Edward Smolyansky and Ludmila Smolyansky, long-term shareholders holding approximately 26% of Lifeway Foods Inc. shares, have raised concerns about the company's recent extension of its Shareholder Rights Agreement, also known as a Rights Plan. They argue that the extension protects the current board and management rather than maximizing shareholder value. In response, they are calling for immediate transparency from the Lifeway board, including a rescinding of the Rights Plan extension, full disclosure of board votes, and a commitment to a shareholder vote before any further renewals of the plan. Edward Smolyansky has also submitted notice of his intent to nominate a candidate for election to the board at the 2025 annual meeting and to propose the creation of a new board committee composed solely of independent directors. This committee would be authorized to evaluate the performance of executive management, the company's strategic plan, and potential strategic alternatives, and could retain independent advisors to assist in its evaluations. Proxy advisory firms such as Institutional Shareholder Services (ISS) and Glass Lewis have previously advised against long-term poison pills not approved by shareholders, recommending adverse voting actions against directors supporting such measures. The activism follows continued ownership concentration by Danone SA, which holds about 23% of Lifeway's shares and has been linked to strategic discussions about the company's future.