North Run fund trims LightPath (NASDAQ: LPTH) stake after preferred conversion

Rhea-AI Filing Summary

LIGHTPATH TECHNOLOGIES INC’s major holder North Run Strategic Opportunities Fund I, LP converted 1,591 shares of Series G Convertible Preferred Stock into 740,000 Class A common shares at a conversion price of $2.15 per share, with no cash paid. On March 24–25, 2026, the fund then sold a total of 356,909 Class A shares in open-market transactions at weighted average prices around $12.06–$12.31, and still held 3,283,164 Class A shares afterward.

Insights

Equity ownership & insider-transactions analyst

Large LPTH holder converted preferred into common and sold a modest portion of its stake.

North Run Strategic Opportunities Fund I, LP converted 1,591 Series G Convertible Preferred shares into 740,000 Class A common shares at $2.15 per share, with no cash consideration. This simplifies its position by moving from preferred to common equity.

Following the conversion on March 25, 2026, the fund sold 356,909 Class A shares in open-market trades at weighted average prices near $12.06 and $12.31. After these sales, it still held 3,283,164 Class A shares, indicating the fund remains a significant shareholder.

The filing states the securities are directly held by North Run Strategic Opportunities Fund I, LP and may be deemed indirectly owned by its general partner and members, including Thomas B. Ellis and Todd B. Hammer. There is no mention of a Rule 10b5-1 trading plan in the excerpt, so the timing context is not clarified here.

Insider Trade Summary

Net Seller: 356,909 shares ($4,379,911)

Net Sell 4 txns

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

Role Director, 10% Owner | Director | Insider | Insider

Sold 356,909 shs ($4.38M)

Type	Security	Shares	Price	Value
Conversion	Series G Convertible Preferred Stock	1,591	$0.00	--
Conversion	Class A Common Stock	740,000	$2.15	$1.59M
Sale	Class A Common Stock	302,352	$12.31	$3.72M
Sale	Class A Common Stock	54,557	$12.06	$658K

Holdings After Transaction: Series G Convertible Preferred Stock — 14,171.59 shares (Indirect, See footnote); Class A Common Stock — 3,585,516 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 $12.0203 to $12.1413 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 ranges set forth in footnotes (2) and (3) to this Form 4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.00 to $12.72074 inclusive. On March 25, 2026, the reporting persons converted 1,591 shares of the Issuer's Series G Convertible Preferred Stock into 740,000 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 preferred stock is perpetual and therefore has no expiration date.

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)
03/24/2026

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	03/24/2026		S		54,557	D	$12.06(2)	2,845,516	I	See footnote(1)
Class A Common Stock	03/25/2026		C(4)		740,000	A	$2.15	3,585,516	I	See footnote(1)
Class A Common Stock	03/25/2026		S		302,352	D	$12.31(3)	3,283,164	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
Series G Convertible Preferred Stock	$2.15	03/25/2026		C(4)			1,591	02/18/2025	(5)	Class A Common Stock	740,000	(4)	14,171.59	I	See footnote(1)

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)

NORTH RUN CAPITAL PARTNERS

867 BOYLSTON ST., 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 $12.0203 to $12.1413 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 ranges set forth in footnotes (2) and (3) to this Form 4.

3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.00 to $12.72074 inclusive.

4. On March 25, 2026, the reporting persons converted 1,591 shares of the Issuer's Series G Convertible Preferred Stock into 740,000 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.

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

	/s/ North Run Strategic Opportunities Fund I, LP	03/26/2026
	/s/ Thomas B. Ellis	03/26/2026
	/s/ Todd B. Hammer	03/26/2026
	/s/ North Run Strategic Opportunities Fund I GP, LLC, By: /s/ Thomas B. Ellis, Member	03/26/2026
	** 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 LPTH Form 4?

North Run converted 1,591 Series G Convertible Preferred shares into 740,000 Class A common shares at $2.15 per share, then sold 356,909 Class A shares in open-market transactions while remaining a large shareholder of 3,283,164 Class A shares.

How many LightPath Technologies (LPTH) shares did the fund sell?

The fund sold 356,909 LPTH Class A common shares. These were executed in open-market transactions on March 24–25, 2026 at weighted average prices around $12.06 and $12.31, according to the Form 4 disclosure and accompanying footnotes.

What is the conversion detail of LPTH’s Series G Convertible Preferred Stock?

The reporting persons converted 1,591 Series G Convertible Preferred shares into 740,000 Class A common shares at a stated conversion price of $2.15 per share. The filing specifies that no cash consideration was paid in connection with this conversion transaction.

How many LPTH Class A shares does North Run hold after these transactions?

After the conversion and subsequent sales, North Run held 3,283,164 LPTH Class A common shares. This post-transaction holding figure comes directly from the Form 4 and shows the fund still maintains a sizable ownership position in LightPath Technologies.

Who is considered to beneficially own the LPTH shares in this Form 4?

The 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, per the footnote.

What price ranges were the LPTH shares sold at in the reported transactions?

The filing reports weighted average sale prices. One group of shares was sold between $12.0203 and $12.1413, and another between $12.00 and $12.72074. Exact breakdowns by individual trade are available on request from the reporting persons.