Filings on Schedule 13G disclose that Voss-related entities and Travis W. Cocke beneficially own a material position in Five9, Inc. Voss Capital and Mr. Cocke each report beneficial ownership of 4,465,600 shares, representing approximately 5.8% of the class based on 77,262,690 shares outstanding. Voss Value Master Fund holds 1,025,600 shares (including 25,600 warrants exercisable within 60 days); Voss Value-Oriented Special Situations Fund holds 150,000 shares; Voss GP is deemed to own 1,175,600 shares. The filers certify the securities were not acquired to change or influence control and the filing includes a joint filing agreement.
Positive
Voss Capital and Travis W. Cocke reported beneficial ownership of 4,465,600 shares, approximately 5.8% of Five9's outstanding shares
The filings disclose warrants exercisable within 60 days (including 25,600 and 75,000 shares issuable upon exercise), which are included in beneficial ownership calculations
Negative
None.
Insights
TL;DR: Voss entities disclosed a material 5.8% stake (4.47M shares) in Five9; holdings include warrants and are reported as not for control.
The Schedule 13G shows Voss Capital and Travis W. Cocke each beneficially own 4,465,600 shares (approximately 5.8%) using 77,262,690 shares outstanding for the calculation. Ownership is allocated across Voss Value Master Fund (1,025,600 including 25,600 warrants exercisable within 60 days), Voss Value-Oriented Special Situations Fund (150,000) and Voss GP (1,175,600). The filing includes a certification that the positions were not acquired to influence control, indicating a passive disclosure. This is material disclosure for investors because it crosses the 5% reporting threshold, but it does not by itself indicate a change in corporate control or an activist campaign.
TL;DR: A 5.8% holder is material for governance visibility; the filing asserts no intent to influence control and includes a joint filing agreement.
The filing names Travis W. Cocke as managing member and details combined beneficial ownership of 4,465,600 shares (~5.8%), with certain warrants included in the totals. The explicit certification that the securities were not acquired to change or influence control clarifies reported intent. From a governance standpoint, this level of ownership warrants disclosure and could prompt investor attention, but the document shows the position is presented as passive and contains no statement of planned governance actions.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Five9, Inc.
(Name of Issuer)
Common stock, par value $0.001 per share
(Title of Class of Securities)
338307101
(CUSIP Number)
08/07/2025
(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
1,025,600.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,025,600.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,025,600.00
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
150,000.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
150,000.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
150,000.00
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
1,175,600.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,175,600.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,175,600.00
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)
1.5 %
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
4,250,600.00
6
Shared Voting Power
215,000.00
7
Sole Dispositive Power
4,250,600.00
8
Shared Dispositive Power
215,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,465,600.00
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)
5.8 %
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
4,250,600.00
6
Shared Voting Power
215,000.00
7
Sole Dispositive Power
4,250,600.00
8
Shared Dispositive Power
215,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,465,600.00
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)
5.8 %
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:
3001 BISHOP DRIVE, SUITE 350, SAN RAMON, CA 94583
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 date hereof:
(i) Voss Value Master Fund beneficially owned 1,025,600 shares of Common stock, par value $0.001 per share, of the Issuer (the "Shares"), including 25,600 Shares issuable upon the exercise of certain warrants that are exercisable within 60 days (the "Warrants").
(ii) Voss Value-Oriented Special Situations Fund beneficially owned 150,000 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) 1,025,600 Shares beneficially owned by Voss Value Master Fund and (ii) 150,000 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) 1,025,600 Shares beneficially owned by Voss Value Master Fund, (ii) 150,000 Shares beneficially owned by Voss Value-Oriented Special Situations Fund and (iii) 3,290,000 Shares held in the Voss Managed Accounts, including 75,000 Shares issuable upon the exercise of the Warrants.
(v) Mr. Cocke, as the managing member of each of Voss Capital and Voss GP, may be deemed the beneficial owner of the (i) 1,025,600 Shares owned by Voss Value Master Fund, (ii) 150,000 Shares beneficially owned by Voss Value-Oriented Special Situations Fund and (iii) 3,290,000 Shares held in the Voss Managed Accounts, including 75,000 Shares issuable upon the exercise of the Warrants.
(b)
Percent of class:
The aggregate percentage of the Shares reported owned by each person named herein is based upon 77,262,690 Shares outstanding as of July 25, 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 July 31, 2025, plus the Shares underlying the Warrants that may be exercised by the Reporting Persons, as applicable.
As of the date hereof:
(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 1.5% of the outstanding Shares;
(iv) Voss Capital may be deemed to beneficially own approximately 5.8% of the outstanding Shares (approximately 4.3% of the outstanding Shares are held in the Voss Managed Accounts); and
(v) Mr. Cocke may be deemed to beneficially own approximately 5.8% 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.
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)(K), so indicate under Item 3(k) 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.
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:
08/13/2025
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
How many Five9 (FIVN) shares do Voss entities report owning?
The filing reports a combined beneficial ownership of 4,465,600 shares attributed to Voss Capital and Travis W. Cocke (aggregate figure reported).
What percentage of Five9 does the reported stake represent?
The filing states this ownership represents approximately 5.8% of the class based on 77,262,690 shares outstanding used for the calculation.
Which Voss entities and amounts are reported?
Reported amounts include Voss Value Master Fund: 1,025,600 shares (including 25,600 warrants), Voss Value-Oriented Special Situations Fund: 150,000 shares, and Voss GP: 1,175,600 shares. Voss Capital and Travis W. Cocke are reported at 4,465,600 shares.
Does the filing mention warrants or potentially dilutive instruments?
Yes. The filing discloses 25,600 warrants included in Voss Value Master Fund's total and 75,000 warrants included in amounts held in Voss Managed Accounts, all noted as exercisable within 60 days where specified.
Did the reporting persons state any intent to influence control of Five9?
The reporting persons certified that the securities were not acquired and are not held for the purpose of changing or influencing control of the issuer, per the filing's certification.
