Danone S.A. 4

What Happened

• Danone S.A., reported as a 10% owner via its wholly owned subsidiary Danone USA Public Benefit Corporation, sold 3,454,756 shares of Lifeway Foods, Inc. (LWAY) at $19.50 per share on May 14, 2026. The transaction generated proceeds of $67,367,742 and was completed in an underwritten offering registered under the Securities Act; the sale was reported in the Form 4 filed May 20, 2026.
• This was a sale (disposition) by an institutional 10% owner, not an executive purchase — typically a routine institutional disposal rather than a direct insider “buy” signal.

Key Details

• Transaction date: May 14, 2026 (sale completed May 19, 2026 by Danone USA Public Benefit Corporation); reported on Form 4 filed May 20, 2026.
• Price: $19.50 per share; shares sold: 3,454,756; total proceeds: $67,367,742.
• Shares owned after transaction: Danone USA Public Benefit Corporation no longer has beneficial ownership of any Lifeway Foods common stock; Danone S.A. previously disclaimed any indirect beneficial ownership.
• Notable: Sale executed in an underwritten, registered transaction. Danone USA PBC retains only voting power for matters with a record date prior to May 19, 2026.
• Filing timeliness: Form 4 filed the next business day (no late-filing indication in the report).

Context

• This filing reflects an institutional divestiture by a 10% owner (via its subsidiary), not an individual executive trade. Such transactions are often related to portfolio or corporate decisions and should not be read as direct commentary on Lifeway’s near-term prospects by company management.