Salem Investment Partners V, Limited Partnership, SIP V Management LLC, and Badger Capital II, L.L.C. filed Amendment No. 2 to their Schedule 13D with the SEC on November 6, 2026, disclosing their combined beneficial ownership in Guerrilla RF, Inc. as of November 4, 2026.

Key Highlights

  • Three reporting persons: Salem Investment Partners V, Limited Partnership; SIP V Management LLC; and Badger Capital II, L.L.C. are the filers, all organized in the United States.
  • Aggregate beneficial ownership: Each reporting person is listed as beneficially owning 1,038,196 shares of Common Stock, representing 9.3% of the class.
  • Shared control only: Each reporting person reports 0 shares of sole voting power and 0 shares of sole dispositive power, with 1,038,196 shares each of shared voting power and shared dispositive power.
  • Record holdings breakdown: Salem holds of record 582,244 shares and 196,044 warrants; Badger holds 229,954 shares and 29,954 warrants, for a combined record total of 812,198 shares and 225,998 warrants.
  • Ownership calculation basis: The 9.32% figure is based on 10,915,344 shares of Common Stock outstanding plus the 225,998 shares issuable upon exercise of the reporting persons' warrants, according to the filing.
  • Key individuals: Kevin Jessup and Brad Morton are members of both GP and Badger, sharing voting and investment control over shares held by Salem and Badger.
  • Triggering event date: The date of the event requiring this filing is stated as November 4, 2026.

Salem-Linked Entities Report Combined 9.3% Stake in Guerrilla RF

According to the filing, the three reporting persons - Salem Investment Partners V, Limited Partnership ("Salem"), SIP V Management LLC ("GP"), and Badger Capital II, L.L.C. ("Badger") - together are "deemed to beneficially own approximately 9.32% of the Issuer's outstanding shares of Common Stock based on 10,915,344 shares of Common Stock outstanding plus the 225,998 shares issuable upon exercise of the Reporting Persons' Warrants." The filing identifies the issuer as Guerrilla RF, Inc., a Delaware corporation with its principal office at 2000 Pisgah Church Road, Greensboro, NC 27455.

The filing discloses that Salem holds of record 582,244 shares of Common Stock and 196,044 warrants, while Badger holds 229,954 shares and 29,954 warrants. GP serves as the general partner of Salem and, the filing states, "in such capacity, exercises voting and investment control over the shares held by Salem." Kevin Jessup and Brad Morton are identified as members of both GP and Badger. The source of funds for each reporting person is listed as "OO" (other), and the CUSIP number for the covered security is 40162G203, Common Stock with a $0.0001 par value.

The filing also recounts earlier transactions that established the reporting persons' position, including Salem receiving 150,000 shares on August 11, 2022 as partial consideration for a loan to the issuer, purchasing 576,925 units in a private placement on February 28, 2023, and receiving additional shares on May 1, 2023 and September 6, 2023 under loan-related agreements. The issuer effected a 1-for-6 reverse stock split on April 17, 2023, according to the filing.

What Was Disclosed

This Amendment No. 2 to Schedule 13D discloses that three affiliated reporting persons collectively hold 1,038,196 shares of Guerrilla RF, Inc. Common Stock (including warrant-issuable shares), representing 9.3% of the class, with all voting and dispositive power shared among them.