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  4. [Form 4] Lifeway Foods, Inc. Insider Trading Activity

Insider fund tied to Lifeway Foods (LWAY) buys 165,045 shares in open market

Filing Impact
(Very High)
Filing Sentiment
(Positive)
Form Type
4

Rhea-AI Filing Summary

Lifeway Foods, Inc. reported that entities associated with Divisadero Street Capital and Divisadero Street Partners made additional open-market purchases of its common stock. A private investment fund managed by Divisadero Street Capital Management, LP bought a total of 165,045 shares across several trades on May 14–15 at weighted-average prices in the mid‑$20s per share, bringing its indirect holdings reported in this filing to just over 2.1 million shares. The filing notes these trades had previously been reported by the fund and its adviser and are now being reported again after the reporting persons received their own CIK codes.

Positive

  • None.

Negative

  • None.
Insider Zolezzi William, Divisadero Street Partners GP, LLC, Divisadero Street Capital, LLC
Role null | null | null
Bought 165,045 shs ($4.20M)
Type Security Shares Price Value
Purchase Common Stock, No Par Value 33,174 $25.2695 $838K
Purchase Common Stock, No Par Value 95,371 $25.2365 $2.41M
Purchase Common Stock, No Par Value 1,500 $22.9794 $34K
Purchase Common Stock, No Par Value 35,000 $26.3251 $921K
Holdings After Transaction: Common Stock, No Par Value — 2,101,540 shares (Indirect, See footnote)
Footnotes (1)
  1. All trades in this Form 4 were previously reported on a Form 4 filing made by Divisadero Street Capital Management, LP (the "Adviser") and Divisadero Street Partners, L.P. (the "Fund") on May 18, 2026. The Reporting Persons are filing this Form 4 as a result of the Reporting Persons subsequently receiving CIK codes. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $25.1592 - $25.4584. The reporting persons undertake 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 bought at each separate price within the ranges set forth in footnote (2) to this Form 4. The reported securities are owned directly by the Fund, which is a private investment fund managed by the Adviser, and may be deemed to be indirectly beneficially owned by (i) the Adviser, (ii) Divisadero Street Capital, LLC (the "Adviser GP"), the general partner of the Adviser, (iii) Divisadero Street Partners GP, LLC (the "Fund GP"), the general partner of the Fund, and (iv) William Zolezzi, the manager of both the Adviser GP and the Fund GP. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $25.1845 - $25.3121. The reporting persons undertake 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 bought at each separate price within the ranges set forth in footnote (4) to this Form 4.
Total shares bought 165,045 shares Net open-market purchases reported in this Form 4
Purchase on May 15 33,174 shares at $25.2695 Open-market purchase of common stock, indirect ownership
Purchase on May 14 35,000 shares at $26.3251 Open-market purchase of common stock, indirect ownership
Additional May 14 trade 1,500 shares at $22.9794 Open-market purchase of common stock, indirect ownership
Large May 14 trade 95,371 shares at $25.2365 Open-market purchase of common stock, indirect ownership
Holdings after last trade 2,101,540 shares Indirect holdings following May 15 purchase
Net buy direction net-buy of 165,045 shares Transaction summary across all reported trades
open-market purchase financial
"transaction_action: open-market purchase"
An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.
weighted average price financial
"The price reported 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.
beneficially owned financial
"may be deemed to be indirectly beneficially owned by (i) the Adviser"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
private investment fund financial
"The reported securities are owned directly by the Fund, which is a private investment fund"
A private investment fund is a pooled pool of capital from a limited group of investors that professional managers use to buy assets such as companies, real estate, or bonds that are not traded on public markets. Think of it as a private investment club: members give money to a manager who makes decisions on their behalf. It matters to investors because these funds can offer higher returns or different risks than public markets, but they also come with less liquidity, fewer disclosure rules, and longer commitments.
indirectly beneficially owned financial
"and may be deemed to be indirectly beneficially owned by (i) the Adviser"
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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*
Zolezzi William
(Last)(First)(Middle)
DIVISADERO STREET CAPITAL MANAGEMENT, LP
3480 MAIN HIGHWAY, SUITE 204
(Street)
MIAMI FLORIDA 33133
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Lifeway Foods, Inc. [ LWAY ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
DirectorX10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
05/14/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
XForm 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)
CodeVAmount(A) or (D)Price
Common Stock, No Par Value05/14/2026P95,371(1)A$25.2365(2)2,031,866ISee footnote(3)
Common Stock, No Par Value05/14/2026P1,500(1)A$22.97942,033,366ISee footnote(3)
Common Stock, No Par Value05/14/2026P35,000(1)A$26.32512,068,366ISee footnote(3)
Common Stock, No Par Value05/15/2026P33,174(1)A$25.2695(4)2,101,540ISee footnote(3)
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
1. Name and Address of Reporting Person*
Zolezzi William
(Last)(First)(Middle)
DIVISADERO STREET CAPITAL MANAGEMENT, LP
3480 MAIN HIGHWAY, SUITE 204
(Street)
MIAMI FLORIDA 33133
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Divisadero Street Partners GP, LLC
(Last)(First)(Middle)
3480 MAIN HIGHWAY, SUITE 204
(Street)
MIAMI FLORIDA 33133
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Divisadero Street Capital, LLC
(Last)(First)(Middle)
3480 MAIN HIGHWAY, SUITE 204
(Street)
MIAMI FLORIDA 33133
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
Explanation of Responses:
1. All trades in this Form 4 were previously reported on a Form 4 filing made by Divisadero Street Capital Management, LP (the "Adviser") and Divisadero Street Partners, L.P. (the "Fund") on May 18, 2026. The Reporting Persons are filing this Form 4 as a result of the Reporting Persons subsequently receiving CIK codes.
2. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $25.1592 - $25.4584. The reporting persons undertake 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 bought at each separate price within the ranges set forth in footnote (2) to this Form 4.
3. The reported securities are owned directly by the Fund, which is a private investment fund managed by the Adviser, and may be deemed to be indirectly beneficially owned by (i) the Adviser, (ii) Divisadero Street Capital, LLC (the "Adviser GP"), the general partner of the Adviser, (iii) Divisadero Street Partners GP, LLC (the "Fund GP"), the general partner of the Fund, and (iv) William Zolezzi, the manager of both the Adviser GP and the Fund GP.
4. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $25.1845 - $25.3121. The reporting persons undertake 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 bought at each separate price within the ranges set forth in footnote (4) to this Form 4.
Remarks:
Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of its or his pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
WILLIAM ZOLEZZI, By: /s/ William Zolezzi05/19/2026
DIVISADERO STREET PARTNERS GP, LLC, By: /s/ William Zolezzi, William Zolezzi, Manager05/19/2026
DIVISADERO STREET CAPITAL, LLC, /s/ William Zolezzi, William Zolezzi, Manager05/19/2026
** Signature of Reporting PersonDate
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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider activity did Lifeway Foods (LWAY) report in this Form 4?

