ECMSource Deal & Dilution Tracker · LPTH
Two sellers. One $100 million transaction. Only half went to the company.
LightPath Technologies, Inc. sold new Class A shares alongside an existing holder in June 2026. The combined offering was about $100 million gross, but the company received proceeds only from the newly issued primary shares. This record separates the cash flows and the share-count changes using the final prospectus supplement and closing Form 8-K.
Status: Closed June 3, 2026 · Record checked: 2026-09-19 · Figures refer to the June 2026 transaction, not today’s share count or stock price.
New shares sold by LightPath
3,571,400
At $14 each: $49,999,600 gross. The initial prospectus estimated about $47 million net; the later annual report recorded $47.1 million net after fees and expenses.
Existing-holder shares sold
3,571,400
At $14 each: $49,999,600 gross to the selling holder before its fees and expenses. LightPath said it would receive no proceeds from this sale.
Why the share count changed
| Step | Shares | What happened |
|---|---|---|
| Outstanding May 29, 2026 | 62,789,407 | Prospectus starting count. |
| Preferred conversion | +3,571,400 | The selling holder converted preferred stock into Class A shares for the secondary sale. This changed outstanding common shares, but the subsequent resale itself did not create additional shares. |
| New primary issuance | +3,571,400 | LightPath issued these shares and received the related company proceeds. |
| Reported after transaction | 69,932,207 | Matches the final prospectus supplement. |
of the reported post-transaction Class A share count came from the new primary issuance. This is a share-count measure, not a claim about a stock-price move or a fully diluted economic ownership change.
The May 29-to-post-transaction increase also includes the preferred conversion. Dividing the entire increase by the ending share count and calling it dilution from the offering would overstate the effect of the primary issuance alone. Options, restricted shares, warrants, and remaining convertible securities are outside this simple bridge; see the prospectus for those exclusions.
What changed after the close
The fiscal 2026 annual report, filed September 11, confirmed $47,100,000 of company net proceeds from the June offering. This replaces the original prospectus’s approximate $47 million estimate; it does not change the secondary-sale proceeds, which went to the selling holder.
Cash at June 30
$93.2 million
The annual report gives this as total company cash and cash equivalents, not the remaining balance of the June offering. Other cash flows also affect the balance.
Shares at September 8
70,036,252
This later Class A share count is a different reporting date from the immediate post-offering bridge above. It should not be treated as shares issued in the June primary sale.
What to watch next
Use of funds
Working capital, investments, acquisitions, and general corporate purposes; this is the company's stated intended use, not a report of funds already spent.
Next evidence
Compare future filings for specific uses of cash and additional changes in outstanding shares. The annual report confirms the net proceeds and later balances, but does not establish a stock return or isolate every dollar of the June proceeds.
Method and source record
Company gross = primary shares × $14 = $49,999,600
Seller gross = secondary shares × $14 = $49,999,600
Primary share of final count = 3,571,400 ÷ 69,932,207 = 5.11%
- SEC final prospectus supplement, dated June 1 and filed June 3, 2026 — terms, pricing, estimated proceeds, share-count basis and exclusions.
- SEC Form 8-K, filed June 3, 2026 — closing date, transaction structure and intended use of company proceeds.
- SEC fiscal 2026 Form 10-K, filed September 11, 2026 — reported $47.1 million net proceeds, June 30 cash, and September 8 share count.
Update history: September 19, 2026 — initial tracker record created from the June SEC filings; later the same day, added the annual-report follow-up and distinguished reported net proceeds from the prospectus estimate. Corrections and subsequent verified developments will be dated here.
This is general research and education, not an investment recommendation. The deal figures are historical; confirm current information from new filings.
Follow the record: Browse LightPath’s latest SEC filings for developments after this page’s checked date. A newer filing may concern an unrelated event; this tracker changes only after its deal implications are reviewed.