SCHEDULE: Byrna Technologies Board Shake-up: Ganz Backs New Director

Bryan Scott Ganz, a significant shareholder, has amended his Schedule 13D filing to support the addition of Matt McBrady to the Byrna Technologies Board, citing his extensive experience in the less-lethal market.

Summary

• This filing is an amendment to a Schedule 13D, detailing changes in beneficial ownership and strategic intentions regarding Byrna Technologies Inc. common stock.
• Bryan Scott Ganz and associated entities (Reporting Persons) collectively beneficially own 2,296,635 shares, representing 9.6% of the outstanding common stock.
• The filing highlights the addition of Matt McBrady to the Byrna Board, a candidate previously proposed by Mr. Ganz, who has significant experience with Axon (TASER).
• Mr. Ganz expresses disappointment that his second proposed board candidate was not included in the upcoming shareholder meeting slate but remains hopeful for future consideration.
• The Reporting Persons have not engaged in new transactions in the past sixty days, with the last reported transactions occurring on July 17, 2026, and July 24, 2026.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this filing as moderately positive, reflecting strategic board changes and continued stakeholder engagement, though it notes the absence of a second preferred board candidate.

Positives

• Successful addition of a highly qualified board candidate, Matt McBrady, with proven experience in the less-lethal market, specifically at Axon (TASER).
• Mr. Ganz's support for the Board's proposed slate for the upcoming shareholders meeting, aligning with his retirement agreement.
• Continued engagement and proactive involvement of a significant shareholder in corporate governance and board composition.

Negatives

• Disappointment that the Board did not agree to include Mr. Ganz's second proposed board candidate on the slate for the upcoming shareholders meeting.
• The filing indicates that some of Mr. Ganz's proposed board candidates are 'out-of-the-money' stock options, suggesting they are not currently financially attractive.

Risks

• Potential for continued shareholder activism if Mr. Ganz's second candidate is not considered in the future.
• The success of the company may depend on the effective integration and contribution of new board members like Mr. McBrady.

Future Outlook

The filing indicates Mr. Ganz's hope that the Board will reconsider his second director candidate in the near future as part of the Company's ongoing goal of upgrading the Board. Mr. Ganz supports the Board's proposed slate for the upcoming shareholders meeting.

Management Comments

• Mr. Ganz is pleased that the Byrna Board has decided to bring one of these candidates, Matt McBrady, onto the Byrna Board and to include him in their proposed Board slate for the upcoming shareholders meeting.
• In Mr. Ganz's view, Mr. McBrady brings unparalleled experience in the less-lethal market, having been a director of Axon (TASER) from 2001 to 2014 and again from late 2016 through early 2026.
• While Mr. Ganz is disappointed that the Board did not agree to include his second (similarly qualified and experienced) candidate on the proposed slate for the upcoming shareholders meeting, he is hopeful that as part of the Company's stated ongoing goal of upgrading the Board, that the Board will reconsider this director candidate in the near future.
• In accordance with the amendment to Mr. Ganz's employment agreement entered into last February in connection with his retirement from the Company, he supports the Board's proposed slate for the upcoming shareholders meeting.

Industry Context

StockSavvy.ai notes that the focus on board composition and the addition of directors with specific industry experience, like Matt McBrady from Axon, is a common strategy for companies aiming to enhance strategic direction and market positioning, particularly in rapidly evolving sectors like less-lethal technologies.

Management Changes

Stakeholder Impact

• Shareholders: May benefit from enhanced board expertise with the addition of Matt McBrady, potentially leading to improved strategic decisions and company performance. Disappointment regarding the second candidate may signal ongoing governance discussions.
• Management: The company's board has incorporated a candidate supported by a significant shareholder, indicating a degree of responsiveness to stakeholder input.
• Board of Directors: The addition of Matt McBrady strengthens the board's experience in a relevant industry sector.

Next Steps

• Upcoming shareholders meeting to vote on the proposed Board slate.
• Potential reconsideration of Mr. Ganz's second director candidate by the Board in the future.

Key Dates

Recommendation

The filing indicates a positive step in board composition with the addition of a well-qualified director, supported by a key shareholder. However, the continued absence of a second preferred candidate and the overall nature of a 13D amendment suggest ongoing strategic discussions rather than immediate catalysts for significant price movement. Therefore, a 'hold' recommendation is appropriate pending further developments.

Keywords

Byrna Technologies, Schedule 13D, Board of Directors, Shareholder Activism, Corporate Governance, Less-Lethal Market, Axon, Matt McBrady