Voss Capital (FIVN) discloses 8% beneficial stake in Five9 common stock

Rhea-AI Filing Summary

Five9, Inc. received an updated ownership report from Voss Capital and related funds. As of the close of business on December 31, 2025, Voss Capital and its managed accounts, together with affiliated funds and managing member Travis W. Cocke, may be deemed to beneficially own approximately 8.0% of Five9’s common stock.

The filing is based on 78,216,052 shares outstanding as of October 31, 2025, as disclosed in Five9’s Form 10-Q. The reporting persons certify that the securities were not acquired and are not held for the purpose of changing or influencing control of Five9, other than activities solely in connection with a nomination under Rule 240.14a-11.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Five9, Inc.

(Name of Issuer)

Common stock, par value $0.001 per share

(Title of Class of Securities)

338307101

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 338307101

1

Names of Reporting Persons

Voss Value Master Fund, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,050,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,050,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,050,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.3 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 338307101

1

Names of Reporting Persons

Voss Value-Oriented Special Situations Fund, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 175,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 175,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

175,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.2 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 338307101

1

Names of Reporting Persons

Voss Advisors GP, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,225,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,225,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,225,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.6 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 338307101

1

Names of Reporting Persons

Voss Capital, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,147,790.00
6	Shared Voting Power 1,140,000.00
7	Sole Dispositive Power 5,147,790.00
8	Shared Dispositive Power 1,140,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,287,790.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.0 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 338307101

1

Names of Reporting Persons

Cocke Travis W.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,147,790.00
6	Shared Voting Power 1,140,000.00
7	Sole Dispositive Power 5,147,790.00
8	Shared Dispositive Power 1,140,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,287,790.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.0 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Five9, Inc.
(b)	Address of issuer's principal executive offices:
Item 2.
(a)	Name of person filing: The names of the persons filing this statement on Schedule 13G (collectively, the "Reporting Persons") are: Voss Value Master Fund, L.P. ("Voss Value Master Fund"); Voss Value-Oriented Special Situations Fund, L.P. ("Voss Value-Oriented Special Situations Fund"); Voss Advisors GP, LLC ("Voss GP"); Voss Capital, L.P. ("Voss Capital"); and Travis W. Cocke.
(b)	Address or principal business office or, if none, residence: Voss Value Master Fund 3773 Richmond, Suite 850 Houston, Texas 77046 Voss Value-Oriented Special Situations Fund 3773 Richmond, Suite 850 Houston, Texas 77046 Voss GP 3773 Richmond, Suite 850 Houston, Texas 77046 Voss Capital 3773 Richmond, Suite 850 Houston, Texas 77046 Travis W. Cocke 3773 Richmond, Suite 850 Houston, Texas 77046
(c)	Citizenship: Voss Value Master Fund Cayman Islands Voss Value-Oriented Special Situations Fund Texas Voss GP Texas Voss Capital Texas Travis W. Cocke USA
(d)	Title of class of securities: Common stock, par value $0.001 per share
(e)	CUSIP No.: 338307101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: As of the close of business on December 31, 2025: (i) Voss Value Master Fund beneficially owned 1,050,000 shares of Common stock, par value $0.001 per share, of the Issuer (the "Shares"), including 50,000 Shares underlying certain call options which are currently exercisable. (ii) Voss Value-Oriented Special Situations Fund beneficially owned 175,000 Shares. (iii) Voss GP, as the general partner of Voss Value Master Fund and Voss Value-Oriented Special Situations Fund, may be deemed the beneficial owner of the (i) 1,050,000 Shares beneficially owned by Voss Value Master Fund, including 50,000 Shares underlying certain call options which are currently exercisable, and (ii) 175,000 Shares beneficially owned by Voss Value-Oriented Special Situations Fund. (iv) Voss Capital, as the investment manager of Voss Value Master Fund, Voss Value-Oriented Special Situations Fund and certain accounts managed by Voss Capital (the "Voss Managed Accounts"), may be deemed the beneficial owner of the (i) 1,050,000 Shares beneficially owned by Voss Value Master Fund, including 50,000 Shares underlying certain call options which are currently exercisable, (ii) 175,000 Shares beneficially owned by Voss Value-Oriented Special Situations Fund and (iii) 5,062,790 Shares held in the Voss Managed Accounts. (v) Mr. Cocke, as the managing member of each of Voss Capital and Voss GP, may be deemed the beneficial owner of the (i) 1,050,000 Shares owned by Voss Value Master Fund, including 50,000 Shares underlying certain call options which are currently exercisable, (ii) 175,000 Shares beneficially owned by Voss Value-Oriented Special Situations Fund and (iii) 5,062,790 Shares held in the Voss Managed Accounts.
(b)	Percent of class: The aggregate percentage of the Shares reported owned by each person named herein is based upon 78,216,052 Shares outstanding as of October 31, 2025, which is the total number of Shares outstanding as disclosed in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 6, 2025. As of the close of business on December 31, 2025: (i) Voss Value Master Fund may be deemed to beneficially own approximately 1.3% of the outstanding Shares; (ii) Voss Value-Oriented Special Situations Fund may be deemed to beneficially own less than 1% of the outstanding Shares; (iii) Voss GP may be deemed to beneficially own approximately 1.6% of the outstanding Shares; (iv) Voss Capital may be deemed to beneficially own approximately 8.0% of the outstanding Shares (approximately 6.5% of the outstanding Shares are held in the Voss Managed Accounts); and (v) Mr. Cocke may be deemed to beneficially own approximately 8.0% of the outstanding Shares.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Cover Pages Items 5-9.
	(ii) Shared power to vote or to direct the vote: See Cover Pages Items 5-9.
	(iii) Sole power to dispose or to direct the disposition of: See Cover Pages Items 5-9.
	(iv) Shared power to dispose or to direct the disposition of: See Cover Pages Items 5-9.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. See Exhibit 99.1 to the Schedule 13G filed with the Securities and Exchange Commission on August 13, 2025.
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above 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.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Voss Value Master Fund, LP

