SCHEDULE 13G/A 0001645721-24-000010 0001645721 XXXXXXXX LIVE 4 Common Stock, par value $0.01 06/30/2025 0000926282 ADTRAN Holdings, Inc. 00486H105 901 EXPLORER BLVD HUNTSVILLE AL 35806 Rule 13d-1(b) Divisar Capital Management LLC DE 0.00 4229362.00 0.00 4229362.00 4229362.00 5.3 IA OO HC Steven Baughman X1 0.00 4229362.00 0.00 4229362.00 4229362.00 5.3 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) Steven Baughman (i) Divisar Capital Management, LLC 275 Sacramento Street, 8th Floor San Francisco, CA 94111 (ii) Steven Baughman c/o Divisar Capital Management, LLC 275 Sacramento Street, 8th Floor San Francisco, CA 94111 (i) Divisar Capital Management, LLC - DE (ii) Steven Baughman - USA N IA HC 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. 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. Pursuant to Rule 13d-4 under the Securities Exchange Act of 1934, as amended, each of the Funds 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 either of the Funds are the beneficial owner of any of the securities reported herein. Divisar Capital Management, LLC Amount beneficially owned: 4,229,362 Steven Baughman Amount beneficially owned: 4,229,362 Based on 80,052,167 shares of Common Stock as of July 31, 2025, as represented by the Issuer in the Form 10-Q filed with the SEC on August 5, 2025. Divisar Capital Management, LLC Percent of Class: 5.3% Steven Baughman Percent of Class: 5.3% Divisar Capital Management, LLC Sole power to vote or to direct vote: 0 Steven Baughman Sole power to vote or to direct vote: 0 Divisar Capital Management, LLC Shared power to vote or to direct vote: 4,229,362 Steven Baughman Shared power to vote or to direct vote: 4,229,362 Divisar Capital Management, LLC 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: 4,229,362 Steven Baughman Shared power to dispose or to direct the disposition of: 4,229,362 Y N See Notes Above. N See Notes Above. Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and 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 08/14/2025 Steven Baughman /s/ Steven Baughman 08/14/2025