<SEC-DOCUMENT>0001683168-25-000788.txt : 20250206
<SEC-HEADER>0001683168-25-000788.hdr.sgml : 20250206
<ACCEPTANCE-DATETIME>20250206200520
ACCESSION NUMBER:		0001683168-25-000788
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250206
DATE AS OF CHANGE:		20250206

SUBJECT COMPANY:	

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

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-50073
		FILM NUMBER:		25598868

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SMOLYANSKY EDWARD
		CENTRAL INDEX KEY:			0001227847
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13D" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13D/A</submissionType>
    <previousAccessionNumber>0001683168-24-005690</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: SMOLYANSKY EDWARD -->
          <cik>0001227847</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>21</amendmentNo>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <dateOfEvent>01/17/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0000814586</issuerCIK>
        <issuerCUSIP>531914109</issuerCUSIP>
        <issuerName>Lifeway Foods, Inc.</issuerName>
        <address>
          <com:street1>6431 W Oakton</com:street1>
          <com:city>Morton Grove</com:city>
          <com:stateOrCountry>IL</com:stateOrCountry>
          <com:zipCode>60053</com:zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>Edward Smolyansky</personName>
          <personPhoneNum>(847) 967-1010</personPhoneNum>
          <personAddress>
            <com:street1>1219 N Wells St</com:street1>
            <com:city>Chicago</com:city>
            <com:stateOrCountry>IL</com:stateOrCountry>
            <com:zipCode>60610</com:zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0001227848</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Ludmila Smolyansky</reportingPersonName>
        <memberOfGroup>a</memberOfGroup>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>993166.00</soleVotingPower>
        <sharedVotingPower>75000.00</sharedVotingPower>
        <soleDispositivePower>993166.00</soleDispositivePower>
        <sharedDispositivePower>75000.00</sharedDispositivePower>
        <aggregateAmountOwned>1068166.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>7.2</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001227847</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Edward Smolyansky</reportingPersonName>
        <memberOfGroup>a</memberOfGroup>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>2604975.00</soleVotingPower>
        <sharedVotingPower>575000.00</sharedVotingPower>
        <soleDispositivePower>2604975.00</soleDispositivePower>
        <sharedDispositivePower>575000.00</sharedDispositivePower>
        <aggregateAmountOwned>3179975.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>21.5</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>The Edward Smolyansky Trust 2/2/16</reportingPersonName>
        <memberOfGroup>a</memberOfGroup>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>1233333.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>1233333.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>1233333.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>8.3</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common Stock</securityTitle>
        <issuerName>Lifeway Foods, Inc.</issuerName>
        <issuerPrincipalAddress>
          <com:street1>6431 W Oakton</com:street1>
          <com:city>Morton Grove</com:city>
          <com:stateOrCountry>IL</com:stateOrCountry>
          <com:zipCode>60053</com:zipCode>
        </issuerPrincipalAddress>
      </item1>
      <item4>
        <transactionPurpose>Item 4 is hereby amended and supplemented by the addition of the following:

On February 3, 2025, Ludmila Smolyansky and Edward Smolyansky issued a press release regarding a lawsuit filed against Mr. Smolyansky by Julie Smolyansky, the Chief Executive Officer of Lifeway Foods, Inc. (the "Company") and confirming Mrs. Smolyansky and Mr. Smolyansky's goals with respect to the Company's management and board of directors.  A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</transactionPurpose>
      </item4>
      <item5>
        <percentageOfClassSecurities>As of February 6, 2025, for purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), (i) Ludmila Smolyansky may be deemed to be the beneficial owner of 1,068,166 shares of Common Stock, representing approximately 7.2% of the outstanding shares of Common Stock, (ii) Edward Smolyansky may be deemed to be the beneficial owner of 3,179,975 shares of Common Stock, representing approximately 21.5% of the outstanding shares of Common Stock, (iii) the Edward Smolyansky Trust may be deemed to be the beneficial owner of 1,233,333 shares of Common Stock, representing approximately 8.3% of the outstanding shares of Common Stock, and (iv) the Filing Persons together may be deemed to be the beneficial owners of an aggregate of 4,173,141 shares of Common Stock, representing approximately 28.2% of the outstanding shares of Common Stock.  The foregoing percentage calculations were based on 14,816,470 shares outstanding as of November 6, 2024, as reported by the Company on its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, as filed with the SEC.</percentageOfClassSecurities>
        <numberOfShares>Ludmila Smolyansky has sole power to vote or direct the vote of, and sole power to dispose or direct the disposition of, 993,166 shares of Common Stock, and shared power to vote or direct the vote of, and shared power to dispose or direct the disposition of, 75,000 shares of Common Stock held by the Ludmila and Edward Smolyansky Family Foundation, of which Ludmila Smolyansky is a director.  Edward Smolyansky has sole power to vote or direct the vote of, and sole power to dispose or direct the disposition of, 2,604,975 shares of Common Stock, which includes the 1,233,333 shares beneficially owned by the Edward Smolyansky Trust and 100,000 shares held by his son, and shared power to vote or direct the vote of, and shared power to dispose or direct the disposition of, 500,000 shares of Common Stock held by Smolyansky Family Holdings LLC, over which Edward Smolyansky and Julie Smolyansky share voting power and dispositive power, and 75,000 shares of Common Stock held by the Ludmila and Edward Smolyansky Family Foundation, of which Edward Smolyansky is a director.  Each of Ludmila Smolyansky and Edward Smolyansky disclaims beneficial ownership of the 75,000 shares held by the Ludmila and Edward Smolyansky Family Foundation.  Edward Smolyansky disclaims beneficial ownership of shares held by Smolyansky Family Holdings LLC, except to the extent of any pecuniary interest therein, and disclaims beneficial ownership of the shares held by his son.  The Edward Smolyansky Trust has sole power to vote or direct the vote of, and sole power to dispose or direct the disposition of, 1,233,333 shares of Common Stock.</numberOfShares>
        <transactionDesc>There have been no transactions in the shares of Common Stock by any of the Filing Persons during the past sixty days, other than the sales of shares beneficially owned by Ludmila Smolyansky, including the sales of (i) 15,000 shares on January 3, 2025, (ii) 45,000 shares on January 6, 2025, (iii) 30,000 shares on January 13, 2025, (iv) 10,000 shares on January 15, 2025, (v) 7,692 shares on January 16, 2025 and (vi) 12,034 shares on January 17, 2025.</transactionDesc>
      </item5>
      <item7>
        <filedExhibits>Exhibit 99.1 - Press Release issued February 3, 2025</filedExhibits>
      </item7>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Ludmila Smolyansky</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Ludmila Smolyansky</signature>
          <title>Ludmila Smolyansky</title>
          <date>02/06/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Edward Smolyansky</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Edward Smolyansky</signature>
          <title>Edward Smolyansky</title>
          <date>02/06/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>The Edward Smolyansky Trust 2/2/16</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Edward Smolyansky</signature>
          <title>Edward Smolyansky, Trustee</title>
          <date>02/06/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
  </formData>

