# EDGAR Filing Document

**Accession Number:** 0001762999
**File Stem:** 0001104659-25-055609
**Filing Date:** 2025-6
**Character Count:** 20396
**Document Hash:** 0982f8c4701a839fc31cabddb40116fc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-055609.hdr.sgml**: 20250602

**ACCESSION NUMBER**: 0001104659-25-055609

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250602

**DATE AS OF CHANGE**: 20250602

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LANTRONIX INC
- **CENTRAL INDEX KEY:** 0001114925
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMPUTER COMMUNICATIONS EQUIPMENT [3576]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 330362767
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-60979
- **FILM NUMBER:** 251016677

**BUSINESS ADDRESS:**
- **STREET 1:** 48 DISCOVERY, SUITE 250
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92618
- **BUSINESS PHONE:** 9494533990

**MAIL ADDRESS:**
- **STREET 1:** 48 DISCOVERY, SUITE 250
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92618
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Chain of Lakes Investment Fund, LLC
- **CENTRAL INDEX KEY:** 0001762999

**ORGANIZATION NAME:**
- **EIN:** 832465159
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**BUSINESS ADDRESS:**
- **STREET 1:** 2600 EAGAN WOODS DR.
- **STREET 2:** SUITE 350
- **CITY:** EAGAN
- **STATE:** MN
- **ZIP:** 55121
- **BUSINESS PHONE:** 651-256-6160

**MAIL ADDRESS:**
- **STREET 1:** 2600 EAGAN WOODS DR.
- **STREET 2:** SUITE 350
- **CITY:** EAGAN
- **STATE:** MN
- **ZIP:** 55121

## Exhibit 99.1

**Exhibit 1**

**SCHEDULE OF TRANSACTIONS IN SHARES**

The following table sets forth all transactions in the Shares effected in the past sixty days by the Reporting Persons. All such transactions were effected in the open market and the price per share includes commissions. The Price Per Share ($) is a weighted average price.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Trade Date | &nbsp;&nbsp;Reporting Person | &nbsp;&nbsp;Type | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Price Per Share<br> ($) |
| &nbsp;&nbsp;4/7/2025 | &nbsp;&nbsp;Haluk L. Bayraktar | &nbsp;&nbsp;Bought | &nbsp;&nbsp;22405 | &nbsp;&nbsp;1.94 |
| &nbsp;&nbsp;4/8/2025 | &nbsp;&nbsp;Haluk L. Bayraktar | &nbsp;&nbsp;Bought | &nbsp;&nbsp;62595 | &nbsp;&nbsp;1.95 |
| &nbsp;&nbsp;4/10/2025 | &nbsp;&nbsp;Haluk L. Bayraktar | &nbsp;&nbsp;Bought | &nbsp;&nbsp;15511 | &nbsp;&nbsp;2.00 |
| &nbsp;&nbsp;4/10/2025 | &nbsp;&nbsp;Emre Aciksoz | &nbsp;&nbsp;Bought | &nbsp;&nbsp;15000 | &nbsp;&nbsp;2.03 |
| &nbsp;&nbsp;4/10/2025 | &nbsp;&nbsp;Emre Aciksoz | &nbsp;&nbsp;Sold | &nbsp;&nbsp;34000 | &nbsp;&nbsp;2.03 |
| &nbsp;&nbsp;4/11/2025 | &nbsp;&nbsp;Haluk L. Bayraktar | &nbsp;&nbsp;Bought | &nbsp;&nbsp;596 | &nbsp;&nbsp;1.99 |
| &nbsp;&nbsp;4/11/2025 | &nbsp;&nbsp;Emre Aciksoz | &nbsp;&nbsp;Bought | &nbsp;&nbsp;10000 | &nbsp;&nbsp;2.05 |
| &nbsp;&nbsp;4/14/2025 | &nbsp;&nbsp;Haluk L. Bayraktar | &nbsp;&nbsp;Bought | &nbsp;&nbsp;1102 | &nbsp;&nbsp;2.00 |
| &nbsp;&nbsp;4/14/2025 | &nbsp;&nbsp;Emre Aciksoz | &nbsp;&nbsp;Bought | &nbsp;&nbsp;30000 | &nbsp;&nbsp;2.03 |
| &nbsp;&nbsp;4/15/2025 | &nbsp;&nbsp;Haluk L. Bayraktar | &nbsp;&nbsp;Bought | &nbsp;&nbsp;950 | &nbsp;&nbsp;2.00 |
| &nbsp;&nbsp;4/16/2025 | &nbsp;&nbsp;Haluk L. Bayraktar | &nbsp;&nbsp;Bought | &nbsp;&nbsp;24166 | &nbsp;&nbsp;1.99 |
| &nbsp;&nbsp;4/28/2025 | &nbsp;&nbsp;Haluk L. Bayraktar | &nbsp;&nbsp;Bought | &nbsp;&nbsp;5164 | &nbsp;&nbsp;2.11 |
| &nbsp;&nbsp;4/29/2025 | &nbsp;&nbsp;Haluk L. Bayraktar | &nbsp;&nbsp;Bought | &nbsp;&nbsp;11128 | &nbsp;&nbsp;2.14 |
| &nbsp;&nbsp;4/30/2025 | &nbsp;&nbsp;Haluk L. Bayraktar | &nbsp;&nbsp;Bought | &nbsp;&nbsp;49999 | &nbsp;&nbsp;2.10 |