Signature:	/s/ Travis W. Cocke
Name/Title:	Travis W. Cocke, Managing Member of Voss Advisors GP, LLC, its General Partner
Date:	02/13/2026

Voss Value-Oriented Special Situations Fund, LP

Signature:	/s/ Travis W. Cocke
Name/Title:	Travis W. Cocke, Managing Member of Voss Advisors GP, LLC, its General Partner
Date:	02/13/2026

Voss Advisors GP, LLC

Signature:	/s/ Travis W. Cocke
Name/Title:	Travis W. Cocke, Managing Member
Date:	02/13/2026

Voss Capital, LP

Signature:	/s/ Travis W. Cocke
Name/Title:	Travis W. Cocke, Managing Member
Date:	02/13/2026

Cocke Travis W.

Signature:	/s/ Travis W. Cocke
Name/Title:	Travis W. Cocke
Date:	02/13/2026

FAQ

What ownership stake in Five9 (FIVN) does Voss Capital report in this Schedule 13G/A?

Voss Capital and related reporting persons disclose beneficial ownership of approximately 8.0% of Five9’s common stock as of December 31, 2025. This percentage is calculated using 78,216,052 shares outstanding as reported in Five9’s Form 10-Q dated October 31, 2025.

Which entities are included as reporting persons in the Five9 (FIVN) Schedule 13G/A?

The filing lists Voss Value Master Fund, L.P., Voss Value-Oriented Special Situations Fund, L.P., Voss Advisors GP, LLC, Voss Capital, L.P., and Travis W. Cocke as reporting persons, reflecting their various roles as funds, general partner, investment manager, and managing member.

How many Five9 (FIVN) shares does Voss Capital report as beneficially owned?

Voss Capital may be deemed to beneficially own 6,287,790 shares of Five9 common stock, including 5,062,790 shares held in managed accounts and shares held by affiliated funds. This total corresponds to the approximately 8.0% ownership stake disclosed in the filing.

Does the Voss Capital Schedule 13G/A for Five9 (FIVN) indicate an intent to change control?

The reporting persons certify the securities were not acquired and are not held for the purpose of changing or influencing control of Five9. They state holdings are not connected with any control-related transaction, other than activities solely tied to a nomination under Rule 240.14a-11.

What is the reference share count used to calculate Voss Capital’s ownership in Five9 (FIVN)?

The ownership percentages are calculated using 78,216,052 Five9 shares outstanding as of October 31, 2025. This share count comes from Five9’s Quarterly Report on Form 10-Q, which the filing cites as the source for the outstanding share number.

What specific holdings does Voss Value Master Fund report in Five9 (FIVN)?

Voss Value Master Fund reports beneficial ownership of 1,050,000 Five9 shares, including 50,000 shares underlying currently exercisable call options. Based on the referenced outstanding share count, this position represents approximately 1.3% of Five9’s common stock as of December 31, 2025.