North Run fund trims LightPath (LPTH) stake with 293K share sale

Rhea-AI Filing Summary

North Run Strategic Opportunities Fund I, LP, a major holder of LightPath Technologies Class A common stock, reported a series of open-market sales. Over May 12–14, 2026, the fund sold a total of 293,052 shares at weighted average prices around $12 per share.

After these transactions, the filing shows the fund holding 2,990,112 shares indirectly. The shares are directly held by the fund and may be deemed indirectly beneficially owned by its general partner and by Thomas B. Ellis and Todd B. Hammer as members of that general partner entity.

Insider Trade Summary

Net Seller: 293,052 shares ($3,576,837)

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 293,052 shs ($3.58M)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	165,000	$12.16	$2.01M
Sale	Class A Common Stock	45,000	$12.29	$553K
Sale	Class A Common Stock	83,052	$12.25	$1.02M

Holdings After Transaction: Class A Common Stock — 2,990,112 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 $12.0813 to $12.4449 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) through (4) 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 $12.25 to $12.3452, inclusive. 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 $12.32, inclusive.

Key Figures

Total shares sold: 293,052 shares Shares sold May 12, 2026: 83,052 shares Shares sold May 13, 2026: 45,000 shares +5 more

8 metrics

Total shares sold 293,052 shares Aggregate open-market sales over May 12–14, 2026

Shares sold May 12, 2026 83,052 shares Class A Common Stock, open-market sale at $12.25

Shares sold May 13, 2026 45,000 shares Class A Common Stock, open-market sale at $12.29

Shares sold May 14, 2026 165,000 shares Class A Common Stock, open-market sale at $12.16

Holdings after May 14 sale 2,990,112 shares Indirectly held Class A Common Stock after last transaction

Price range May 12 $12.25 weighted average Multiple transactions from $12.25 to $12.3452 inclusive

Price range May 13 $12.25–$12.3452 Multiple transactions with weighted average $12.29

Price range May 14 $12.00–$12.32 Multiple transactions with weighted average $12.16

Key Terms

Class A Common Stock, open-market sale, weighted average price, indirectly beneficially owned, +1 more

5 terms

Class A Common Stock financial

"security_title: "Class A Common Stock" for each transaction"

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.

open-market sale financial

"transaction_action: "open-market sale" for all three transactions"

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.

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"

ten percent owner financial

"North Run Strategic Opportunities Fund I, LP is marked as is_ten_percent_owner: 1"

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)
05/12/2026

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	05/12/2026		S		83,052	D	$12.25(2)	3,200,112	I	See footnote(1)
Class A Common Stock	05/13/2026		S		45,000	D	$12.29(3)	3,155,112	I	See footnote(1)
Class A Common Stock	05/14/2026		S		165,000	D	$12.16(4)	2,990,112	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 $12.0813 to $12.4449 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) through (4) 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 $12.25 to $12.3452, inclusive.

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 $12.32, inclusive.

	/s/ North Run Strategic Opportunities Fund I, LP	05/14/2026
	/s/ Thomas B. Ellis	05/14/2026
	/s/ Todd B. Hammer	05/14/2026
	/s/ North Run Strategic Opportunities Fund I GP, LLC, By: /s/ Thomas B. Ellis, Member	05/14/2026
	** 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 activity did North Run report in LightPath Technologies (LPTH)?

North Run Strategic Opportunities Fund I, LP reported selling 293,052 shares of LightPath Class A common stock in three open-market transactions on May 12, 13, and 14, 2026, according to the Form 4 insider trading report.

At what prices did North Run sell LPTH shares in this Form 4 filing?

The reported sales used weighted average prices: about $12.25 on May 12, $12.29 on May 13, and $12.16 on May 14, 2026. Each sale involved multiple trades within stated price ranges around these averages.

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

After completing the reported transactions, the filing shows North Run Strategic Opportunities Fund I, LP holding 2,990,112 shares of LightPath Class A common stock indirectly. This figure reflects the position immediately following the May 14, 2026 sale.

Who is considered to beneficially own the LPTH shares sold and held?

The shares 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 Thomas B. Ellis and Todd B. Hammer as members of that general partner.

Were the LPTH insider sales by North Run open-market transactions?

Yes. Each transaction in the Form 4 is coded “S” and described as an open-market or private sale. The prices are reported as weighted averages across multiple trades within specified intraday price ranges near $12 per share.