OPXS 13G/A: Investment Adviser Discloses Sub-5% Holding With Sole Voting Power

Rhea-AI Filing Summary

Optex Systems Holdings Inc. is reported to have a significant minority position held by Punch & Associates Investment Management, Inc. The filer beneficially owns 331,495 shares, representing 4.8% of the outstanding common stock, and reports sole voting and sole dispositive power over those shares.

The filing states these securities are held in the ordinary course of business and were not acquired to change or influence control of the company. The disclosure confirms the position is under the 5% threshold and no shared or group voting/dispositive arrangements are reported.

Insights

Financial Analyst

TL;DR: A sub-5% stake with sole control of the shares, disclosed as ordinary-course holdings; likely immaterial to control.

Punch & Associates reports beneficial ownership of 331,495 shares (4.8%) of Optex Systems common stock with sole voting and dispositive power. Because the position is under 5% and certified as held in the ordinary course and not for control, this disclosure is typically considered routine for institutional investors and unlikely to alter Optex's governance or market dynamics materially.

Corporate Governance Expert

TL;DR: Routine Schedule 13G/A disclosure; confirms sole control of a modest stake and no coordinated group activity.

The filing indicates no shared voting or dispositive arrangements and explicitly disclaims intent to influence control. For governance purposes, a 4.8% holding reported under Schedule 13G/A signals passive investment status rather than an activist or control-seeking position, limiting near-term governance implications.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Optex Systems Holdings Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

68384X209

(CUSIP Number)

06/30/2025

(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)

SCHEDULE 13G

CUSIP No. 68384X209

1

Names of Reporting Persons

Punch & Associates Investment Management, Inc.

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

MINNESOTA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 331,495.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 331,495.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

331,495.00

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)

4.8 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Optex Systems Holdings Inc.
(b)	Address of issuer's principal executive offices: 1420 Presidential Dr. Richardson, Texas 75081
Item 2.
(a)	Name of person filing: Punch & Associates Investment Management, Inc.
(b)	Address or principal business office or, if none, residence: 7701 France Ave. So., Suite 300 Edina, MN 55435
(c)	Citizenship: Minnesota
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 68384X209
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: 331,495
(b)	Percent of class: 4.80%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 331,495
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 331,495
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
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 acquired and are held in the ordinary course of business and 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.

Punch & Associates Investment Management, Inc.

Signature:	/s/ Howard D. Punch, Jr.
Name/Title:	Howard D. Punch, Jr./Chief Investment Officer
Date:	07/07/2025

FAQ

How many OPXS shares does Punch & Associates own?

Punch & Associates beneficially owns 331,495 shares of Optex Systems common stock.

What percentage of OPXS does this holding represent?

The position represents 4.8% of Optex Systems' outstanding common stock.

Does Punch & Associates have voting or dispositive power over these OPXS shares?

Yes. The filer reports sole voting power and sole dispositive power over all 331,495 shares, with no shared powers.

Was this stake acquired to influence control of Optex (OPXS)?

No. The filing certifies the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.

What type of filer is Punch & Associates in this filing?

Punch & Associates is identified as an investment adviser (Type: IA) reporting beneficial ownership under Schedule 13G/A.