LifeWay Foods, Inc. ownership disclosure: Citadel-affiliated entities and Kenneth Griffin report combined beneficial interests in the issuer's common stock totaling 884,776 shares, with related Citadel entities holding 825,000 shares and smaller Citadel affiliates holding additional amounts. The filing states 15,281,888 Shares outstanding as of May 8, 2026.
The schedule lists specific holdings: Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC may each be deemed to beneficially own 825,000 shares (5.4%); Citadel Securities LLC1,146 shares (0.0%); Citadel Securities Group LP and Citadel Securities GP LLC59,776 shares (0.4%); and Kenneth Griffin884,776 shares (5.8%). The filing notes some holdings may include instruments exercisable or convertible into shares.
Positive
None.
Negative
None.
Insights
Large passive stake disclosure by Citadel affiliates and Kenneth Griffin.
Per the statement, Citadel-related entities report beneficial ownership positions—noted as up to 825,000 shares for several manager/holding entities and 884,776 shares for Kenneth Griffin. The filing ties percentages to an explicit outstanding share base of May 8, 2026.
These listings reflect reported beneficial ownership and governance relationships; the statement also says some holdings "may include" convertible or exercisable instruments. Subsequent filings would show any changes in position or instrument conversions.
Shares outstanding (base)15,281,888 sharesas of <date>May 8, 2026</date>
Citadel Advisors/CAH/CGP holdings825,000 shareseach listed as beneficially owned; <percent>5.4%</percent> of outstanding
Citadel Securities LLC holdings1,146 sharesbeneficially owned; <percent>0.0%</percent> of outstanding
Citadel Securities Group/GP holdings59,776 shareseach listed as beneficially owned; <percent>0.4%</percent> of outstanding
Kenneth Griffin holdings884,776 sharesreported beneficial ownership; <percent>5.8%</percent> of outstanding
Key Terms
Beneficially own, Shared dispositive power, Instruments exercisable for or convertible into Shares
3 terms
Beneficially ownregulatory
"Each of Citadel Advisors LLC... may be deemed to beneficially own 825,000 Shares."
Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.
Shared dispositive powerregulatory
"Shared Dispositive Power 825,000.00"
Instruments exercisable for or convertible into Sharesfinancial
"Such owned Shares may include other instruments exercisable for or convertible into Shares."
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
LIFEWAY FOODS, INC.
(Name of Issuer)
Common Stock, No Par Value (the "Shares")
(Title of Class of Securities)
531914109
(CUSIP Number)
05/19/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
531914109
1
Names of Reporting Persons
Citadel Advisors LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
825,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
825,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
825,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.4 %
12
Type of Reporting Person (See Instructions)
IA, HC, OO
Comment for Type of Reporting Person: The percentages reported in this Schedule 13G are based upon 15,281,888 Shares outstanding as of May 8, 2026 (according to the issuer's Form 10-Q as filed with the Securities and Exchange Commission on May 14, 2026). Except as described in the preceding sentence, all Shares for the holdings of the reporting persons reported in this Schedule 13G are as of the opening of the market on May 27, 2026.
SCHEDULE 13G
CUSIP Number(s):
531914109
1
Names of Reporting Persons
Citadel Advisors Holdings LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
825,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
825,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
825,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.4 %
12
Type of Reporting Person (See Instructions)
HC, PN
SCHEDULE 13G
CUSIP Number(s):
531914109
1
Names of Reporting Persons
Citadel GP LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
825,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
825,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
825,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.4 %
12
Type of Reporting Person (See Instructions)
HC, OO
SCHEDULE 13G
CUSIP Number(s):
531914109
1
Names of Reporting Persons
Citadel Securities LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,146.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,146.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,146.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.0 %
12
Type of Reporting Person (See Instructions)
BD, OO
SCHEDULE 13G
CUSIP Number(s):
531914109
1
Names of Reporting Persons
Citadel Securities Group LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
59,776.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
59,776.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
59,776.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.4 %
12
Type of Reporting Person (See Instructions)
HC, PN
SCHEDULE 13G
CUSIP Number(s):
531914109
1
Names of Reporting Persons
Citadel Securities GP LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
59,776.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
59,776.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
59,776.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.4 %
12
Type of Reporting Person (See Instructions)
HC, OO
SCHEDULE 13G
CUSIP Number(s):
531914109
1
Names of Reporting Persons
Kenneth Griffin
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
884,776.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
884,776.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
884,776.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.8 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
LIFEWAY FOODS, INC.
(b)
Address of issuer's principal executive offices:
6431 West Oakton, Morton Grove, IL, 60053
Item 2.
(a)
Name of person filing:
This Schedule 13G is being jointly filed by Citadel Advisors LLC ("Citadel Advisors"), Citadel Advisors Holdings LP ("CAH"), Citadel GP LLC ("CGP"), Citadel Securities LLC ("Citadel Securities"), Citadel Securities Group LP ("CALC4"), Citadel Securities GP LLC ("CSGP") and Mr. Kenneth Griffin (collectively with Citadel Advisors, CAH, CGP, Citadel Securities, CALC4 and CSGP, the "Reporting Persons") with respect to the Shares of the above-named issuer owned by Citadel Multi-Strategy Equities Master Fund Ltd., a Cayman Islands company ("CM"), Citadel Securities and CRBU Holdings LLC, a Delaware limited liability company ("CRBH"). Such owned Shares may include other instruments exercisable for or convertible into Shares.
