Ayrton/Alto/Khatri Report Warrants for 14,028 GNLN Shares (1.02%)

Rhea-AI Filing Summary

Greenlane Holdings, Inc. Schedule 13G/A reports that Ayrton Capital LLC, Alto Opportunity Master Fund (Segregated Master Portfolio B) and Waqas Khatri collectively hold economic and voting power over 14,028 shares of common stock, representing 1.02% of the class. The reported position consists of common stock issuable upon exercise of warrants held by the reporting persons and is subject to a 9.99% beneficial ownership blocker. The percentage calculation is based on 1,360,835 shares outstanding reported by the issuer, and the holdings are reported as of June 30, 2025. The filing identifies the reporting parties, their jurisdictions, and confirms sole voting and dispositive power over the 14,028 shares.

Positive

• Transparent disclosure of a 14,028-share (1.02%) economic interest, clarifying ownership and voting/dispositive power
• Warrants disclosed with a 9.99% beneficial ownership blocker, which signals structural limits on control accumulation

Negative

• None.

Insights

Financial Analyst

TL;DR: A small, disclosed economic interest of 14,028 shares (1.02%) via warrants; not a control position but useful for ownership transparency.

The Schedule 13G/A shows the reporting persons hold sole voting and dispositive power over 14,028 shares of Greenlane, comprised of shares issuable on the exercise of warrants and constrained by a 9.99% ownership blocker. At ~1.02% of the class, this position is below the 5% materiality threshold and is unlikely to alter control or influence corporate strategy. The filing is routine disclosure consistent with regulatory requirements and clarifies the capital structure impact of outstanding warrants.

Corporate Governance Expert

TL;DR: Reported holdings are fully disclosed and blocked from reaching limiting thresholds; governance impact is minimal.

The document identifies the reporting entities and confirms sole voting/dispositive authority for the 14,028 shares (1.02%), which are issuable on warrant exercise. The explicit note of a 9.99% beneficial ownership blocker reduces the likelihood of an inadvertent control stake. From a governance standpoint, the filing represents appropriate transparency without signaling an activist or control intent given the small percentage reported.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

GREENLANE HOLDINGS, INC.

(Name of Issuer)

Common stock, $0.01 par value

(Title of Class of Securities)

395330509

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 395330509

1

Names of Reporting Persons

Ayrton Capital LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 14,028.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 14,028.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

14,028.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.0 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 395330509

1

Names of Reporting Persons

Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 14,028.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 14,028.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

14,028.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.0 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 395330509

1

Names of Reporting Persons

Waqas Khatri

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 14,028.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 14,028.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

14,028.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.0 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: GREENLANE HOLDINGS, INC.
(b)	Address of issuer's principal executive offices: 4800 N Federal Hwy, Suite B200, Boca Raton, FLORIDA, 33431.
Item 2.
(a)	Name of person filing: (i) Ayrton Capital LLC; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B; and (iii) Waqas Khatri
(b)	Address or principal business office or, if none, residence: (i) Ayrton Capital LLC, 55 Post Rd West, 2nd Floor Westport, CT 06880; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B, Suite #7 Grand Pavilion Commercial Centre, 802 West Bay Road, Grand Cayman, P.O. Box 10250, Cayman Islands; and (iii) Waqas Khatri 55 Post Rd West, 2nd Floor Westport, CT 06880
(c)	Citizenship: (i) Ayrton Capital LLC: United States; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B: Cayman Islands; and (iii) Waqas Khatri: United States
(d)	Title of class of securities: Common stock, $0.01 par value
(e)	CUSIP No.: 395330509
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Ayrton Capital LLC: 14,028; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B: 14,028; and (iii) Waqas Khatri: 14,028. Represents (ii) 14,028 shares of Common Stock issuable on the exercise of certain warrants (the "Warrants") held by the Reporting Persons. The issuable shares of Common Stock related to the exercise of the Warrants are subject to a 9.99% beneficial ownership blocker. The shares reported herein represent Common Stock of Greenlane Holdings, Inc. (the "Issuer") held by Alto Opportunity Master Fund, SPC- Segregated Master Portfolio B, a Cayman Islands exempted company (the "Fund"). The Fund is a private investment vehicle for which Ayrton Capital LLC, a Delaware limited liability company (the "Investment Manager"), serves as the investment manager. Waqas Khatri serves as the managing member of the Investment Manager (all of the foregoing, collectively, the "Reporting Persons").
(b)	Percent of class: The percentages below are based on (i) 1,360,835 shares of Common Stock of the Issuer that were outstanding as of May 15, 2025; and (ii) 14,028 shares of Common Stock issuable on the exercise of the Warrants held by the Reporting Persons. The amount of shares outstanding was based upon a statement in the Issuer's Form 10-Q filed on May 15,2025 (after giving effect to the 1:750 reverse stock split effective on Jun 27, 2025). For the sake of clarity, the holdings of the Reporting Persons reported herein are as of June 30, 2025. (i) Ayrton Capital LLC: 1.02%; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B: 1.02%; and (iii) Waqas Khatri: 1.02%.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: (i) Ayrton Capital LLC: 14,028; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B: 14,028; and (iii) Waqas Khatri: 14,028
	(ii) Shared power to vote or to direct the vote: (i) Ayrton Capital LLC: 0; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B: 0; and (iii) Waqas Khatri: 0
	(iii) Sole power to dispose or to direct the disposition of: (i) Ayrton Capital LLC: 14,028; Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B: 14,028; Waqas Khatri: 14,028
	(iv) Shared power to dispose or to direct the disposition of: (i) Ayrton Capital LLC: 0; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B: 0; (iii) Waqas Khatri: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

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.

Ayrton Capital LLC

Signature:	/s/ Waqas Khatri
Name/Title:	Waqas Khatri / Managing Member
Date:	08/13/2025

Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B

Signature:	/s/ Waqas Khatri
Name/Title:	Waqas Khatri / Director
Date:	08/13/2025

Waqas Khatri

Signature:	/s/ Waqas Khatri
Name/Title:	Waqas Khatri
Date:	08/13/2025

FAQ

What stake in Greenlane Holdings (GNLN) is disclosed in this Schedule 13G/A?

The filing discloses beneficial ownership of 14,028 shares, equal to 1.02% of the class as reported.

Are the reported shares currently outstanding or issuable?

The reported shares are issuable upon exercise of warrants held by the reporting persons.

Who are the reporting persons on the filing for GNLN?

The reporting parties are Ayrton Capital LLC, Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B, and Waqas Khatri.

What basis was used to calculate the 1.02% figure?

The percentage is based on 1,360,835 shares outstanding reported by the issuer and the 14,028 shares issuable on exercise of warrants.

Is there any restriction or blocker on the reported holdings?

Yes. The filing states the issuable shares are subject to a 9.99% beneficial ownership blocker.