SCHEDULE: Voss Capital Amends SEC Filing for PAR Technology

Voss Capital has updated its Schedule 13D filing concerning its holdings in PAR Technology Corp., reporting a decrease in its beneficial ownership percentage due to an increase in outstanding shares and option expirations.

Summary

• Voss Capital, through its associated entities, has filed an amendment (Amendment No. 2) to its Schedule 13D regarding its holdings in PAR Technology Corp.
• The filing details the beneficial ownership of PAR Technology Corp. common stock by Voss Value Master Fund, LP, Voss Value-Oriented Special Situations Fund, LP, Voss Advisors GP, LLC, Voss Capital, LP, and Travis W. Cocke.
• The aggregate percentage of shares beneficially owned by Voss Capital and its related parties is now reported as 12.0%, based on 41,152,632 shares outstanding as of February 24, 2026, plus 1,810,222 shares issued as of March 24, 2026.
• The decrease in beneficial ownership percentage is attributed to the expiration of previously held options and an increase in the total number of PAR Technology Corp. shares outstanding.
• Voss Value Master Fund beneficially owns 845,000 shares (approx. 1.97%).
• Voss Value-Oriented Special Situations Fund beneficially owns 145,000 shares (approx. 0.34%).
• Voss Advisors GP, LLC, as general partner, may be deemed beneficial owner of 990,000 shares (approx. 2.30%).
• Voss Capital, as investment manager, holds 4,186,500 shares in managed accounts and may be deemed beneficial owner of shares held by the funds (approx. 12.05%).
• Travis W. Cocke, as managing member of Voss Capital and Voss GP, may be deemed beneficial owner of all reported shares (approx. 12.05%).
• The shares were purchased using working capital, which may include margin loans from brokerage firms.
• Aggregate purchase price for Voss Value Master Fund shares was approximately $34,451,477.
• Aggregate purchase price for Voss Value-Oriented Special Situations Fund shares was approximately $5,839,736.
• Aggregate purchase price for shares held in Voss Managed Accounts was approximately $173,809,334.
• Aggregate purchase price for call options in Voss Managed Accounts was approximately $162,400.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral, primarily an administrative update to reflect changes in share count and ownership percentages rather than a strategic shift or performance announcement.

Positives

• Voss Capital maintains a significant stake in PAR Technology Corp., indicating continued confidence in the company's long-term prospects.
• The filing clarifies the ownership structure and beneficial interests across various Voss Capital entities and individuals.
• The use of working capital for share purchases is a standard and generally positive funding method.

Negatives

• The decrease in beneficial ownership percentage, even if due to increased outstanding shares, could be perceived negatively by some investors.
• The expiration of options represents a reduction in potential future holdings for the reporting persons.

Risks

• The filing does not explicitly mention any new risks or changes to existing risk factors for PAR Technology Corp. itself, but the reporting persons' investment strategy carries inherent market risks.
• The reliance on margin loans for working capital, if applicable, introduces leverage risk.

Future Outlook

The filing itself is an amendment to a previous disclosure and does not contain forward-looking statements or guidance from PAR Technology Corp. It reflects the current ownership status of Voss Capital.

Industry Context

StockSavvy.ai notes that Schedule 13D filings are crucial for tracking significant ownership changes and potential activist investor activity within the technology sector. Voss Capital's continued reporting indicates ongoing engagement with PAR Technology Corp.

Stakeholder Impact

• Shareholders: The filing provides transparency on significant ownership, which can influence market perception and potential future corporate actions.
• Voss Capital Entities: The filing clarifies the beneficial ownership and reporting responsibilities among the various Voss Capital entities and individuals.
• PAR Technology Corp. Management and Board: The continued significant stake held by Voss Capital may prompt ongoing dialogue or engagement regarding corporate strategy and governance.

Next Steps

• Voss Capital will continue to monitor its investment in PAR Technology Corp. and may engage in further filings or communications as required by SEC regulations or strategic decisions.
• PAR Technology Corp. will continue its business operations as disclosed in its regular SEC filings.

Key Dates

Keywords

PAR Technology Corp, Voss Capital, Schedule 13D, SEC Filing, Beneficial Ownership, Common Stock, Investment Management, Activist Investor, Securities Exchange Act