North Run Strategic fund trims LightPath (LPTH) stake with 55,284-share sale

Rhea-AI Filing Summary

North Run Strategic Opportunities Fund I, LP, a major holder of LightPath Technologies, reported an open-market sale of Class A Common Stock. The fund sold 55,284 shares on May 18, 2026 at a weighted average price of $12.32 per share, with individual trades ranging from $12.3102 to $12.521. Following this transaction, the filing shows 2,934,828 shares of Class A Common Stock indirectly owned. The shares are held by the fund and may be deemed indirectly beneficially owned by its general partner, North Run Strategic Opportunities Fund I GP, LLC, and by members Thomas B. Ellis and Todd B. Hammer.

Insider Trade Summary

Net Seller: 55,284 shares ($681,099)

Net Sell 1 txn

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 55,284 shs ($681K)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	55,284	$12.32	$681K

Holdings After Transaction: Class A Common Stock — 2,934,828 shares (Indirect, See footnote)

Footnotes (1)

1. 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.3102 to $12.521 inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote (2) to this Form 4.

Key Figures

Shares sold: 55,284 shares Weighted average sale price: $12.32 per share Post-transaction holdings: 2,934,828 shares +1 more

4 metrics

Shares sold 55,284 shares Class A Common Stock sold on May 18, 2026

Weighted average sale price $12.32 per share Open-market sale of LPTH Class A Common Stock

Post-transaction holdings 2,934,828 shares Class A Common Stock indirectly owned after sale

Price range of trades $12.3102–$12.521 per share Multiple transactions comprising the reported sale

Key Terms

weighted average price, indirectly beneficially owned, open-market sale, general partner, +1 more

5 terms

weighted average price financial

"The price reported in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

indirectly beneficially owned financial

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

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

general partner financial

"indirectly beneficially owned by North Run Strategic Opportunities Fund I GP, LLC as the general partner"

A general partner is the person or firm that runs an investment partnership and legally represents it — they make the day-to-day decisions, choose which assets to buy or sell, and are responsible for the partnership’s obligations. Investors care because the general partner’s judgment, risk-taking and fee and profit-sharing arrangements determine both the potential returns and the level of exposure to losses; think of the GP as the ship’s captain whose skill and honesty shape the voyage’s outcome.

Class A Common Stock financial

"security_title": "Class A Common Stock""

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.

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)
05/18/2026

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	05/18/2026		S		55,284	D	$12.32(2)	2,934,828	I	See footnote(1)

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

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. 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.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.3102 to $12.521 inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote (2) to this Form 4.

	/s/ North Run Strategic Opportunities Fund I, LP	05/20/2026
	/s/ Thomas B. Ellis	05/20/2026
	/s/ Todd B. Hammer	05/20/2026
	/s/ North Run Strategic Opportunities Fund I GP, LLC, By: /s/ Thomas B. Ellis, Member	05/20/2026
	** 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 insider transaction did LPTH’s North Run Strategic Opportunities Fund report?

North Run Strategic Opportunities Fund I, LP reported selling 55,284 shares of LightPath Technologies Class A Common Stock. The sale occurred in the open market on May 18, 2026 at a weighted average price of $12.32 per share, according to the Form 4 filing.

At what prices were the LPTH shares sold by North Run Strategic Opportunities Fund?

The reported 55,284 LightPath shares were sold at a weighted average price of $12.32 per share. Individual trades occurred in multiple transactions, with prices ranging from $12.3102 to $12.521 per share, as detailed in the Form 4 footnote disclosure.

How many LPTH shares does North Run report holding after the sale?

After the May 18, 2026 sale, the Form 4 shows North Run Strategic Opportunities Fund I, LP with 2,934,828 shares of LightPath Class A Common Stock. This figure reflects indirect beneficial ownership as reported, following completion of the 55,284-share open-market disposition.

Who is attributed indirect beneficial ownership of the sold LPTH shares?

The Form 4 states the securities are directly held by North Run Strategic Opportunities Fund I, LP. They may be deemed indirectly beneficially owned by its general partner North Run Strategic Opportunities Fund I GP, LLC and by members Thomas B. Ellis and Todd B. Hammer.

Was the LPTH insider transaction a buy or sell by North Run?

The transaction reported by North Run Strategic Opportunities Fund I, LP was a sale. The Form 4 classifies it as an open-market sale of 55,284 shares of LightPath Class A Common Stock, coded “S” and tagged with a transaction direction of “sell.”

How significant is this LPTH sale relative to North Run’s reported holdings?

The filing shows 55,284 LightPath shares sold and 2,934,828 shares held afterward. This indicates North Run Strategic Opportunities Fund I, LP continues to hold a substantial indirect position even after the reported open-market sale on May 18, 2026.