Citadel Advisors is the portfolio manager for CM. CAH is the sole member of Citadel Advisors. CGP is the general partner of CAH. CALC4 is the non-member manager of Citadel Securities and CRBH. CSGP is the general partner of CALC4. Mr. Griffin is the President and Chief Executive Officer of CGP, and owns a controlling interest in CGP and CSGP.
The filing of this statement shall not be construed as an admission that any of the Reporting Persons is the beneficial owner of any securities covered by the statement other than the securities actually owned by such person (if any).
(b)
Address or principal business office or, if none, residence:
The address of each of the Reporting Persons is 830 Brickell Plaza, Miami, Florida 33131.
(c)
Citizenship:
Each of Citadel Advisors, CGP, Citadel Securities and CSGP is organized as a limited liability company under the laws of the State of Delaware. Each of CALC4 and CAH is organized as a limited partnership under the laws of the State of Delaware. Mr. Griffin is a U.S. citizen.
(d)
Title of class of securities:
Common Stock, No Par Value (the "Shares")
(e)
CUSIP Number(s):
531914109
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
1. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC may be deemed to beneficially own 825,000 Shares.
2. Citadel Securities LLC may be deemed to beneficially own 1,146 Shares.
3. Each of Citadel Securities Group LP and Citadel Securities GP LLC may be deemed to beneficially own 59,776 Shares.
4. Mr. Griffin may be deemed to beneficially own 884,776 Shares.
(b)
Percent of class:
1. The number of Shares that each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC may be deemed to beneficially own constitutes 5.4% of the Shares outstanding.
2. The number of Shares that Citadel Securities LLC may be deemed to beneficially own constitutes 0.0% of the Shares outstanding.
3. The number of Shares that each of Citadel Securities Group LP and Citadel Securities GP LLC may be deemed to beneficially own constitutes 0.4% of the Shares outstanding.
4. The number of Shares that Mr. Griffin may be deemed to beneficially own constitutes 5.8% of the Shares outstanding.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
1. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 0
2. Citadel Securities LLC: 0
3. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 0
4. Mr. Griffin: 0
(ii) Shared power to vote or to direct the vote:
1. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 825,000
2. Citadel Securities LLC: 1,146
3. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 59,776
4. Mr. Griffin: 884,776
(iii) Sole power to dispose or to direct the disposition of:
1. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 0
2. Citadel Securities LLC: 0
3. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 0
4. Mr. Griffin: 0
(iv) Shared power to dispose or to direct the disposition of:
1. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 825,000
2. Citadel Securities LLC: 1,146
3. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 59,776
4. Mr. Griffin: 884,776
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Citadel Advisors LLC
Signature:
/s/ Seth Levy
Name/Title:
Seth Levy, Authorized Signatory
Date:
05/27/2026
Citadel Advisors Holdings LP
Signature:
/s/ Seth Levy
Name/Title:
Seth Levy, Authorized Signatory
Date:
05/27/2026
Citadel GP LLC
Signature:
/s/ Seth Levy
Name/Title:
Seth Levy, Authorized Signatory
Date:
05/27/2026
Citadel Securities LLC
Signature:
/s/ Seth Levy
Name/Title:
Seth Levy, Authorized Signatory
Date:
05/27/2026
Citadel Securities Group LP
Signature:
/s/ Seth Levy
Name/Title:
Seth Levy, Authorized Signatory
Date:
05/27/2026
Citadel Securities GP LLC
Signature:
/s/ Seth Levy
Name/Title:
Seth Levy, Authorized Signatory
Date:
05/27/2026
Kenneth Griffin
Signature:
/s/ Seth Levy
Name/Title:
Seth Levy, attorney-in-fact*
Date:
05/27/2026
Comments accompanying signature: * Seth Levy is signing on behalf of Kenneth Griffin as attorney-in-fact pursuant to a power of attorney previously filed with the Securities and Exchange Commission, and hereby incorporated by reference herein. The power of attorney was filed as an attachment to a filing by Citadel Advisors LLC on Schedule 13G for Allakos Inc. on October 13, 2023.
What stake does Citadel report in LifeWay Foods (LWAY)?
Citadel-affiliated entities report beneficial interests of 825,000 shares for Citadel Advisors LLC/CAH/CGP, representing 5.4% of shares outstanding as of May 8, 2026. The filing lists related holdings across other Citadel entities as well.
How many shares does Kenneth Griffin report owning in LWAY?
Kenneth Griffin is reported as beneficially owning 884,776 shares, equal to 5.8% of the outstanding shares referenced in the filing. The figure aggregates shared voting and dispositive power reported in the schedule.
What share count does the filing use for the outstanding base?
The filing cites an outstanding share base of 15,281,888 Shares as of May 8, 2026, referenced from the issuer's Form 10-Q filed May 14, 2026, and used to compute percentages in this statement.
Do the reported holdings include convertible or exercisable instruments?
The statement says the owned Shares "may include other instruments exercisable for or convertible into Shares," indicating some positions could reflect or be affected by convertible/exercisable instruments.
Are the voting and dispositive powers sole or shared for these holdings?
For Citadel Advisors LLC, CAH and CGP the filing reports 0 sole voting power and 825,000 shared voting and shared dispositive power. Kenneth Griffin is shown with 0 sole and 884,776 shared voting and dispositive power.
