North Run fund trims LightPath (LPTH) stake after preferred conversion
Rhea-AI Filing Summary
LIGHTPATH TECHNOLOGIES INC insider reporting entities associated with North Run Strategic Opportunities Fund I, LP reported both a preferred stock conversion and common share sales. On February 20, 2026, the fund converted Series G convertible preferred stock into 1,260,000 Class A Common Stock shares at a stated price of $2.15 per share. The same day, it sold 218,811 Class A shares at a weighted average price of $13.18 and 376,762 shares at $12.15 in open‑market transactions. Additional open‑market sales of 6,500 shares at $12.01 on February 23 and 131,281 shares at $12.02 on February 24 brought total reported sales to 733,354 shares. After these transactions, the reporting entities indirectly held 3,255,514 Class A shares.
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Insights
Large holder converts preferred stock and records net share sales.
The reporting entities tied to North Run Strategic Opportunities Fund I, LP converted Series G convertible preferred stock into 1,260,000 Class A shares, then sold an aggregate 733,354 Class A shares in several open‑market trades at prices around $12–$13.
Following these moves, indirect ownership reported for the entities stood at 3,255,514 Class A shares. The filing describes weighted‑average prices, with transactions executed across price ranges detailed in the footnotes, indicating active trading rather than a single block transaction.
This activity reflects repositioning by a significant holder and board‑associated entities but does not, by itself, explain motivations or future plans. Subsequent company communications and later ownership reports will provide clearer context on whether this represents a one‑time adjustment or part of a broader strategy.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Class A Common Stock | 131,281 | $12.02 | $1.58M |
| Sale | Class A Common Stock | 6,500 | $12.01 | $78K |
| Conversion | Series G convertible preferred stock | 2,709 | $0.00 | -- |
| Conversion | Class A Common Stock | 1,260,000 | $2.15 | $2.71M |
| Sale | Class A Common Stock | 218,811 | $13.18 | $2.88M |
| Sale | Class A Common Stock | 376,762 | $12.15 | $4.58M |
Footnotes (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 $13.00 to $13.3019, 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 (5) 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 $11.92 to $12.6577, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.0038 to $12.05, 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 $12.0214, inclusive. The preferred stock is perpetual and therefore has no expiration date.
