Form 4: Forager Fund Discloses Significant RPAY Stock Purchases

Forager Fund, L.P. has reported substantial acquisitions of Repay Holdings Corp. (RPAY) Class A Common Stock, increasing its beneficial ownership.

Summary

• Forager Fund, L.P. has filed a Form 4 detailing transactions involving Repay Holdings Corp. (RPAY) Class A Common Stock.
• On April 1, 2026, the fund acquired 488,391 shares at a weighted average price of $2.54, with individual transaction prices ranging from $2.49 to $2.60.
• Following this transaction, Forager Fund's beneficial ownership increased to 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.
• This second transaction brought the total beneficial ownership to 10,192,937 shares.
• Forager Capital Management, LLC is the general partner of Forager Fund, L.P., and Messrs. Edward Kissel and Robert MacArthur are principals of the General Partner with shared voting and disposal authority.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a positive signal due to the substantial increase in beneficial ownership by a known fund, indicating strong investor confidence, though the lack of specific company performance data limits a higher score.

Positives

• Significant increase in beneficial ownership of Repay Holdings Corp. (RPAY) Class A Common Stock by Forager Fund, L.P., indicating strong conviction.
• Multiple transactions executed over two days suggest a strategic accumulation of shares.
• The reporting persons are willing to provide detailed information on share purchases at specific prices upon request.

Negatives

• The filing does not provide context for these purchases, such as the company's performance or strategic outlook, making it difficult to assess the underlying reasons for the increased stake.

Risks

• The weighted average pricing for the shares purchased indicates a range of prices, suggesting potential for price volatility during the acquisition period.
• The disclaimer of beneficial ownership except to the extent of pecuniary interest could imply complex ownership structures or potential for future adjustments.

Future Outlook

The filing does not contain forward-looking statements or guidance.

Management Comments

• 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 significant stake-building by institutional investors like Forager Fund in companies within the payment processing or financial technology sectors can signal confidence in the company's growth prospects or undervaluation by the market.

Stakeholder Impact

• Shareholders may view the increased stake by Forager Fund as a positive indicator of institutional confidence, potentially influencing share price.
• The reporting persons' shared authority to vote and dispose of shares could lead to coordinated actions impacting corporate decisions.

Next Steps

• The reporting persons undertake to provide full information regarding the number of shares purchased at each separate price within the reported ranges upon request from the issuer, any security holder, or the SEC staff.

Key Dates

Recommendation

The filing indicates significant buying activity by an institutional investor, suggesting positive sentiment. However, without further context on Repay Holdings Corp.'s financial performance or strategic direction, a 'hold' recommendation is prudent, awaiting more comprehensive information to justify a stronger stance.

Keywords

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