The information set forth in Item 2(b) of the Original Schedule 13D is incorporated by reference in its entirety into this Item 2(b).

COLIF is principally engaged in the business of investing. Mr. Woodruff is principally engaged as President of COLIF and may be deemed to have shared voting and shared dispositive power over the Common Stock held of record by COLIF as a result of his position as President of COLIF. Mr. Bayraktar is principally engaged in serving as Chief Executive Officer of Baykar Technologies. Mr. Aciksoz is principally engaged in the business of investing.

The information set forth in Item 2(d) of the Original Schedule 13D is incorporated by reference in its entirety into this Item 2(d).

The information set forth in Item 2(e) of the Original Schedule 13D is incorporated by reference in its entirety into this Item 2(e).

COLIF is a Delaware limited liability company. Christopher B. Woodruff is an individual and citizen of the United States of America. Haluk L. Bayraktar is an individual and citizen of Turkey. Emre Aciksoz is an individual and citizen of Turkey.

The Reporting Persons may be deemed to constitute a group pursuant to Rule 13d-5(b). If the Reporting Persons are deemed to have formed a group, the group could be deemed to beneficially own the shares collectively held by the group, which would be an aggregate of 3,072,343 shares of Common Stock or 7.9% of the issued and outstanding shares of Common Stock of the Issuer; however, each of the Reporting Persons disclaims beneficial ownership of the shares of Common Stock held by the other Reporting Persons except to the extent of their pecuniary interest therein (if any). All of the shares of Common Stock to which this Statement relates were purchased on behalf of the Reporting Persons using the investment capital of the respective Reporting Person (or in the case of Mr. Woodruff, the investment capital of COLIF). The aggregate purchase price of the 3,072,343 shares of Common Stock acquired was approximately $10,873,561. The shares of the Issuer's Common Stock held by the Reporting Persons is referred to herein as the "Shares."

The Reporting Persons acquired the Shares because they believed the Shares were materially undervalued and represented an attractive investment opportunity. As described in paragraphs one, two and three of Item 4 of the Original Schedule 13D, the Reporting Persons were of the view that (i) the Issuer's Board of Directors (the "Board"), had been highly ineffective at creating any sustainable shareholder value since the Issuer's shares began to be publicly traded on August 4, 2000 (the "IPO"); (ii) the ongoing lack of scale in the Issuer's business, combined with its highly inefficient public-company structure, left shareholders at serious risk of further value degradation; and (iii) the Issuer's business presented significantly more value to a strategic acquirer than its public market valuation. As a result of the foregoing and as disclosed in detail in Item 4 of the Original Schedule 13D, the Reporting Persons considered taking one or more actions described in subjections (a) through (j) of Item 4 of Schedule 13D, and intended to seek to replace a majority of the current members of the Board of the Issuer with candidates that were committed to an expedited return of shareholders' capital through a sale of the Issuer by running a competing proxy statement at the Issuer's 2025 Annual Meeting of Stockholders. Subsequent to the filing of the Original Schedule 13D, the Reporting Persons engaged in discussions with the Issuer, and the parties have agreed to resolve their differences with respect to this matter by entering into a Cooperation Agreement dated June 24, 2025 (the "Cooperation Agreement"). Under the terms of the Cooperation Agreement, the Issuer agreed to appoint James (Jim) C. Auker to its Board and agreed to nominate him for election to the Issuer's Board at its 2025 Annual Meeting of Stockholders (the date for which has not yet been announced). The Reporting Persons agreed not to become a party to any agreements, arrangements or understandings with Mr. Auker regarding his Board service, and all of the parties to the Cooperation Agreement acknowledged that Mr. Auker would be subject to the standard policies and benefits applicable to members of the Board generally. The parties further agreed that so long as the Reporting Persons hold in the aggregate 1% of the Issuer's then outstanding shares of Common Stock, then to the extent that Mr. Auker is unable or unwilling to serve on the Board during the term of the Cooperation Agreement, COLIF shall have the ability to recommend a replacement appointee, subject to certain limitations. The Cooperation Agreement has an initial term that ends on the earlier of the date that is (i) 15 days prior to the deadline for the submission of stockholder nominations for the Company's 2026 annual meeting of stockholders, and (ii) 120 days prior to the first anniversary of the 2025 annual meeting of stockholders, with the ability of the Issuer to extend the term to the comparable periods related to the 2027 annual meeting of stockholders (or anniversary of 2026 annual meeting of stockholders), to the extent that Mr. Auker (or his replacement) is renominated by the Issuer, all as described in and subject to the terms of the Cooperation Agreement. In addition to matters related to Board service, the Cooperation Agreement also obligates the Issuer to use its reasonable best efforts to engage a nationally recognized investment bank or financial advisor within 60 days of Mr. Auker's appointment to the Board to evaluate the Issuer's strategic alternatives, which shall be periodically reviewed and reassessed by the Board during the term of the Cooperation Agreement. The Reporting Persons also agreed to vote all shares of the Issuer's Common Stock owned by them in favor of the election of the Board's director nominees and in accordance with the Board's recommendations on various proposals and business that may be brought forth at meetings of the Issuer's stockholders, subject to certain limitations for various extraordinary corporate transactions and to the extent that Institutional Shareholder Services Inc. or Glass, Lewis & Co., LLC recommend otherwise (except with respect to recommendations related to the election or removal of directors). In addition, except as otherwise addressed in the Cooperation Agreement, the Reporting Persons agreed not to: (i) acquire additional Issuer securities or assets; (ii) nominate persons to the Board; (iii) participate in proxy solicitations with respect to the Issuer's directors or other matters; (iv) take various other actions regarding matters to be undertaken at meetings of stockholders; (v) form groups related to the voting of the Issuer's shares, including creating voting trusts; (vi) engage in certain short-sales or swap transactions with respect to the Issuer's securities; and (vii) take various other actions, including initiating various types of unsolicited extraordinary corporate transactions involving the Issuer. The Cooperation Agreement also prohibits the parties from making various statements that would constitute an attack on, or otherwise disparage, attempt to discredit, criticize, call into disrepute, defame, slander, impugn or are reasonably likely to damage the reputation of the opposing parties. In addition, the parties agreed not to encourage, pursue or assist any other persons in legal proceedings against each other, subject to certain limitations. A copy of the Cooperation Agreement has been filed as Exhibit 1 hereto, and the foregoing summary of its terms is qualified in its entirety by reference to the specific terms of such agreement. The Reporting Persons intend to review their investment in the Issuer on a continuing basis, and depending on various factors, may in the future take such actions with respect to their investment in the Issuer as they deem appropriate, subject to compliance with the terms of the Cooperation Agreement.

