---
schema_version: "secwatch.filing_event.v1"
accession: "0001683168-23-004198"
form_type: "8-K"
ticker: "LWAY"
cik: "0000814586"
company_name: "Lifeway Foods, Inc."
filed_at: "2023-06-16T23:59:59+00:00"
generated_at: "2026-06-13T23:26:05.667844+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Lifeway Foods hires Kroll Securities to review strategic alternatives; all director nominees elected

## Summary
- All eight director nominees elected at June 15 annual meeting; auditor Grant Thornton ratified; say-on-pay approved.
- Audit & Corporate Governance Committee retained Kroll Securities as financial advisor to evaluate strategic alternatives.
- Board responded to activist Kanen Wealth Management, citing 14 consecutive quarters of sales growth and 44% TSR over past year.
- Q1 2023 gross margin improved to 21.7% from 16.4% YoY; premium product demand remains strong.
- Company states litigation against Edward and Ludmila Smolyansky continues; their director nominations lack legal basis.

## SEC filing metadata
- accession: 0001683168-23-004198
- form_type: 8-K
- ticker: LWAY
- cik: 0000814586
- company_name: Lifeway Foods, Inc.
- filed_at: 2023-06-16T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 5.07, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/814586/000168316823004198/0001683168-23-004198-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/814586/000168316823004198/lifeway_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001683168-23-004198
- JSON: https://secwatch.observer/filing/0001683168-23-004198.json
- Plain text: https://secwatch.observer/filing/0001683168-23-004198.txt

## Key facts
- Shareholder Votes
  Lifeway Foods, Inc. shareholders approved Advisory vote to approve executive compensation at the 2023-06-15 meeting.
  - Proposal: say on pay
  - Outcome: passed
  - Meeting: 2023-06-15
  source text: Proposal 3: To approve, by non-binding advisory vote, executive compensation.
  evidence_url: https://www.sec.gov/Archives/edgar/data/814586/000168316823004198/0001683168-23-004198-index.htm
- Shareholder Votes
  Lifeway Foods, Inc. shareholders approved Ratification of Grant Thornton LLP as independent auditor for fiscal year 2023 at the 2023-06-15 meeting.
  - Proposal: auditor ratification
  - Outcome: passed
  - Meeting: 2023-06-15
  source text: Proposal 2: To ratify Grant Thornton LLP as the Company’s independent auditor for fiscal year 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/814586/000168316823004198/0001683168-23-004198-index.htm
- Shareholder Votes
  Lifeway Foods, Inc. shareholders approved Election of eight directors at the 2023-06-15 meeting.
  - Proposal: director election
  - Outcome: passed
  - Meeting: 2023-06-15
  source text: Proposal 1: To elect eight (8) members of the Company's Board of Directors to serve until the 2023 Annual Meeting of Shareholders (or until successors are elected and qualified).
  evidence_url: https://www.sec.gov/Archives/edgar/data/814586/000168316823004198/0001683168-23-004198-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.