Rhea-AI Filing Summary

Ibex Investors and Justin B. Borus updated their ownership and governance status in Barfresh Food Group Inc. The Ibex Microcap Fund directly owns 1,110,982 shares of common stock, representing 7.0% of the company, with related Ibex entities deemed to beneficially own the same shares.

Justin B. Borus directly owns 329,903 shares, or 2.1%, and together with the Ibex-held shares may be deemed to beneficially own 1,440,885 shares, or 9.0% of Barfresh’s common stock. These percentages are based on 15,969,281 shares outstanding as of November 4, 2025.

Borus, a member of the board of directors, notified Barfresh on March 10, 2026 that he would resign as a director. The filing states that no transactions in the common stock were effected by any reporting person in the last sixty days and that each reporting person disclaims beneficial ownership of shares not owned directly.

Insights

Governance and ownership structure analyst

Large shareholder’s board exit, but ownership levels remain unchanged.

Ibex Microcap Fund and related entities report continued beneficial ownership of 1,110,982 Barfresh shares, or 7.0%, while Justin B. Borus is deemed to control a total of 1,440,885 shares, or 9.0%, including his direct holdings.

The filing clarifies voting and dispositive power across the Ibex structure and notes that no barfresh stock transactions occurred in the last sixty days. Percentages use 15,969,281 shares outstanding as of November 4, 2025, providing a clear snapshot of ownership concentration around Ibex and Borus.

Borus notified the company on March 10, 2026 of his resignation from the board, signaling a governance change while his beneficial stake remains significant. Subsequent company filings may further describe how the board role transition is handled and whether oversight responsibilities shift to other directors.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 8)

Barfresh Food Group Inc.

(Name of Issuer)

Common Stock, $0.000001 par value

(Title of Class of Securities)

Justin B. Borus
Ibex Investors LLC, 250 Fillmore Street, Suite 150
Denver, CO, 80206
(303) 500-8821

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

03/10/2026

(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 Number(s):

1

Name of reporting person

Ibex Investors 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

COLORADO

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,110,982.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 1,110,982.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

1,110,982.00

12

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

13

Percent of class represented by amount in Row (11)

7.0 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

limited liability company

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

Justin B. Borus

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, PF

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 1,440,885.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 1,440,885.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

1,440,885.00

12

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

13

Percent of class represented by amount in Row (11)

9.0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

Ibex Microcap Fund LLLP

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)

WC

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 1,110,982.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 1,110,982.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

1,110,982.00

12

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

13

Percent of class represented by amount in Row (11)

7.0 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

Ibex Investment 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 1,110,982.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 1,110,982.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

1,110,982.00

12

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

13

Percent of class represented by amount in Row (11)

