Voss Capital boosts Flywire (FLYW) stake with share buys disclosed in Form 4

Rhea-AI Filing Summary

Voss Capital-managed accounts and related funds reported additional purchases of Flywire Corp (FLYW) common stock. On December 30, 2025, accounts managed by Voss Capital, LP bought 181,121 voting common shares at $14.15 per share. On December 31, 2025, the same managed accounts bought another 44,991 shares at an average price of $14.2343 per share, bringing those accounts’ indirect holdings to 9,670,000 shares.

Separately, the filing shows 2,275,000 shares held by Voss Value Master Fund, LP and 375,000 shares held by Voss Value-Oriented Special Situations Fund, LP, all as indirect holdings. The reporting group, which includes these funds, Voss Advisors GP, LLC, Voss Capital, LP and Travis W. Cocke, states that it collectively beneficially owns over 10% of Flywire’s outstanding common stock and disclaims beneficial ownership beyond each party’s economic interest.

Insider Trade Summary

Net Buyer: 226,112 shares ($3,203,278)

Net Buy 4 txns

Insider Voss Capital, LP, Voss Value Master Fund, LP, Voss Value-Oriented Special Situations Fund, LP, Voss Advisors GP, LLC, Cocke Travis W.

Role 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner

Bought 226,112 shs ($3.20M)

Type	Security	Shares	Price	Value
Purchase	Voting common stock, $0.0001 par value per share	44,991	$14.2343	$640K
Purchase	Voting common stock, $0.0001 par value per share	181,121	$14.15	$2.56M
holding	Voting common stock, $0.0001 par value per share	--	--	--
holding	Voting common stock, $0.0001 par value per share	--	--	--

Holdings After Transaction: Voting common stock, $0.0001 par value per share — 9,670,000 shares (Indirect, By: Managed Accounts of Voss Capital, LP)

Footnotes (1)

1. This Form 4 is filed jointly by Voss Value Master Fund, LP ("Voss Value Master Fund"), Voss Value-Oriented Special Situations Fund, LP ("Voss Value-Oriented Special Situations Fund"), Voss Advisors GP, LLC ("Voss GP"), Voss Capital, LP ("Voss Capital") and Travis W. Cocke (collectively, the "Reporting Persons"). Each of the Reporting Persons is a member of a group for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, that collectively beneficially owns over 10% of the Issuer's outstanding shares of Common Stock. Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. Securities owned directly by Voss Value Master Fund. Voss GP, as the general partner of Voss Value Master Fund, may be deemed to beneficially own the securities owned directly by Voss Value Master Fund. Voss Capital, as the investment manager of Voss Value Master Fund, may be deemed to beneficially own the securities owned directly by Voss Value Master Fund. Mr. Cocke, as the managing member of Voss Capital and Voss GP, may be deemed to beneficially own the securities owned directly by Voss Value Master Fund. Securities owned directly by Voss Value-Oriented Special Situations Fund. Voss GP, as the general partner of Voss Value-Oriented Special Situations Fund, may be deemed to beneficially own the securities owned directly by Voss Value-Oriented Special Situations Fund. Voss Capital, as the investment manager of Voss Value-Oriented Special Situations Fund, may be deemed to beneficially own the securities owned directly by Voss Value-Oriented Special Situations Fund. Mr. Cocke, as the managing member of Voss Capital and Voss GP, may be deemed to beneficially own the securities owned directly by Voss Value-Oriented Special Situations Fund. Securities held in certain accounts separately managed by Voss Capital (the "Voss Managed Accounts"). Voss Capital, as the investment manager of the Voss Managed Accounts, may be deemed to beneficially own the securities heldin the Voss Managed Accounts. Mr. Cocke, as the managing member of Voss Capital, may be deemed to beneficially own the securities held in the Voss Managed Accounts.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Voss Capital, LP

(Last) (First) (Middle)

3773 RICHMOND AVENUE

SUITE 850

(Street)

HOUSTON TX 77046

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Flywire Corp [ FLYW ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Voting common stock, $0.0001 par value per share(1)								2,275,000	I	By: Voss Value Master Fund, L.P.(2)
Voting common stock, $0.0001 par value per share(1)								375,000	I	By: Voss Value-Oriented Special Situations Fund, L.P.(3)
Voting common stock, $0.0001 par value per share(1)	12/30/2025		P		181,121	A	$14.15	9,625,009	I	By: Managed Accounts of Voss Capital, LP(4)
Voting common stock, $0.0001 par value per share(1)	12/31/2025		P		44,991	A	$14.2343	9,670,000	I	By: Managed Accounts of Voss Capital, LP(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Voss Capital, LP

(Last) (First) (Middle)

3773 RICHMOND AVENUE

SUITE 850

(Street)

HOUSTON TX 77046

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Voss Value Master Fund, LP

(Last) (First) (Middle)

3773 RICHMOND AVENUE, SUITE 850

(Street)

HOUSTON TX 77046

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Voss Value-Oriented Special Situations Fund, LP

(Last) (First) (Middle)

3773 RICHMOND AVENUE

SUITE 850

(Street)

HOUSTON TX 77046

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Voss Advisors GP, LLC

(Last) (First) (Middle)

3773 RICHMOND AVENUE, SUITE 850

(Street)

HOUSTON TX 77046

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Cocke Travis W.