---

## Exhibit 99.2

**Exhibit 2**

**Joint Filing Agreement**

The undersigned hereby agree that a single Schedule 13D (or any amendment thereto) relating to the Common Stock of Lantronix, Inc. shall be filed on behalf of each of the undersigned and that this Agreement shall be filed as an exhibit to such Schedule 13D.

Dated: June 2, 2025

---

| | |
|:---|:---|
| **CHAIN OF LAKES INVESTMENT FUND, LLC** | **CHAIN OF LAKES INVESTMENT FUND, LLC** |
| By: | /s/ Christopher B. Woodruff |
| Name: | Christopher B. Woodruff |
| Title: | President |

---

---

| |
|:---|
| /s/ Christopher B. Woodruff |
| Christopher B. Woodruff |

---

---

| |
|:---|
| /s/ Haluk L. Bayraktar |
| Haluk L. Bayraktar |

---

---

| |
|:---|
| /s/ Emre Aciksoz |
| Emre Aciksoz |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**LANTRONIX INC**

*(Name of Issuer)*

**Common Stock**

*(Title of Class of Securities)*

**516548203**

*(CUSIP Number)*

**Chain of Lakes Inv Fund, LLC**<br>Attention: Timothy O'Connell<br>2600 Eagan Woods Dr., Suite 350<br>Eagan MN 55121<br>702-807-7858

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**06/02/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **516548203** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Chain of Lakes Investment Fund, LLC** | Name of reporting person<br>**Chain of Lakes Investment Fund, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1184152.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1184152.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1184152.00** | Aggregate amount beneficially owned by each reporting person<br>**1184152.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**3.0%** | Percent of class represented by amount in Row (11)<br>**3.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** (1) Percentage calculated based on 38,890,328 shares of common stock, par value $0.0001 per share, outstanding as of May 1, 2025, as reported in the Form 10-Q for the quarterly period ended March 31, 2025, of Lantronix, Inc.

| **CUSIP No.** | **516548203** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Christopher B. Woodruff** | Name of reporting person<br>**Christopher B. Woodruff** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1184152.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1184152.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1184152.00** | Aggregate amount beneficially owned by each reporting person<br>**1184152.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**3.0%** | Percent of class represented by amount in Row (11)<br>**3.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** (1) As described in Item 2, Mr. Woodruff is deemed to have shared voting and dispositive power over the shares of the Company held by Chain of Lakes Investment Fund, LLC ("COLIF") as a result of his position as President of COLIF.  Reference is made to Item 2 to this Schedule 13D. Mr. Woodruff disclaims beneficial ownership of the Common Shares owned by COLIF.

(2) Percentage calculated based on 38,890,328 shares of common stock, par value $0.0001 per share, outstanding as of May 1, 2025, as reported in the Form 10-Q for the quarterly period ended March 31, 2025, of Lantronix, Inc.

| **CUSIP No.** | **516548203** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Haluk L. Bayraktar** | Name of reporting person<br>**Haluk L. Bayraktar** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**W8** | Citizenship or place of organization<br>**W8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**1595336.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**1595336.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1595336.00** | Aggregate amount beneficially owned by each reporting person<br>**1595336.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**4.1%** | Percent of class represented by amount in Row (11)<br>**4.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** (1) Percentage calculated based on 38,890,328 shares of common stock, par value $0.0001 per share, outstanding as of May 1, 2025, as reported in the Form 10-Q for the quarterly period ended March 31, 2025, of Lantronix, Inc.

| **CUSIP No.** | **516548203** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Emre Aciksoz** | Name of reporting person<br>**Emre Aciksoz** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**W8** | Citizenship or place of organization<br>**W8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**220000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**220000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**220000.00** | Aggregate amount beneficially owned by each reporting person<br>**220000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.6%** | Percent of class represented by amount in Row (11)<br>**0.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** (1) Percentage calculated based on 38,890,328 shares of common stock, par value $0.0001 per share, outstanding as of May 1, 2025, as reported in the Form 10-Q for the quarterly period ended March 31, 2025, of Lantronix, Inc.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock

**(b) Name of Issuer:**
LANTRONIX INC

**(c) Address of Issuer's Principal Executive Offices:**
48 Discovery, Suite 250, Irvine, CA, 92618

This statement 13D (this "Statement") relates to the shares of common stock, $0.0001 par value per share (the "Common Stock"), of Lantronix, Inc., a Delaware corporation (the "Issuer"). The address of the principal offices of the Issuer is 48 Discovery, Suite 250, Irvine, CA 92618.

