Let $T$ be a first-order theory and suppose that $T$ can by axiomatised by a collection of positive sentences and that $T$ can axiomatised by a collection of $\Pi_2$-sentences. May we then conclude that $T$ can be axiomatised by a collection of positive $\Pi_2$-sentences?
Note that the above is true if we replace $\Pi_2$ with $\Pi_1$.
Lyndon's Theorem tells us that a first-order theory $T$ can be axiomatised by positive sentence precisely when its class of models $Mod(T)$ is closed under surjective homomorphisms. Similarly, by the Chang-Łoś-Suszko Theorem a first-order theory $T$ can be axiomatised by $\Pi_2$-sentences precisely when $Mod(T)$ is closed under the formation of chain colimits.
Thus I wonder if the classes of structures which enjoys both of these properties are precisely the classes of structures of the form $Mod(T)$, for some first-order theory $T$ consisting of positive $\Pi_2$-sentences.