4/A: Forager Fund Corrects SEC Filing on Repay Holdings Stock

Forager Fund, L.P. has amended a prior SEC filing to correct transaction codes, clarifying that shares of Repay Holdings Corp. Class A common stock were acquired, not disposed of.

Summary

• This filing is an amendment to a previously submitted Form 4 by Forager Fund, L.P., Forager Capital Management, LLC, Edward Kissel, and Robert Symmes MacArthur.
• The amendment corrects the transaction codes to reflect that shares of Repay Holdings Corp. Class A common stock were acquired by the reporting persons, not disposed of.
• On April 1, 2026, 488,391 shares were acquired at a weighted average price of $2.54, with individual transaction prices ranging from $2.49 to $2.60.
• Following this transaction, the reporting persons beneficially owned 9,731,328 shares.
• On April 2, 2026, an additional 461,609 shares were acquired at a weighted average price of $2.53, with individual transaction prices ranging from $2.42 to $2.595.
• After the second transaction, the total beneficial ownership increased to 10,192,937 shares.
• Forager Capital Management, LLC is the general partner of Forager Fund, L.P. and directly holds 100 shares. Messrs. Kissel and MacArthur are principals of the General Partner and share voting and disposal authority.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral to slightly positive filing. While the correction of an error is noted, the clear indication of share acquisition by a significant investor like Forager Fund suggests underlying confidence in Repay Holdings Corp.

Positives

• Correction clarifies that Forager Fund has been acquiring shares of Repay Holdings Corp., indicating continued investment and confidence.
• The acquisition of over 900,000 shares across two transactions demonstrates significant buying activity.
• The weighted average purchase prices ($2.54 and $2.53) suggest acquisitions were made at a relatively stable and potentially attractive valuation.

Negatives

• The need for an amendment indicates an initial error in reporting, which could raise minor concerns about internal controls, though it was corrected.
• The filing does not provide context for the reason behind these acquisitions, leaving the strategic intent open to interpretation.

Risks

• The filing does not explicitly mention any risks. However, any investment in publicly traded securities carries inherent market risks.
• The disclaimer of beneficial ownership except to the extent of pecuniary interest could introduce complexity in understanding ultimate control and influence.

Future Outlook

The filing itself is a historical record of transactions and does not contain forward-looking statements or guidance from Repay Holdings Corp. The actions of Forager Fund suggest a positive outlook on their investment.

Management Comments

• Each of Messrs. Kissel and MacArthur is a principal of the General Partner and has shared authority to vote (or direct the vote of), and to dispose (or direct the disposal) of, the shares on behalf of the General Partner.
• Each of the reporting persons disclaims beneficial ownership of such shares except to the extent of his or its pecuniary interest therein, if any.

Industry Context

StockSavvy.ai notes that Form 4 filings are crucial for understanding insider activity. Forager Fund's increased stake in Repay Holdings Corp. (RPAY) could signal confidence from a significant institutional investor, potentially influencing market perception.

Related Party Transactions

• Forager Capital Management, LLC is the general partner of Forager Fund, L.P. and directly holds 100 shares. Messrs. Kissel and MacArthur are principals of the General Partner and have shared authority to vote and dispose of shares on behalf of the General Partner.

Stakeholder Impact

• Shareholders: The increased stake by a known investment fund may be viewed positively, potentially signaling confidence and influencing share price.
• Management of Repay Holdings Corp.: May interpret the increased ownership as a sign of support or increased scrutiny from a significant shareholder.
• Creditors/Suppliers: No direct impact indicated by this filing.

Next Steps

• Monitor future filings from Forager Fund and other significant investors for continued activity.
• Observe Repay Holdings Corp.'s performance and strategic announcements for validation of investment thesis.

Key Dates

Keywords

Form 4, SEC Filing, Repay Holdings Corp, RPAY, Forager Fund, Forager Capital Management, Insider Trading, Stock Acquisition, Beneficial Ownership, Class A Common Stock, Securities Exchange Act