(Last) (First) (Middle)

3773 RICHMOND AVENUE, SUITE 850

(Street)

HOUSTON TX 77046

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. This Form 4 is filed jointly by Voss Value Master Fund, LP ("Voss Value Master Fund"), Voss Value-Oriented Special Situations Fund, LP ("Voss Value-Oriented Special Situations Fund"), Voss Advisors GP, LLC ("Voss GP"), Voss Capital, LP ("Voss Capital") and Travis W. Cocke (collectively, the "Reporting Persons"). Each of the Reporting Persons is a member of a group for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, that collectively beneficially owns over 10% of the Issuer's outstanding shares of Common Stock. Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

2. Securities owned directly by Voss Value Master Fund. Voss GP, as the general partner of Voss Value Master Fund, may be deemed to beneficially own the securities owned directly by Voss Value Master Fund. Voss Capital, as the investment manager of Voss Value Master Fund, may be deemed to beneficially own the securities owned directly by Voss Value Master Fund. Mr. Cocke, as the managing member of Voss Capital and Voss GP, may be deemed to beneficially own the securities owned directly by Voss Value Master Fund.

3. Securities owned directly by Voss Value-Oriented Special Situations Fund. Voss GP, as the general partner of Voss Value-Oriented Special Situations Fund, may be deemed to beneficially own the securities owned directly by Voss Value-Oriented Special Situations Fund. Voss Capital, as the investment manager of Voss Value-Oriented Special Situations Fund, may be deemed to beneficially own the securities owned directly by Voss Value-Oriented Special Situations Fund. Mr. Cocke, as the managing member of Voss Capital and Voss GP, may be deemed to beneficially own the securities owned directly by Voss Value-Oriented Special Situations Fund.

4. Securities held in certain accounts separately managed by Voss Capital (the "Voss Managed Accounts"). Voss Capital, as the investment manager of the Voss Managed Accounts, may be deemed to beneficially own the securities heldin the Voss Managed Accounts. Mr. Cocke, as the managing member of Voss Capital, may be deemed to beneficially own the securities held in the Voss Managed Accounts.

	Voss Capital, LP; By: /s/ Travis W. Cocke, Managing Member	01/07/2026
	Voss Value Master Fund, LP; By: Voss Advisors GP, LLC; By: /s/ Travis W. Cocke, Managing Member	01/07/2026
	Voss Value-Oriented Special Situations Fund, LP; By: Voss Advisors GP, LLC; By: /s/ Travis W. Cocke, Managing Member	01/07/2026
	Voss Advisors GP, LLC; By: /s/ Travis W. Cocke, Managing Member	01/07/2026
	/s/ Travis W. Cocke	01/07/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

Who reported the Flywire (FLYW) insider transactions on this Form 4?

The Form 4 was filed jointly by Voss Value Master Fund, LP, Voss Value-Oriented Special Situations Fund, LP, Voss Advisors GP, LLC, Voss Capital, LP and Travis W. Cocke, which together are treated as a group owning over 10% of Flywire’s common stock.

What Flywire share purchases were disclosed by Voss Capital-managed accounts?

Accounts managed by Voss Capital, LP purchased 181,121 Flywire voting common shares at $14.15 per share on December 30, 2025, and an additional 44,991 shares at an average price of $14.2343 per share on December 31, 2025.

How many Flywire shares did the Voss Capital managed accounts hold after these transactions?

Following the reported purchases, the accounts managed by Voss Capital, LP indirectly held 9,670,000 shares of Flywire voting common stock.

What Flywire holdings are reported for Voss Value Master Fund and Voss Value-Oriented Special Situations Fund?

The filing lists 2,275,000 Flywire voting common shares held by Voss Value Master Fund, LP and 375,000 shares held by Voss Value-Oriented Special Situations Fund, LP, each reported as indirect ownership.

Do the reporting persons claim full beneficial ownership of all reported Flywire shares?

No. The group states that each reporting person disclaims beneficial ownership of the reported Flywire securities except to the extent of his or its pecuniary interest, and that the filing should not be seen as an admission of beneficial ownership for Section 16 or other purposes.

Why are the Flywire holdings described as indirect for the Voss entities?

The shares are held by funds and managed accounts. For example, certain shares are held in accounts separately managed by Voss Capital, LP, while others are owned directly by Voss Value Master Fund, LP or Voss Value-Oriented Special Situations Fund, LP, with related entities potentially deemed to share beneficial ownership.