| Item 1. | Security and Issuer |
| (a) | Title of Class of Securities:
Common Stock, $1 par value |
| (b) | Name of Issuer:
NATIONAL PRESTO INDUSTRIES INC |
| (c) | Address of Issuer's Principal Executive Offices:
3925 North Hastings Way, Eau Claire,
WISCONSIN
, 54703-3703. |
Item 1 Comment:
The securities to which this Schedule 13D (the "Schedule") relates are shares of common stock, par value $1 per share (the "Common Stock"), of National Presto Industries Inc. (the "Issuer"). The principal executive offices of the Issuer are located at 3925 North Hastings Way, Eau Claire, Wisconsin 54703-3703. |
| Item 2. | Identity and Background |
|
| (a) | This Schedule is being filed by Ignium II, LP, a Delaware limited partnership (the "Fund"), Albion River Management LLC, a Delaware limited liability company (the "Investment Manager"), and Darren Farber, a citizen of the United States of America ("Mr. Farber") (each of the foregoing, a "Reporting Person" and, collectively, the "Reporting Persons").
The Investment Manager is the investment manager of the Fund. Mr. Farber is the sole managing partner of the Investment Manager. By virtue of these relationships, the Investment Manager and Mr. Farber may be deemed to beneficially own the Common Stock owned directly by the Fund. This report shall not be deemed an admission that the Reporting Persons are beneficial owners of Common Stock for purposes of Section 13 of the Exchange Act 1934, as amended, or for any other purpose. Each of the Reporting Persons disclaims beneficial ownership of the shares of Common Stock reported herein except to the extent of the Reporting Person's pecuniary interest therein. |
| (b) | The principal business address of each of the Reporting Persons is 2600 Tower Oaks Boulevard, Suite 280, Rockville, MD 20852. |
| (c) | The principal business of the Fund is investing in securities. The principal business of the Investment Manager is serving as the investment manager with respect to the Fund and other pooled investment vehicles. The principal occupation of Mr. Farber is serving as the sole managing partner of the Investment Manager. |
| (d) | During the last five years, none of the Reporting Persons, or, to the Reporting Persons' best knowledge, any of their respective directors, executive officers, or controlling persons, as the case may be, has been convicted in a criminal proceeding (excluding traffic violations and other similar misdemeanors). |
| (e) | During the last five years, none of the Reporting Persons, or, to the Reporting Persons' best knowledge, any of their respective directors, executive officers, or controlling persons, as the case may be, is or has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding, was or is subject to a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities law or finding any violation with respect to such laws. |
| (f) | The Fund - Delaware limited partnership
The Investment Manager - Delaware limited liability company
Mr. Farber - citizen of the United States of America |
| Item 3. | Source and Amount of Funds or Other Consideration |
| | All shares of Common Stock reported in this Schedule were purchased by the applicable Reporting Persons for a total purchase price of approximately $37,700,000, including commissions. All of such funds were derived from capital contributions to the Fund.
No funds are being borrowed by the Reporting Persons to fund the acquisition of the shares of the Issuer's Common Stock, although the Reporting Persons may borrow funds in the future and may pledge any or all of such shares as collateral against such borrowings. |
| Item 4. | Purpose of Transaction |
| | The response to Item 3 of this Schedule is incorporated herein by reference.
The Reporting Persons acquired 362,250 shares of Common Stock over which they exercise beneficial ownership in the belief that the shares of Common Stock are undervalued and are an attractive investment opportunity. The Reporting Persons intend to engage in discussions with the Issuer regarding strategy.
Except as stated in response to this Item 4, the Reporting Persons have no current plans or proposals with respect to the Issuer or its securities enumerated in subparagraphs (a) - (j) of this Item 4 to Schedule 13D promulgated under the Act. Notwithstanding the foregoing, the Reporting Persons may determine, from time to time in the future, based on market and general economic conditions, the business affairs and financial conditions of the Issuer, the capital requirements of the Fund (or other Reporting Persons), the availability of securities at favorable prices and other alternative investment opportunities available to the Reporting Persons, and other factors that the Reporting Persons may deem relevant, to acquire additional shares of Common Stock and/or other equity, debt, notes, instruments or other securities of the Issuer (collectively, "Securities") in the open market, in privately negotiated transactions, or otherwise, or to sell some or all of the Securities they now hold or hereafter acquire as set forth above or otherwise. The Reporting Persons reserve the right to change their intention with respect to, and pursue plans or proposals that relate to or could result in, any and all matters referred to in subparagraphs (a) - (j) of this Item 4 to Schedule 13D promulgated under the Act. |
| Item 5. | Interest in Securities of the Issuer |
| (a) | As of December 5, 2025, the Reporting Persons beneficially own the number of Common Stock set forth below. Percentage ownership is based on 7,151,940 shares of Common Stock of the Issuer that were outstanding as of November 7, 2025. The amount of shares outstanding was based upon a statement in the Issuer's Form 10-Q, filed on November 7, 2025.
(a), (b) The applicable Reporting Persons may be deemed to beneficially own an aggregate of 362,250 shares of Common Stock. These shares of Common Stock represent approximately 5.07% of the outstanding shares of Common Stock of the Issuer. By virtue of relationships between the Reporting Persons (i.e., Mr. Farber's sole authority to direct the affairs of the Investment Manager, including the voting and disposition of shares of Common Stock held by all Reporting Persons), the Reporting Persons may be deemed to have sole voting and dispositive power with respect to the shares owned directly by the Fund. |
| (b) | The Fund has the sole power to vote or direct 362,250 of Common Stock; has the shared power to vote or direct the vote of 0 shares of Common Stock; has the sole power to dispose or direct the disposition of 362,250 of Common Stock; and has the shared power to dispose or direct the disposition of 0 shares of Common Stock.
The Investment Manager has the sole power to vote or direct 362,250 of Common Stock; has the shared power to vote or direct the vote of 0 shares of Common Stock; has the sole power to dispose or direct the disposition of 362,250 of Common Stock; and has the shared power to dispose or direct the disposition of 0 shares of Common Stock.
Mr. Farber has the sole power to vote or direct 362,250 of Common Stock; has the shared power to vote or direct the vote of 0 shares of Common Stock; has the sole power to dispose or direct the disposition of 362,250 of Common Stock; and has the shared power to dispose or direct the disposition of 0 shares of Common Stock. |
| (c) | Exhibit A hereto sets forth the transactions in Common Stock effected by the Reporting Persons during the past sixty (60) days. |
| (d) | The Reporting Persons have the right to receive dividends from, and the proceeds from the sale of, the shares of Common Stock covered by this Schedule and held for their account. Except as disclosed in this Item 5, no other person is known to the Reporting Persons to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock covered by this Schedule. |
| (e) | Not applicable. |
| Item 6. | Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer |
| | Other than the joint filing agreement filed as Exhibit B to this Schedule, the Reporting Persons have no knowledge of any contracts, arrangements, understandings or relationships (legal or otherwise) among the persons named in response to Item 2 or between such persons and any person with respect to any securities of the Issuer. |
| Item 7. | Material to be Filed as Exhibits. |
| | Exhibit A: Schedule of Transactions
Exhibit B: Joint Filing Statement, dated December 5, 2025 |
