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

Divisadero fund buys 246K Lifeway Foods (NASDAQ: LWAY) shares around $25

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

Rhea-AI Filing Summary

Divisadero Street Partners, L.P., a private investment fund managed by Divisadero Street Capital Management, LP, reported open-market purchases of Lifeway Foods, Inc. common stock. On August 13, 14, and 17, 2026, the fund bought an aggregate of 246,568 shares at per-share prices around the mid‑$24 range, including weighted-average purchase ranges of $24.5375–$25.4022 and $24.6705–$24.8293. The securities are held by the fund and may be deemed indirectly beneficially owned by related Divisadero entities and William Zolezzi, with all positions reported as indirect ownership. The filing does not indicate that these transactions were made pursuant to a Rule 10b5-1 trading plan.

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Insider Divisadero Street Capital Management, LP, Divisadero Street Partners GP, LLC, Divisadero Street Capital, LLC, Divisadero Street Partners, L.P., Zolezzi William
Role 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner
Bought 246,568 shs ($6.13M)
Type Security Shares Price Value
Purchase Common Stock, No Par Value F3, F2 35,952 $24.7809 $891K
Purchase Common Stock, No Par Value F2 15,000 $24.6901 $370K
Purchase Common Stock, No Par Value F1, F2 195,616 $24.8729 $4.87M
Holdings After Transaction: Common Stock, No Par Value — 2,348,108 shares (Indirect, See footnote)
Footnotes (3)
  1. F1. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $24.5375 - $25.4022. 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 this footnote to this Form 4.
  2. F2. The reported securities are owned directly by Divisadero Street Partners, L.P. (the "Fund"), which is a private investment fund managed by Divisadero Street Capital Management, LP (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.
  3. F3. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $24.6705 - $24.8293. 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 sold at each separate price within the ranges set forth in this footnote to this Form 4.
Shares purchased 2026-08-13 195,616 shares Common stock bought indirectly on August 13, 2026
Price 2026-08-13 $24.8729 per share Per-share price for August 13, 2026 purchase
Shares purchased 2026-08-14 15,000 shares Common stock bought indirectly on August 14, 2026
Price 2026-08-14 $24.6901 per share Per-share price for August 14, 2026 purchase
Shares purchased 2026-08-17 35,952 shares Common stock bought indirectly on August 17, 2026
Price 2026-08-17 $24.7809 per share Per-share price for August 17, 2026 purchase
Total shares bought 246,568 shares Aggregate buy transactions reported in the Form 4
Weighted-average price range (F1) $24.5375–$25.4022 Price range for weighted-average purchase noted in footnote F1
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.
indirectly beneficially owned financial
"and may be deemed to be indirectly beneficially owned by"
ten percent owner financial
"is_ten_percent_owner": 1"
private investment fund financial
"which is a private investment fund managed by Divisadero Street"
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.
Rule 10b5-1 regulatory
"aff_10b5_one": false"
Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

FAQ

What insider transactions did Divisadero entities report in LWAY stock?
Divisadero Street Partners, L.P. reported open-market purchases of 246,568 shares of Lifeway Foods (LWAY) common stock on August 13, 14, and 17, 2026. All transactions were indirect holdings through the fund managed by affiliated Divisadero entities.

At what prices were the recent LWAY shares purchased by Divisadero?
The reported purchases were made at per-share prices around $24–$25, including $24.8729, $24.6901, and $24.7809. Footnotes show weighted-average price ranges of $24.5375–$25.4022 and $24.6705–$24.8293 across multiple trade executions.

Who is the beneficial owner of the LWAY shares bought by Divisadero?
The shares are owned directly by Divisadero Street Partners, L.P., a private investment fund. They may be deemed indirectly beneficially owned by Divisadero Street Capital Management, LP, its general partners, and William Zolezzi, who manages the general partner entities.

Are the recent LWAY insider purchases by Divisadero direct or indirect holdings?
All reported LWAY positions are classified as indirect ownership. The common stock is held by Divisadero Street Partners, L.P., with various Divisadero entities and William Zolezzi potentially having indirect beneficial ownership through their roles with the fund and its general partners.

Were Divisadero’s LWAY trades made under a Rule 10b5-1 trading plan?
The filing indicates the Rule 10b5-1 checkbox is not marked, so these LWAY purchases are not reported as being made under a pre-arranged Rule 10b5-1 trading plan. No footnote describes any such trading arrangement.

How many LWAY shares did Divisadero buy on each reported date?
Divisadero reported buying 195,616 shares on August 13, 15,000 shares on August 14, and 35,952 shares on August 17, 2026. All transactions involved Lifeway Foods, Inc. common stock held indirectly through Divisadero Street Partners, L.P.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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*
Divisadero Street Capital Management, LP
(Last)(First)(Middle)
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)
08/13/2026		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 Value08/13/2026P195,616A$24.8729(1)2,297,156ISee footnote(2)
Common Stock, No Par Value08/14/2026P15,000A$24.69012,312,156ISee footnote(2)
Common Stock, No Par Value08/17/2026P35,952A$24.7809(3)2,348,108ISee footnote(2)
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*
Divisadero Street Capital Management, LP
(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 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)
1. Name and Address of Reporting Person*
Divisadero Street Partners, L.P.
(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*
Zolezzi William
(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. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $24.5375 - $25.4022. 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 this footnote to this Form 4.
2. The reported securities are owned directly by Divisadero Street Partners, L.P. (the "Fund"), which is a private investment fund managed by Divisadero Street Capital Management, LP (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.
3. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $24.6705 - $24.8293. 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 sold at each separate price within the ranges set forth in this footnote to this Form 4.
Divisadero Street Capital Management, LP, By: Divisadero Street Partners GP, LLC, its general partner, By: /s/ William Zolezzi, William Zolezzi, Manager08/17/2026
Divisadero Street Capital, LLC, By: /s/ William Zolezzi, William Zolezzi,Manager08/17/2026
Divisadero Street Partners GP, LLC, By: /s/ William Zolezzi, William Zolezzi,Manager08/17/2026
Divisadero Street Partners, L.P., By: Divisadero Street Partners GP, LLC, its general partner, By: /s/ William Zolezzi, William Zolezzi, Manager08/17/2026
William Zolezzi, By: /s/ William Zolezzi08/17/2026
** 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