SCHEDULE: AWM Investment Company Divests Laird Superfood Stake

AWM Investment Company, Inc. has filed an amended Schedule 13G, reporting 0% beneficial ownership of Laird Superfood, Inc. common stock, indicating a complete divestment.

Summary

• AWM Investment Company, Inc. (AWM) filed an Amendment No. 2 to its Schedule 13G regarding Laird Superfood, Inc. common stock.
• AWM, acting as the investment adviser to Special Situations Cayman Fund, L.P., Special Situations Fund III QP, L.P., and Special Situations Private Equity Fund, L.P. (collectively, the Funds), reported its beneficial ownership.
• AWM and the Funds now hold 0 shares of Laird Superfood, Inc. common stock.
• This represents 0.0% of the class of securities.
• The event requiring this filing occurred on December 31, 2025, and the statement was signed on January 8, 2026.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of an investment adviser's beneficial ownership, which is now 0%, indicating a complete divestment or prior non-holding. It contains no performance or forward-looking statements about the issuer, thus maintaining a neutral sentiment from the document's content perspective.

Future Outlook

No forward-looking statements or guidance regarding Laird Superfood, Inc. are provided in this beneficial ownership report.

Management Comments

• Adam Stettner, Executive Vice President of AWM Investment Company, Inc., certified that the securities were acquired and held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer, nor in connection with any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 240.14a-11.

Industry Context

This filing is a routine disclosure of an institutional investor's beneficial ownership status, indicating a complete divestment from Laird Superfood, Inc. It does not provide broader industry trends or competitive analysis.

Stakeholder Impact

• For shareholders of Laird Superfood, Inc., this filing indicates that AWM Investment Company, Inc. and its associated funds no longer hold any shares. This could be interpreted as a lack of institutional confidence, although the filing does not provide reasons for the divestment.

Key Dates

Keywords

Laird Superfood, AWM Investment Company, Schedule 13G, beneficial ownership, common stock, institutional ownership, investment adviser, Special Situations Funds