The information set forth in the cover pages of this Schedule 13D is hereby incorporated by reference in this Item 5. As of the date hereof the Reporting Persons beneficially own an aggregate of 3,072,343 shares of the Issuer's Common Stock, representing 7.9% of the outstanding shares.

The information set forth in the cover pages of this Schedule 13D is hereby incorporated by reference in this Item 5. The Reporting Persons may be deemed to constitute a group pursuant to Rule 13d-5(b), in which case each of the Reporting Persons could be deemed to beneficially own all the shares of Common Stock held by the other Reporting Persons; however, each of the Reporting Persons disclaims beneficial ownership of the shares of Common Stock held by the other Reporting Persons except to the extent of their pecuniary interest therein (if any).

Information concerning transactions in the Shares effected by the Reporting Persons since the filing of the Original Schedule 13D on June 2, 2025 is set forth in Exhibit 2 hereto and is incorporated herein by reference. All of the transactions in Shares listed hereto were effected in the open market.

No other person is known to have the right to receive or the power to direct the receipt of dividends from, or any proceeds from the sale of, shares beneficially owned by any of the Reporting Persons.

Not applicable.

The Reporting Persons' discussions of their views about the Issuer, and their entry into the Cooperation Agreement, may result in the Reporting Persons being deemed to be acting together for the purpose of acquiring, holding, voting or disposing of the Issuer's securities for purposes of Rule 13d-5(b). As described in Item 4 above, on June 24, 2025, the Reporting Persons and the Issuer entered into a Cooperation Agreement. The material aspects of the Cooperation Agreement have been summarized in Item 4 above. Such summary is incorporated by reference into this Item 6, and is qualified in its entirety by reference to the terms of the Cooperation Agreement, a copy of which has been filed as Exhibit 1 hereto. Except as described herein, there are no other contracts, arrangements, understandings or relationships (legal or otherwise) between or among any of the Reporting Persons and any other person with respect to any securities of the Issuer.

1 Cooperation Agreement among Lantronix, Inc., Chain of Lakes Investment Fund, LLC, Haluk L. Bayraktar and Emre Aciksoz dated June 24, 2025 (excluding Exhibit A thereto) 2 Schedule of Transactions by the Reporting Persons since Original Schedule 13D 3* Joint Filing Agreement * Incorporated by reference to Exhibit 2 to the Original Schedule 13D filed by the Reporting Persons with the Securities and Exchange Commission on June 2, 2025.