</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>lifeway_ex9901.htm
<DESCRIPTION>PRESS RELEASE ISSUED FEBRUARY 3, 2025
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; border-bottom: black 0.5pt solid"><B>Edward and Ludmila Smolyansky
Request Lifeway Foods Inc. NASDAQ (</B><B>LWAY</B><B>) CEO Julie Smolyansky Immediately
Withdraws Her Lawsuit Against Edward Smolyansky</B>. <B>Reiterate and Reaffirm Singular Goal Amid Ongoing Activism Battle</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Summarizes
                                            recent filings and next steps, previews upcoming proxy schedule</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Reaffirms and updates previously
                                            stated goal</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>CHICAGO,&nbsp;Jan. 3, 2025&nbsp;/PRNewswire/ </B>--&nbsp;Edward and
Ludmila Smolyansky&nbsp;(&quot;Founding Shareholders&quot;), who together exercise sole voting control with respect to approximately 28%
of the outstanding shares of common stock of Lifeway Foods, Inc. (&ldquo;Lifeway&rdquo; or the &ldquo;Company&rdquo;), today requested
that Lifeway&rsquo;s Board of Directors force its CEO and Chairperson, Julie Smolyansky to immediately withdraw her most recent lawsuit
filed in Cook County, IL against the Company&rsquo;s largest individual shareholder Edward Smolyansky.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">On December 23, 2024, Lifeway&rsquo;s Compensation Committee, led by director
Jason Scher, awarded what was described as a $2 million &ldquo;retention bonus.&rdquo; The Smolyanskys believe this was yet another desperate
leverage tactic to enable Julie Smolyansky to continue to fund her war against the Founding Shareholders. Directors Scher and Pol Sikar
in particular, given their decades old family ties to Julie Smolyansky and her spouse and former jeweler, Jason Burdeen, have deep and
conflicting personal motives that run contra to those of the rest of the Company&rsquo;s shareholders. They have and will continue to
use any means available to preserve their employment. These obvious conflicts are presented at www.lifebacktolifeway.com.
Additionally, the Smolyanskys intend to expand their ongoing investigation, which began in 2019 and which followed the departure of two
CFOs in 2018 alone and ultimately led to the departures of two independent directors and the Company&rsquo;s general counsel shortly thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Edward Smolyansky said, &ldquo;Lifeway seems determined to plunge the Company
deeper and deeper into litigation this time via proxy by Julie. We look forward to providing all shareholders a fully transparent accounting
of the inner workings of America&rsquo;s Worst Governed Publicly Traded Company.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Ludmila Smolyansky stated, &ldquo;When we read that they cut a check to
Julie for $2 million, I said &lsquo;she&rsquo;ll sue Edward next month.&rsquo;&rdquo; Mrs. Smolyansky continued, &ldquo;Predictably, on
January 23, Julie filed suit. In anticipation of this, on January 3, I began to sell some of my shares to defend Edward against these
cowards. I have no choice, as Lifeway&rsquo;s legal counsel has refused to provide the adequate paperwork to Edward to monetize his holdings
in LWAY as permitted under our 1999 Shareholders Agreement between our family member and Group Danone.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The activist campaign that The Smolyanskys launched in 2022 has produced
significant increases in the value of Lifeway&rsquo;s share price, yet Julie and her Board seem determined to obstruct the ability to
monetize these assets and prohibit making significant charitable contributions. For example, last May, the charitable arm of the Founding
Shareholders&rsquo; new organization, Pure Culture Organics, announced
its commitment to the Ann &amp; Robert H. Lurie Children's Hospital of Chicago.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Ludmila Smolyansky stated &ldquo;While my daughter&rsquo;s Board can attempt
to interfere with our philanthropic efforts, these are mere speed bumps on the road to our singular goal, fresh new management and new
independent slate of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Edward Smolyansky, President of Pure Culture Organics, added, &ldquo;I
just think Julie is a tad bit jealous and insecure about my new company&rsquo;s success and portrayal in the media. Sibling rivalry was
never her strong suit.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">For more information and update to date news connect with Edward on LinkedIn@
Edward
Smolyansky and visit www.lifebacktolifeway.com to learn more about the Proxy Campaign.</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
