[SCHEDULE 13G] International Money Express, Inc. SEC Filing

Rhea-AI Filing Summary

Schedule 13G filing – International Money Express, Inc. (NASDAQ: IMXI)

Forager Capital Management, LLC, its affiliated investment vehicle Forager Fund, L.P., and principals Edward Kissel and Robert MacArthur have jointly disclosed beneficial ownership of 1,946,174 IMXI common shares, representing 6.5 % of the 29,976,651 shares outstanding as reported in the company’s 10-Q for the quarter ended 31 March 2025. The reportable event triggering the filing occurred on 3 April 2025 and the Schedule 13G was signed on 10 July 2025.

The filing is made under Rule 13d-1(c), indicating the investors are not registered institutional investors under Rule 13d-1(b) and are stating a passive intent rather than an activist position. Each reporting person affirms that the securities were “not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer.”

• Sole voting & dispositive power: Forager Fund, L.P. and Forager Capital Management, LLC hold sole power over the full 1,946,174 shares.
• Shared voting & dispositive power: Messrs. Kissel and MacArthur share voting and dispositive power over the same block.
• No other persons are known to have economic interest in excess of 5 % on their behalf, and no group dissolution or subsidiary disclosure is applicable.

The disclosure signals that Forager has accumulated a meaningful but non-controlling stake in IMXI, potentially reflecting confidence in the company’s outlook while avoiding an activist stance. No financial results, strategic transactions, or changes to corporate governance are announced in this filing.

Insights

Securities Analyst

TL;DR: Passive investor Forager now owns 6.5 % of IMXI; market-neutral disclosure.

Forager’s 1.95 million-share stake crosses the 5 % threshold, triggering this Schedule 13G. Filing under Rule 13d-1(c) and the accompanying certifications confirm the investment is passive, limiting prospects for near-term activism. While a new institutional holder can bolster market perception, the stake is modest relative to IMXI’s float and does not alter control dynamics. From a valuation standpoint, no price-sensitive metrics are included, so the impact should be limited to marginal signaling value.

Corporate Governance Expert

TL;DR: Governance impact minimal; Forager declares no intent to influence control.

Schedule 13G versus 13D is important: it formally commits the filer to a non-activist posture (“passive investment”). Consequently, IMXI’s board need not anticipate nomination battles or shareholder proposals tied to this stake. However, a 6.5 % holder can still influence outcomes in closely contested votes, so IR teams should monitor future amendments. The disclosure complies with SEC ownership transparency requirements; no red flags emerge regarding hidden control groups or complex derivative structures.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

International Money Express, Inc.

(Name of Issuer)

Common Stock, $0.0001 par value

(Title of Class of Securities)

46005L101

(CUSIP Number)

04/03/2025

(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. 46005L101

1

Names of Reporting Persons

Forager Capital Management, 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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 194,600,174.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 194,600,174.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

194,600,174.00

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)

6.5 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 46005L101

1

Names of Reporting Persons

Forager Fund, L.P.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,946,174.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,946,174.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,946,174.00

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)

6.5 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 46005L101

1

Names of Reporting Persons

Kissel Edward Urban

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 0.00
6	Shared Voting Power 1,946,174.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,946,174.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,946,174.00

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)

6.5 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP No. 46005L101

1

Names of Reporting Persons

MacArthur Robert Symmes

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 0.00
6	Shared Voting Power 1,946,174.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,946,174.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,946,174.00

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)

6.5 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: International Money Express, Inc.
(b)	Address of issuer's principal executive offices: 9100 SOUTH DADELAND BLVD, SUITE 1100, MIAMI, FLORIDA, 33156.
Item 2.
(a)	Name of person filing: This joint statement on Schedule 13G is being filed by Forager Fund, L.P., a Delaware limited partnership (the "Fund"), Forager Capital Management, LLC, a Delaware limited liability company and the general partner of the Fund (the "General Partner"), Edward Kissel and Robert MacArthur (collectively, the "Reporting Persons").
(b)	Address or principal business office or, if none, residence: The business address of each of the Reporting Persons is 2025 3rd Ave. N, Suite 350, Birmingham, AL 35203.
(c)	Citizenship: The Fund is a Delaware limited partnership. The General Partner is a Delaware limited liability company. Each of Messrs. Kissel and MacArthur is a citizen of the United States.
(d)	Title of class of securities: Common Stock, $0.0001 par value
(e)	CUSIP No.: 46005L101
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: The Reporting Persons, in the aggregate, beneficially own 1,946,174 shares of common stock, $0.0001 par value, of the Issuer ("Common Stock").
(b)	Percent of class: 6.5%. The percentages of beneficial ownership reported herein, and on each Reporting Person's cover page to this Schedule 13G, are based on a total of 29,976,651 shares of Common Stock issued and outstanding as of May 5, 2025, as reported in the Issuer?s quarterly report on Form 10-Q for its quarterly period ended March 31, 2025, filed with the Securities and Exchange Commission on May 8, 2025.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Each of the Fund and the General Partner has the sole power to vote or to direct the vote of 1,946,174 shares of Common Stock. Each of Messrs. Kissel and MacArthur has the sole power to vote or to direct the vote of 0 shares of Common Stock.
	(ii) Shared power to vote or to direct the vote: Each of the Fund and the General Partner has the shared power to vote or to direct the vote of 0 shares of Common Stock. Each of Messrs. Kissel and MacArthur has the shared power to vote or to direct the vote of 1,946,174 shares of Common Stock.
	(iii) Sole power to dispose or to direct the disposition of: Each of the Fund and the General Partner has the sole power to dispose or to direct the disposition of 1,946,174 shares of Common Stock. Each of Messrs. Kissel and MacArthur has the sole power to dispose or to direct the disposition of 0 shares of Common Stock.
	(iv) Shared power to dispose or to direct the disposition of: Each of the Fund and the General Partner has the shared power to dispose or to direct the disposition of 0 shares of Common Stock. Each of Messrs. Kissel and MacArthur has the shared power to dispose or to direct the disposition of 1,946,174 shares of Common Stock.
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.
	Not Applicable
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.

Forager Capital Management, LLC

Signature:	/s/ Robert MacArthur
Name/Title:	Managing Partner
Date:	07/10/2025

Forager Fund, L.P.

Signature:	/s/ Robert MacArthur
Name/Title:	Managing Partner
Date:	07/10/2025

Kissel Edward Urban

Signature:	/s/ Edward Kissel
Name/Title:	Director
Date:	07/10/2025

MacArthur Robert Symmes

Signature:	/s/ Robert MacArthur
Name/Title:	Managing Partner
Date:	07/10/2025

FAQ

What percentage of International Money Express (IMXI) shares does Forager Capital Management now own?

The filing states Forager controls 1,946,174 shares, equal to 6.5 % of IMXI’s outstanding stock.

Is Forager Capital Management an activist investor in IMXI?

No. The Schedule 13G was filed under Rule 13d-1(c), indicating a passive investment with no intent to influence control.

When did Forager’s ownership in IMXI cross the 5 % threshold?

The reportable event date is April 3, 2025, when its stake first exceeded 5 %.

Does the filing disclose any plans or proposals by Forager regarding IMXI?

No. The certification affirms the securities were not acquired to change or influence control and are purely for investment purposes.

How many total IMXI shares are outstanding according to the filing?

The filing references 29,976,651 shares outstanding, based on IMXI’s March 31, 2025 10-Q.

Who are the individual reporting persons in this Schedule 13G?

The individual filers are Edward Kissel and Robert MacArthur, who share voting and dispositive power over the reported shares.