7.0 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

limited liability company

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $0.000001 par value
(b)	Name of Issuer: Barfresh Food Group Inc.
(c)	Address of Issuer's Principal Executive Offices: 3600 Wilshire Boulevard, Suite 1720, Los Angeles, CALIFORNIA , 90010.
Item 2.	Identity and Background
(b)	The principal business address of the Reporting Persons is 250 Fillmore Street, Suite 150, Denver, CO 80206.
Item 4.	Purpose of Transaction
	Item 4 of this Schedule 13D is hereby supplemented with the following: On March 10, 2026, Justin B. Borus, a member of the board of directors of the Issuer, notified the Issuer that he would be resigning as a director.
Item 5.	Interest in Securities of the Issuer
(a)	As of the close of business on each of March 10, 2026 (being the Event Date of this Amendment No. 8) and March 12, 2026 (being the filing date of this Amendment No. 8), the Reporting Persons beneficially own: (i) The Fund directly owns 1,110,982 shares of Common Stock, representing 7.0% of all of the outstanding shares of Common Stock. (ii) Mr. Borus directly owns 329,903 shares of Common Stock, representing 2.1% of all of the outstanding shares of Common Stock. (iii) The Investment Manager, as the investment manager and general partner of the Fund, may be deemed to beneficially own the 1,110,982 shares of Common Stock held by the Fund, representing 7.0% of all of the outstanding shares of Common Stock. (iv) IM Holdings, as the sole member of the Investment Manager, may be deemed to beneficially own the 1,110,982 shares of Common Stock held by the Fund, representing 7.0% of all of the outstanding shares of Common Stock. (v) Mr. Borus, as the manager of the Investment Manager and IM Holdings, may be deemed to beneficially own the 1,110,982 shares of Common Stock held by the Fund, representing 7.0% of all of the outstanding shares of Common Stock. Together with the securities owned directly by Mr. Borus as set forth in clause (ii) above, Mr. Borus may be deemed to beneficially own 1,440,885 shares of Common Stock, representing 9.0% of all of the outstanding shares of Common Stock. Each Reporting Person disclaims beneficial ownership of any shares of Common Stock other than the shares beneficially owned directly by such Reporting Person. The foregoing percentages set forth in this response are based on 15,969,281 shares of Common Stock outstanding as of November 4, 2025, as reported in the Issuer's Form 10-Q filed with the SEC on November 6, 2025.
(b)	The Fund has, and each of the Investment Manager, IM Holdings and Mr. Borus may be deemed to have, the power to vote or direct the vote of and to dispose or direct the disposition of 1,110,982 shares of Common Stock reported herein. Mr. Borus has the power to vote or direct the vote of and to dispose or direct the disposition of 329,903 shares of Common Stock reported herein.
(c)	No transactions in the Common Stock have been effected by any Reporting Person in the last sixty (60) days.
(d)	Not applicable.
(e)	Not applicable.

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.

Ibex Investors LLC

Signature:	/s/ Justin B. Borus
Name/Title:	Justin B. Borus/Authorized Signatory
Date:	03/12/2026

Justin B. Borus

Signature:	/s/ Justin B. Borus
Name/Title:	N/A
Date:	03/12/2026

Ibex Microcap Fund LLLP

Signature:	/s/ Justin B. Borus
Name/Title:	Justin B. Borus/Authorized Signatory
Date:	03/12/2026

Ibex Investment Holdings LLC

Signature:	/s/ Justin B. Borus
Name/Title:	Justin B. Borus/Authorized Signatory
Date:	03/12/2026

FAQ

What ownership changes does the Barfresh (BRFH) Schedule 13D/A report for Ibex?

The filing shows Ibex Microcap Fund directly owns 1,110,982 Barfresh shares, representing 7.0% of the common stock. Related Ibex entities may be deemed to beneficially own the same shares through investment management and holding company roles, without reporting new share purchases or sales.

How much of Barfresh (BRFH) stock does Justin B. Borus beneficially own in this amendment?

Justin B. Borus directly owns 329,903 Barfresh shares, or 2.1% of the company. Including shares held through Ibex structures, he may be deemed to beneficially own 1,440,885 shares, or 9.0% of the outstanding common stock, based on 15,969,281 shares outstanding.

Did Ibex or Justin B. Borus trade Barfresh (BRFH) shares before this Schedule 13D/A?

The filing states that no transactions in Barfresh common stock were effected by any reporting person in the last sixty days. This means the amendment updates ownership and governance information rather than reporting recent buying or selling activity in the company’s shares.

What governance change involving Justin B. Borus is disclosed for Barfresh (BRFH)?

On March 10, 2026, Justin B. Borus, a member of Barfresh’s board of directors, notified the company that he would be resigning as a director. The filing links this governance change to the updated beneficial ownership details but does not describe further board succession specifics.

How were Barfresh (BRFH) ownership percentages for Ibex and Borus calculated?

All reported percentages use a base of 15,969,281 Barfresh common shares outstanding as of November 4, 2025, cited from the company’s Form 10-Q. Ibex’s 1,110,982 shares equal 7.0%, while Borus’s combined deemed holdings of 1,440,885 shares equal 9.0%.

What voting and dispositive powers do Ibex entities and Justin B. Borus hold over Barfresh (BRFH) shares?

The Ibex Microcap Fund, its investment manager, holding company, and Justin B. Borus each may be deemed to have power to vote and dispose of 1,110,982 Barfresh shares. Borus also has sole voting and dispositive power over his directly held 329,903 shares of common stock.