SCHEDULE: Askeladden Capital Management Adjusts Duluth Holdings Stake

Askeladden Capital Management LLC and Samir Patel have filed an amendment to their Schedule 13G, reporting a decrease in their beneficial ownership of Duluth Holdings Inc. Class B Common Stock to 4.9%.

Summary

• Askeladden Capital Management LLC and Samir Patel have filed an amendment (Amendment No. 4) to their Schedule 13G filing.
• The filing reports a change in beneficial ownership of Duluth Holdings Inc. Class B Common Stock.
• Askeladden Capital Management LLC, an investment adviser, and Samir Patel, its Member, are the reporting persons.
• The securities are held in separately managed accounts for investment advisory clients.
• The aggregate amount beneficially owned is 1,698,483 shares, representing 4.9% of the class.
• This percentage is based on 34,637,871 shares of Class B Common Stock outstanding as of June 8, 2026.
• The reporting persons certify that the securities were acquired and are held in the ordinary course of business and not for the purpose of influencing control of the issuer.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this filing as neutral to slightly negative, as it primarily reports a change in beneficial ownership that brings the reporting persons just under the 5% threshold, without indicating new strategic initiatives or significant performance changes.

Positives

• The reporting persons have adjusted their holdings to just under the 5% threshold, which may indicate a strategic decision to avoid triggering further disclosure requirements or to maintain flexibility.
• The filing confirms that the shares are held in the ordinary course of business, suggesting no intent to disrupt the company's control.

Negatives

• The decrease in beneficial ownership, while not necessarily negative, indicates a reduction in the reporting persons' stake or influence.
• The filing does not provide any new strategic insights or positive performance indicators for Duluth Holdings Inc.

Risks

• While not explicitly stated as a risk in this filing, a reduction in a significant investor's stake could be interpreted by the market as a lack of confidence, potentially impacting share price.
• The filing does not detail the reasons for the change in beneficial ownership, leaving room for speculation about the reporting persons' outlook on the company.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding Duluth Holdings Inc.'s future performance. It solely pertains to the reporting persons' ownership stake.

Management Comments

• Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, the beneficial owner of any securities covered by this statement.
• Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any group with respect to the issuer or any securities of the issuer.
• By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ? 240.14a-11.

Industry Context

StockSavvy.ai notes that Schedule 13G filings are common for institutional investors and significant shareholders to report their holdings. This particular filing indicates a minor adjustment in beneficial ownership by Askeladden Capital Management LLC and Samir Patel, bringing their stake just below the 5% reporting threshold for Class B Common Stock of Duluth Holdings Inc. This type of filing typically does not signal major strategic shifts for the company itself but rather reflects the investment decisions of the reporting entities.

Stakeholder Impact

• Shareholders: The reduction in beneficial ownership by a significant holder might be perceived neutrally or with slight concern, depending on market interpretation, but does not inherently signal a negative development for the company's operations.
• Management: The filing does not directly impact management's operational responsibilities but confirms adherence to regulatory disclosure requirements.
• Creditors: No direct impact is indicated as the filing concerns equity ownership and not debt.

Next Steps

• Askeladden Capital Management LLC and Samir Patel will continue to monitor their beneficial ownership levels and file amendments to Schedule 13G as required by SEC regulations.
• Duluth Holdings Inc. will continue its business operations as usual, with no direct impact from this specific filing on its operational strategy.

Key Dates

Keywords

Duluth Holdings, Schedule 13G, Beneficial Ownership, Askeladden Capital Management, Samir Patel, Class B Common Stock, Investment Adviser, SEC Filing