North Run fund trims LightPath (LPTH) stake, sells 3.57M shares after preferred conversion

Rhea-AI Filing Summary

North Run Strategic Opportunities Fund I, LP, a major holder of LightPath Technologies, converted preferred stock into common shares and then sold a large block. On June 2, 2026, the reporting persons converted 7,678.51 shares of Series G Convertible Preferred Stock into 3,571,400 shares of Class A Common Stock at a conversion price of $2.15 per share with no cash paid. On June 3, 2026, North Run Strategic Opportunities Fund I, LP sold those 3,571,400 common shares in a registered secondary offering at $14.00 per share, an open-market sale attributed to the fund. After the transactions, the fund still indirectly holds 2,934,828 shares of Class A Common Stock and 6,493.08 shares of the preferred stock, which is described as perpetual with no expiration date.

Insights

Equity ownership and insider-transactions analyst

Large holder converts preferred into common, then sells a significant block but retains a sizable stake.

The filing shows North Run Strategic Opportunities Fund I, LP converting Series G Convertible Preferred Stock into 3,571,400 Class A shares at a conversion price of $2.15, followed by an open-market sale of the same number of shares at $14.00 in a registered secondary offering.

This is a classic convert-and-sell pattern: a derivative position is turned into common equity and then monetized. However, the fund still reports indirect ownership of 2,934,828 common shares and 6,493.08 preferred shares described as perpetual, indicating continued exposure to LightPath Technologies rather than a full exit.

The economic impact for other shareholders depends on market demand for the secondary offering and how North Run manages its remaining holdings. Subsequent filings may clarify any further sales or conversions of the remaining preferred stock if the fund continues to rebalance its position.

Insider Trade Summary

Net Seller: 3,571,400 shares ($49,999,600)

Net Sell 3 txns

Insider North Run Strategic Opportunities Fund I, LP, ELLIS THOMAS B, HAMMER TODD B, North Run Strategic Opportunities Fund I GP, LLC

Role null | null | null | null

Sold 3,571,400 shs ($50.00M)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	3,571,400	$14.00	$50.00M
Conversion	Series G Convertible Preferred Stock	7,678.51	$0.00	--
Conversion	Class A Common Stock	3,571,400	$2.15	$7.68M

Holdings After Transaction: Class A Common Stock — 2,934,828 shares (Indirect, See footnote); Series G Convertible Preferred Stock — 6,493.08 shares (Indirect, See footnote)

Footnotes (1)

1. On June 2, 2026, the reporting persons converted 7,678.51 shares of the Issuer's Series G Convertible Preferred Stock into 3,571,400 shares of Class A Common Stock at a conversion price of $2.15 per share. No cash consideration was paid in connection with the conversion. The reported securities are directly held by North Run Strategic Opportunities Fund I, LP, and may be deemed to be indirectly beneficially owned by North Run Strategic Opportunities Fund I GP, LLC as the general partner of North Run Strategic Opportunities Fund I, LP. The reported securities may also be deemed to be indirectly beneficially owned by Thomas B. Ellis and Todd B. Hammer as members of North Run Strategic Opportunities Fund I GP, LLC. On June 3, 2026, North Run Strategic Opportunities Fund I, LP sold 3,571,400 shares of Class A Common Stock in a registered secondary offering at a price of $14.00 per share. The preferred stock is perpetual and therefore has no expiration date.

Key Figures

Common shares sold: 3,571,400 shares Sale price per share: $14.00/share Conversion price: $2.15/share +4 more

7 metrics

Common shares sold 3,571,400 shares Class A Common Stock sold June 3, 2026

Sale price per share $14.00/share Registered secondary offering on June 3, 2026

Conversion price $2.15/share Series G Convertible Preferred to Class A conversion June 2, 2026

Preferred shares converted 7,678.51 shares Series G Convertible Preferred Stock converted June 2, 2026

Common shares received on conversion 3,571,400 shares Class A Common Stock issued upon conversion June 2, 2026

Common shares held after sale 2,934,828 shares Indirect Class A holdings following June 3, 2026 sale

Preferred shares remaining 6,493.08 shares Series G Convertible Preferred Stock after partial conversion

Key Terms

Series G Convertible Preferred Stock, Class A Common Stock, registered secondary offering, indirectly beneficially owned, +1 more

5 terms

Series G Convertible Preferred Stock financial

"converted 7,678.51 shares of the Issuer's Series G Convertible Preferred Stock into 3,571,400 shares"

A Series G convertible preferred stock is a specific class of preferred shares that gives its holders priority for dividends and claims on assets, plus the right to convert those shares into common stock under set terms. It matters to investors because it blends income and downside protection with the potential for upside — like holding a bond that can turn into stock — and conversion can dilute existing owners and change voting power and future returns.

Class A Common Stock financial

"into 3,571,400 shares of Class A Common Stock at a conversion price of $2.15 per share"

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

registered secondary offering financial

"sold 3,571,400 shares of Class A Common Stock in a registered secondary offering at a price of $14.00 per share"

indirectly beneficially owned financial

"may be deemed to be indirectly beneficially owned by North Run Strategic Opportunities Fund I GP, LLC"

perpetual financial

"The preferred stock is perpetual and therefore has no expiration date"

Perpetual describes a financial instrument or obligation that has no fixed end date and can continue indefinitely unless the issuer chooses to end it. For investors, that means there is no scheduled return of principal, so value depends on ongoing payments, issuer stability and market interest rates—similar to receiving rent from a property with no set sale date. Perpetual instruments often pay higher yields to compensate for that open-ended risk.