**Item 4. Purpose of Transaction**

The Reporting Persons acquired the Shares because they believe the Shares are materially undervalued and represent an attractive investment opportunity. The Reporting Persons believe that the Issuer's Board of Directors (the "Board"), has been highly ineffective at creating any sustainable shareholder value since the Shares have become publicly traded on August 4, 2000 (the "IPO").  To illustrate, as of May 30, 2025: (a) the Issuer's stock price has decreased more than 95% since its IPO with no dividends or distributions to shareholders in its entire public company history, and (b) the stock price has decreased more than 50% since its longest tenured current member of the Board joined in 2010, over fifteen years.  Further, the ongoing lack of scale in the Issuer's business, combined with its highly inefficient public-company structure, leaves shareholders at serious risk of even further value degradation.

The Reporting Persons believe the Issuer's business is significantly more valuable to a strategic acquirer than its public market valuation.  Reporting Persons estimate that the Issuer's shareholders could receive approximately $6 per share in a sale of the Issuer.  This sale valuation estimate is based on the Issuer's average analyst forecasted sales of approximately $126 million for Fiscal Year 2026 (June ending), greater than 40% average gross margins on its products, and a conservative two times multiple of revenues valuation by a strategic acquirer.

The Reporting Persons do not have confidence that the Issuer's current Board will engage an investment bank in a timely manner to run a formal strategic alternatives review process.  The Reporting Persons may propose to take one or more actions described in subjections (a) through (j) of Item 4 of Schedule 13D, and intend to seek to replace a majority of the current members of the Board of the Issuer with candidates that are committed to an expedited return of shareholders' capital through a sale of the Issuer by running a competing proxy statement at the Issuer's 2025 Annual Meeting of Stockholders. The Reporting Persons expect to release a list of candidates for its proxy statement in the near future.

The Reporting Persons expect to engage with other shareholders of the Issuer regarding their proposed plans. The Reporting Persons intend to review their investment in the Issuer on a continuing basis, and depending on various factors, may in the future take such actions with respect to their investment in the Issuer as they deem appropriate.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The information set forth in the cover pages of this Schedule 13D is hereby incorporated by reference in this Item 5.  As of the date hereof the Reporting Persons beneficially own an aggregate of 2,999,488 shares of the Issuer's Common Stock, representing 7.7% of the outstanding shares.

**(b)**
The information set forth in the cover pages of this Schedule 13D is hereby incorporated by reference in this Item 5.

The Reporting Persons may be deemed to constitute a group pursuant to Rule 13d-5(b), in which case each of the Reporting Persons could be deemed to beneficially own all the shares of Common Stock held by the other Reporting Persons; however, each of the Reporting Persons disclaims beneficial ownership of the shares of Common Stock held by the other Reporting Persons except to the extent of their pecuniary interest therein (if any).

**(c)**
Information concerning transactions in the Shares effected by the Reporting Persons during the past sixty days is set forth in Exhibit 1 hereto and is incorporated herein by reference. All of the transactions in Shares listed hereto were effected in the open market.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The Reporting Persons' discussions of their views about the Issuer may result in the Reporting Persons being deemed to be acting together for the purpose of acquiring, holding, voting or disposing of the Issuer's securities for purposes of Rule 13d-5(b). Except as described herein, there are no contracts, arrangements, understandings or relationships (legal or otherwise) between or among any of the Reporting Persons and any other person with respect to any securities of the Issuer.

### 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.

**Reporting Person:** Chain of Lakes Investment Fund, LLC

**Signature:** /s/ Christopher B. Woodruff

**Name/Title:** President

**Date:** 06/02/2025

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.

**Reporting Person:** Christopher B. Woodruff

**Signature:** /s/ Christopher B. Woodruff

**Name/Title:** Christopher B. Woodruff

**Date:** 06/02/2025

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.

**Reporting Person:** Haluk L. Bayraktar

**Signature:** /s/ Haluk L. Bayraktar

**Name/Title:** Haluk L. Bayraktar

**Date:** 06/02/2025

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.

**Reporting Person:** Emre Aciksoz

**Signature:** /s/ Emre Aciksoz

**Name/Title:** Emre Aciksoz

**Date:** 06/02/2025