SCHEDULE 13G/A 0001645721-24-000010 0001645721 XXXXXXXX LIVE 1 Common Stock, par value $0.01 09/30/2024 0000926282 ADTRAN Holdings, Inc. 00486H105 901 EXPLORER BLVD HUNTSVILLE AL 35806 Rule 13d-1(c) Divisar Capital Management LLC DE 0.00 6083241.00 0.00 6083241.00 6083241.00 7.7 IA OO HC Divisar Partners QP, L.P. DE 0.00 5683299.00 0.00 5683299.00 5683299.00 7.2 PN Pursuant to Rule 13d-4 under the Securities Exchange Act of 1934, as amended, Divisar Partners QP, L.P. expressly disclaims beneficial ownership over any of the securities reported in this statement, and the filing of this statement shall not be construed as an admission that Divisar Partners QP, L.P. is the beneficial owner of any of the securities reported herein. Steven Baughman X1 0.00 6083241.00 0.00 6083241.00 6083241.00 7.7 IN HC ADTRAN Holdings, Inc. 901 EXPLORER BLVD, HUNTSVILLE, ALABAMA, 35806. This statement is filed by the entities and persons listed below, who are collectively referred herein as "Reporting Persons", with respect to the shares of Common Stock (as defined in Item 2(d) below) of the Company: (i) Divisar Capital Management, LLC (ii) Divisar Partners QP, L.P. (iii) Steven Baughman (i) Divisar Capital Management, LLC 275 Sacramento Street, 8th Floor San Francisco, CA 94111 (ii) Divisar Partners QP, L.P. 275 Sacramento Street, 8th Floor San Francisco, CA 94111 (iii) Mr. Steven Baughman c/o Divisar Capital Management, LLC 275 Sacramento Street, 8th Floor San Francisco, CA 94111 (i) Divisar Capital Management, LLC - DE (ii) Divisar Partners QP, L.P. - DE (iii) Mr. Steven Baughman - USA Y Divisar Capital Management, LLC is an investment adviser that is registered under the Investment Advisers Act of 1940. Divisar Capital Management, LLC, which serves as the general partner and investment manager to each of Divisar Partners QP, L.P. and Divisar Partners, L.P., (collectively the "Funds"), may be deemed to be the beneficial owner of all shares of Common Stock held by the Funds. Mr. Steven Baughman, as CEO of Divisar Capital Management, LLC, with the power to exercise investment and voting discretion, may be deemed to be the beneficial owner of all shares of Common Stock held by the Funds. Divisar Capital Management, LLC Amount beneficially owned: 6,083,241 Divisar Partners QP, L.P Amount beneficially owned: 5,683,299 Steven Baughman Amount beneficially owned: 6,083,241 Based on 79,232,047 shares of Common Stock as of August 1, 2024, as represented by the Form 10-Q filed with the SEC on August 9, 2024. Divisar Capital Management, LLC Percent of Class: 7.7% Divisar Partners QP, L.P Percent of Class: 7.2% Steven Baughman Percent of Class: 7.7 Divisar Capital Management, LLC Sole power to vote or to direct the vote: 0 Divisar Partners QP, L.P Sole power to vote or to direct the vote: 0 Steven Baughman Sole power to vote or to direct the vote: 0 Divisar Capital Management, LLC Shared power to vote or to direct the vote: 6,083,241 Divisar Partners QP, L.P Shared power to vote or to direct the vote: 5,683,299 Steven Baughman Shared power to vote or to direct the vote: 6,083,241 Divisar Capital Management, LLC Sole power to dispose or to direct the disposition of: 0 Divisar Partners QP, L.P Sole power to dispose or to direct the disposition of: 0 Steven Baughman Sole power to dispose or to direct the disposition of: 0 Divisar Capital Management, LLC Shared power to dispose or to direct the disposition of: 6,083,241 Divisar Partners QP, L.P Shared power to dispose or to direct the disposition of: 5,683,299 Steven Baughman Shared power to dispose or to direct the disposition of: 6,083,241 Y N The Funds have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock covered by this Statement. N See Note Above. Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. Divisar Capital Management LLC /s/ Steven Baughman 11/14/2024 Divisar Partners QP, L.P. /s/ Steven Baughman 11/14/2024 Steven Baughman /s/ Steven Baughman 11/14/2024