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.

Insights

Equity Markets Analyst

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.

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

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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 MA 02116

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
02/20/2026

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

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

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

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	02/20/2026		C		1,260,000	A	$2.15	3,988,968	I	See footnote(1)
Class A Common Stock	02/20/2026		S		218,811	D	$13.18(2)	3,770,157	I	See footnote(1)
Class A Common Stock	02/20/2026		S		376,762	D	$12.15(3)	3,393,395	I	See footnote(1)
Class A Common Stock	02/23/2026		S		6,500	D	$12.01(4)	3,386,895	I	See footnote(1)
Class A Common Stock	02/24/2026		S		131,281	D	$12.02(5)	3,255,514	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	02/20/2026		C			2,709	02/18/2026	(6)	Class A Common Stock	1,260,000	$0	17,353.6	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 MA 02116

(City) (State) (Zip)

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 MA 02116

(City) (State) (Zip)

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 MA 02116

(City) (State) (Zip)

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 MA 02116

(City) (State) (Zip)

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 $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.

3. 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.

4. 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.

5. 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.

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

	/s/ North Run Strategic Opportunities Fund I, LP	02/24/2026
	/s/ Thomas B. Ellis	02/24/2026
	/s/ Todd B. Hammer	02/24/2026
	/s/ North Run Strategic Opportunities Fund 1, GP, LLC, by: /s/ Thomas B. Ellis, Member	02/24/2026
	** Signature of Reporting Person	Date
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FAQ

What insider transactions did North Run Strategic Opportunities Fund I, LP report for LPTH?

The reporting entities converted Series G convertible preferred stock into 1,260,000 Class A common shares, then sold 733,354 Class A shares in multiple open-market transactions at weighted-average prices around $12–$13, leaving 3,255,514 Class A shares indirectly owned after the reported trades.

How many LightPath Technologies (LPTH) shares were sold in the latest Form 4?

The filing reports sales totaling 733,354 Class A common shares. These were executed across several open-market transactions on February 20, 23, and 24, 2026, at weighted-average prices ranging from about $12.01 to $13.18, as detailed in individual line items and footnotes.

What preferred stock conversion was disclosed for LightPath Technologies (LPTH)?

The insider filing shows a conversion of Series G convertible preferred stock into 1,260,000 shares of Class A common stock on February 20, 2026, at a stated price of $2.15 per share, reflecting a derivative conversion rather than an open-market purchase transaction for those new common shares.

Who is attributed with the LPTH insider transactions in this Form 4?

The securities are directly held by North Run Strategic Opportunities Fund I, LP. They may be deemed indirectly 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, according to the disclosure footnote.

What is the remaining LPTH Class A share ownership after these insider trades?

After the reported conversion and subsequent open-market sales, the filing states that 3,255,514 shares of LightPath Technologies Class A common stock were indirectly owned by the reporting entities. This figure reflects the position following the last reported sale on February 24, 2026.

At what prices were the recent LPTH insider sales executed?

Reported weighted-average sale prices were $13.18 and $12.15 for large blocks on February 20, $12.01 on February 23, and $12.02 on February 24, 2026. Footnotes explain these averages cover multiple trades within specified intraday price ranges for each transaction date.