# EDGAR Filing Document

**Accession Number:** 0000814586
**File Stem:** 0000919574-26-003575
**Filing Date:** 2026-5
**Character Count:** 9978
**Document Hash:** 5b1e065075ad1cf3c49f60e6993067f3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000919574-26-003575.hdr.sgml**: 20260518

**ACCESSION NUMBER**: 0000919574-26-003575

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260514

**FILED AS OF DATE**: 20260518

**DATE AS OF CHANGE**: 20260518

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Divisadero Street Partners, L.P.
- **CENTRAL INDEX KEY:** 0001886714

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

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42398
- **FILM NUMBER:** 26995588

**BUSINESS ADDRESS:**
- **STREET 1:** 3480 MAIN HIGHWAY
- **STREET 2:** SUITE 204
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33133
- **BUSINESS PHONE:** 415-378-0636

**MAIL ADDRESS:**
- **STREET 1:** 3480 MAIN HIGHWAY
- **STREET 2:** SUITE 204
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33133
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Divisadero Street Capital Management, LP
- **CENTRAL INDEX KEY:** 0001901865

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

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42398
- **FILM NUMBER:** 26995589

**BUSINESS ADDRESS:**
- **STREET 1:** 3480 MAIN HIGHWAY
- **STREET 2:** SUITE 204
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33133
- **BUSINESS PHONE:** 415-378-0636

**MAIL ADDRESS:**
- **STREET 1:** 3480 MAIN HIGHWAY
- **STREET 2:** SUITE 204
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33133
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lifeway Foods, Inc.
- **CENTRAL INDEX KEY:** 0000814586
- **STANDARD INDUSTRIAL CLASSIFICATION:** DAIRY PRODUCTS [2020]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 363442829
- **STATE OF INCORPORATION:** IL
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 6431 W OAKTON
- **CITY:** MORTON GROVE
- **STATE:** IL
- **ZIP:** 60053
- **BUSINESS PHONE:** 847-967-1010

**MAIL ADDRESS:**
- **STREET 1:** 6431 W OAKTON
- **CITY:** MORTON GROVE
- **STATE:** IL
- **ZIP:** 60053

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LIFEWAY FOODS INC
- **DATE OF NAME CHANGE:** 19920703

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

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] 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**<sup>*</sup><br>Divisadero Street Capital Management, LP<br><sub>(Last) (First) (Middle)</sub><br>3480 MAIN HIGHWAY<br>SUITE 204<br><sub>(Street)</sub><br>MIAMI, FL 33133<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2026-05-14 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Lifeway Foods, Inc. [ LWAY ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Divisadero Street Partners, L.P.<br><sub>(Last) (First) (Middle)</sub><br>3480 MAIN HIGHWAY<br>SUITE 204<br><sub>(Street)</sub><br>MIAMI, FL 33133<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2026-05-14 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Lifeway Foods, Inc. [ LWAY ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock, No Par Value | 2026-05-14 |  | P |  | 95371 | A | 25.2365<sup>(1)</sup> | 2031866 | I | See Footnote<sup>(2)</sup> |
| Common Stock, No Par Value | 2026-05-14 |  | P |  | 1500 | A | $22.9794 | 2033366 | I | See Footnote<sup>(2)</sup> |
| Common Stock, No Par Value | 2026-05-14 |  | P |  | 35000 | A | $26.3251 | 2068366 | I | See Footnote<sup>(2)</sup> |
| Common Stock, No Par Value | 2026-05-15 |  | P |  | 33174 | A | 25.2695<sup>(3)</sup> | 2101540 | I | See Footnote<sup>(2)</sup> |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

### Footnotes:

(1) The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $25.1592 - $25.4584. 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 footnote (1) 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 $25.1845 - $25.3121. 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 footnote (3) to this Form 4.

**Remarks:**
The Adviser GP, Fund GP, and William Zolezzi will be reported as Reporting Persons on a subsequent Form 4 once CIK codes are received.

Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of its or his pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

**Signature:** Divisadero Street Capital Management, LP, By: Divisadero Street Capital, LLC, its general partner, By: /s/ William Zolezzi, Manager  
**Date:** 2026-05-18

**Signature:** Divisadero Street Partners, L.P., By: Divisadero Street Partners GP, LLC, its general partner, By: /s/ William Zolezzi, Manager  
**Date:** 2026-05-18

### Remarks:

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.**