Lifeway Foods reported open-market purchases of common stock by a private investment fund managed by Divisadero Street Capital Management. The transactions total 165,045 shares bought on May 14–15 at various prices in the mid-$20s, increasing the fund’s reported indirect holdings above two million shares.

Who actually owns the Lifeway Foods (LWAY) shares reported in this Form 4?

The reported Lifeway shares are owned directly by Divisadero Street Partners, L.P., a private investment fund. They may be deemed indirectly beneficially owned by its adviser, Divisadero Street Capital Management, LP, the adviser’s and fund’s general partners, and William Zolezzi, who manages both general partner entities.

How many Lifeway Foods (LWAY) shares were bought and at what prices?

The filing shows 165,045 Lifeway common shares purchased in four open-market transactions. Individual trades used weighted-average prices, including 33,174 shares at $25.2695, 35,000 shares at $26.3251, 1,500 shares at $22.9794, and 95,371 shares at $25.2365, all during mid‑May.

What is the total Lifeway Foods (LWAY) position after these insider purchases?

After the reported transactions, indirect holdings shown in the Form 4 rose to 2,101,540 Lifeway common shares. Earlier trades on May 14 built the position to 2,033,366 and 2,068,366 shares before the final May 15 purchase brought reported indirect ownership to just over two million shares.

Were the Lifeway Foods (LWAY) insider trades newly executed or previously reported?

The trades were previously reported on a Form 4 filed by Divisadero Street Capital Management, LP and Divisadero Street Partners, L.P. on May 18, 2026. This additional Form 4 is being filed because the reporting persons subsequently received separate CIK codes from the SEC.

What does ‘weighted average price’ mean in the Lifeway Foods (LWAY) Form 4?

Weighted average price means the reported price blends multiple small trades into a single average figure. The fund bought Lifeway shares in numerous executions within stated ranges, and the insiders commit to provide exact quantities at each price to the issuer, investors, or SEC staff upon request.