Amendment: SEC Form SCHEDULE 13D/A filed by Lifeway Foods Inc.

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.

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.

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.

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.

Exhibit 99.1 - Press Release issued February 3, 2025