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

North Run Strategic Opportunities Fund I, LP

(Last) (First) (Middle)

867 BOYLSTON STREET, 5TH FLOOR

#1361

(Street)

BOSTON MASSACHUSETTS 02116

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
LIGHTPATH TECHNOLOGIES INC [ LPTH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/02/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	06/02/2026		C(1)		3,571,400	A	$2.15	6,506,228	I	See footnote(2)
Class A Common Stock	06/03/2026		S(3)		3,571,400	D	$14	2,934,828	I	See footnote(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Series G Convertible Preferred Stock	$2.15	06/02/2026		C(1)			7,678.51	02/18/2025	(4)	Class A Common Stock	3,571,400	$0	6,493.08	I	See footnote(2)

1. Name and Address of Reporting Person^*

North Run Strategic Opportunities Fund I, LP

(Last) (First) (Middle)

867 BOYLSTON STREET, 5TH FLOOR

#1361

(Street)

BOSTON MASSACHUSETTS 02116

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

ELLIS THOMAS B

(Last) (First) (Middle)

867 BOYLSTON STREET, 5TH FLOOR

#1361

(Street)

BOSTON MASSACHUSETTS 02116

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

HAMMER TODD B

(Last) (First) (Middle)

867 BOYLSTON STREET, 5TH FLOOR

#1361

(Street)

BOSTON MASSACHUSETTS 02116

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Member

1. Name and Address of Reporting Person^*

North Run Strategic Opportunities Fund I GP, LLC

(Last) (First) (Middle)

867 BOYLSTON STREET, 5TH FLOOR

#1361

(Street)

BOSTON MASSACHUSETTS 02116

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Member

Explanation of Responses:

1. On June 2, 2026, the reporting persons converted 7,678.51 shares of the Issuer's Series G Convertible Preferred Stock into 3,571,400 shares of Class A Common Stock at a conversion price of $2.15 per share. No cash consideration was paid in connection with the conversion.

2. The reported securities are directly held by North Run Strategic Opportunities Fund I, LP, and may be deemed to be indirectly beneficially owned by North Run Strategic Opportunities Fund I GP, LLC as the general partner of North Run Strategic Opportunities Fund I, LP. The reported securities may also be deemed to be indirectly beneficially owned by Thomas B. Ellis and Todd B. Hammer as members of North Run Strategic Opportunities Fund I GP, LLC.

3. On June 3, 2026, North Run Strategic Opportunities Fund I, LP sold 3,571,400 shares of Class A Common Stock in a registered secondary offering at a price of $14.00 per share.

4. The preferred stock is perpetual and therefore has no expiration date.

	/s/ North Run Strategic Opportunities Fund I, LP	06/04/2026
	/s/ Thomas B. Ellis	06/04/2026
	/s/ Todd B. Hammer	06/04/2026
	/s/ North Run Strategic Opportunities Fund I GP, LLC, By: /s/ Thomas B. Ellis, Member	06/04/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did North Run Strategic Opportunities Fund I, LP do in this LightPath (LPTH) Form 4?

North Run converted preferred stock into common shares, then sold a large block. It converted 7,678.51 Series G preferred shares into 3,571,400 Class A shares and sold those 3,571,400 shares at $14.00 each in a registered secondary offering.

How many LightPath (LPTH) shares did North Run sell and at what price?

North Run Strategic Opportunities Fund I, LP sold 3,571,400 Class A Common shares at $14.00 per share. The sale occurred on June 3, 2026 in a registered secondary offering, following a conversion of preferred stock into the same number of common shares.

What conversion took place before the LightPath (LPTH) share sale?

On June 2, 2026, the reporting persons converted 7,678.51 shares of Series G Convertible Preferred Stock into 3,571,400 shares of Class A Common Stock. The conversion price was $2.15 per share, and no cash consideration was paid in connection with this conversion.

How many LightPath (LPTH) shares does North Run still hold after these transactions?

After the sale, North Run Strategic Opportunities Fund I, LP indirectly holds 2,934,828 shares of Class A Common Stock. It also holds 6,493.08 shares of Series G Convertible Preferred Stock, which the filing describes as perpetual preferred stock with no expiration date.

Who is attributed with the LightPath (LPTH) transactions in this Form 4 filing?

The reported securities are directly held by North Run Strategic Opportunities Fund I, LP. They may be deemed indirectly beneficially owned by North Run Strategic Opportunities Fund I GP, LLC as general partner, and by Thomas B. Ellis and Todd B. Hammer as members of that general partner entity.

Was cash paid in the LightPath (LPTH) preferred stock conversion by North Run?

No cash was paid to convert the preferred stock. The filing states that converting 7,678.51 shares of Series G Convertible Preferred Stock into 3,571,400 Class A shares at a $2.15 conversion price involved no cash consideration, meaning it was a non-cash conversion transaction.