LPTH LIGHTPATH TECHNOLOGIES INC
Price Chart
Executive Summary
LightPath Technologies is executing a concurrent primary and secondary public offering of 7,142,800 shares of Class A common stock at $14.00 per share. The primary offering of 3,571,400 shares will raise approximately $47.0 million net for the company, while the selling stockholder (North Run Strategic Opportunities Fund I, LP) will sell an equal number of shares for proceeds of approximately $47.7 million. The offering is priced at a ~17.5% discount to the last closing price of $16.98 on May 29, 2026, with immediate dilution of $12.32 per share for new buyers.
Actionable Insight
The large discounted secondary sale by a board-affiliated holder (North Run, dropping from 14.7% to 9.6%) signals potential further overhang. Watch for additional secondary filings from the remaining 6.7M shares North Run still holds. The primary capital raise provides ~$47M for acquisitions and working capital, which may support growth initiatives. Expect near-term price pressure from the dilutive offering and secondary selling.
Key Facts
- Primary offering of 3,571,400 new shares at $14.00/sh raises ~$47.0M net for LightPath
- Secondary offering of 3,571,400 shares by North Run Strategic Opportunities Fund I, LP (board-affiliated selling stockholder) at $14.00/sh, proceeds ~$47.7M go to seller, not company
- Offering price at ~17.5% discount to last sale price of $16.98 on May 29, 2026
- Immediate dilution of $12.32 per share for new investors; net tangible book value per share increases from $1.10 to $1.68
- Post-offering shares outstanding: 69,932,207; North Run's beneficial ownership drops from 14.7% to 9.6%
- Placement agent: Craig-Hallum Capital Group LLC; fees of 4.5% of gross proceeds (~$2.25M each from primary and secondary)
- 60-day lock-up for company, directors, and executive officers
- Proceeds from primary offering to be used for working capital, investments, acquisitions, and general corporate purposes
Financial Impact
Primary offering raises ~$47.0M net for company at $14.00/share, secondary offering raises ~$47.7M for selling stockholder. $12.32/sh dilution for new investors. Net tangible book value rises from $1.10 to $1.68 per share.
Risk Factors
- ~17.5% discount to market price creates immediate mark-to-market loss for new buyers
- Board-affiliated selling stockholder (North Run) reducing stake by 3.57M shares signals potential lack of confidence
- Dilution of $12.32/sh is extremely large relative to $1.10 pre-offering book value
- Remaining 6.7M shares held by North Run post-offering (9.6% stake) represents future overhang risk
- Management has broad discretion on use of $47M proceeds with no specific allocation disclosed
- Stock has been volatile historically, and the offering could exacerbate downward pressure
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (LPTH) — Batch item 1 | 0001437749-26-019437 |
| Document: 0001437749-26-019437-index-headers.html | 0001437749-26-019439 |
| Document: 0001437749-26-019437-index.html | 0001437749-26-019437 |
| Document: 0001437749-26-019437.txt | 0001437749-26-019437 |
| 424B5 Filing (LPTH) — Batch item 5 | 0001437749-26-019439 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 3, 2026
3d ago
|
424B5
| $17.62 $14.93 | ▲ +15.27% | ▲ +12.69% | $14.93 (+15.27%) |
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Jun 3, 2026
3d ago
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8-K
| $17.62 $14.93 | ▼ −15.27% | ▼ −12.69% | $14.93 (−15.27%) |
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Mar 25, 2026
10w ago
|
Insider Cluster
| $11.95 $10.99 | ▼ −8.03% | ▼ −6.26% | $14.93 (+24.94%) |
US Market Status
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