Voss group boosts PAR Technology (PAR) stake with 529k-share buys

Rhea-AI Filing Summary

PAR Technology’s largest shareholder group has been buying more stock. Investment vehicles associated with Voss Capital and Travis W. Cocke, which together beneficially own over 10% of PAR Technology Corp, reported net open-market purchases of 529,167 shares of common stock between mid-January and early February 2026.

Most transactions were made through Voss Capital managed accounts at prices generally in the low-to-high $20s and $30s per share, with total indirect holdings in those accounts rising to over 4.1 million shares after the latest trades. The group also bought call options that were immediately exercisable upon acquisition, and each reporting person disclaims beneficial ownership beyond its pecuniary interest.

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

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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 500

(Street)

HOUSTON TX 77046

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PAR TECHNOLOGY CORP [ PAR ]

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)
01/14/2026

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
Common Stock, $0.02 par value(1)								845,000	I	By: Voss Value Master Fund, L.P.(2)
Common Stock, $0.02 par value(1)								145,000	I	By: Voss Value-Oriented Special Situations Fund, L.P.(3)
Common Stock, $0.02 par value(1)	01/14/2026		P		41,034	A	$39.1047	3,654,932	I	By: Managed Accounts of Voss Capital, LP(4)
Common Stock, $0.02 par value(1)	01/15/2026		P		50,068	A	$38.9341(5)	3,705,000	I	By: Managed Accounts of Voss Capital, LP(4)
Common Stock, $0.02 par value(1)	01/23/2026		P		10,000	A	$31.7142	3,715,000	I	By: Managed Accounts of Voss Capital, LP(4)
Common Stock, $0.02 par value(1)	01/27/2026		P		85,000	A	$28.5552(6)	3,800,000	I	By: Managed Accounts of Voss Capital, LP(4)
Common Stock, $0.02 par value(1)	01/27/2026		P		90,000	A	$29.6576(7)	3,890,000	I	By: Managed Accounts of Voss Capital, LP(4)
Common Stock, $0.02 par value(1)	01/30/2026		P		2,138	A	$26.21	3,892,138	I	By: Managed Accounts of Voss Capital, LP(4)
Common Stock, $0.02 par value(1)	02/03/2026		P		157,862	A	$22.7556(8)	4,050,000	I	By: Managed Accounts of Voss Capital, LP(4)
Common Stock, $0.02 par value(1)	02/03/2026		P		25,000	A	$23.7243	4,075,000	I	By: Managed Accounts of Voss Capital, LP(4)
Common Stock, $0.02 par value(1)	02/04/2026		P		50,000	A	$22.1999(9)	4,125,000	I	By: Managed Accounts of Voss Capital, LP(4)
Common Stock, $0.02 par value(1)	02/04/2026		P		15,100	A	$23.2335	4,140,100	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
Call Option (right to buy)	$40	01/28/2026		P		1		(10)	04/17/2026	Common Stock, $0.02 par value(1)	100	$1	1	I	By: Voss Value-Oriented Special Situations Fund, L.P.(3)
Call Option (right to buy)	$35	02/03/2026		P		2,500		(10)	04/17/2026	Common Stock, $0.02 par value(1)	250,000	$0.5	2,500	I	By: Managed Accounts of Voss Capital, LP(4)
Call Option (right to buy)	$25	02/03/2026		P		464		(10)	07/17/2026	Common Stock, $0.02 par value(1)	46,400	$3.5	464	I	By: Managed Accounts of Voss Capital, LP(4)

1. Name and Address of Reporting Person^*

Voss Capital, LP

(Last) (First) (Middle)

3773 RICHMOND AVENUE

SUITE 500

(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 500

(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 500

(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 500

(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 500

(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.

5. Represents a weighted average price. These shares were purchased in multiple transactions at prices ranging from $38.5582 to $39.3089, inclusive. The Reporting Persons undertake to provide the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

6. Represents a weighted average price. These shares were purchased in multiple transactions at prices ranging from $28.0913 to $28.8786, inclusive. The Reporting Persons undertake to provide the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

7. Represents a weighted average price. These shares were purchased in multiple transactions at prices ranging from $29.5665 to $29.6915, inclusive. The Reporting Persons undertake to provide the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

8. Represents a weighted average price. These shares were purchased in multiple transactions at prices ranging from $22.4856 to $23.3151, inclusive. The Reporting Persons undertake to provide the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

9. Represents a weighted average price. These shares were purchased in multiple transactions at prices ranging from $22.1347 to $22.2650, inclusive. The Reporting Persons undertake to provide the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

10. Such call options were immediately exercisable upon their acquisition.

	Voss Capital, LP; By: /s/ Travis W. Cocke, Managing Member	03/05/2026
	Voss Value Master Fund, LP; By: Voss Advisors GP, LLC; By: /s/ Travis W. Cocke, Managing Member	03/05/2026
	Voss Value-Oriented Special Situations Fund, LP; By: Voss Advisors GP, LLC; By: /s/ Travis W. Cocke, Managing Member	03/05/2026
	Voss Advisors GP, LLC; By: /s/ Travis W. Cocke, Managing Member	03/05/2026
	/s/ Travis W. Cocke	03/05/2026
	** 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).
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FAQ

How many PAR (PAR) shares did the Voss group purchase in this Form 4?

The reporting Voss entities reported net open-market purchases of 529,167 shares of PAR common stock. These buys occurred across multiple transactions in January and February 2026, as detailed in the filing’s transaction list and summarized in the transaction totals.

Who are the reporting persons in the PAR (PAR) Form 4 filing?

The Form 4 is 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, described collectively as reporting persons forming a Section 13(d) group.

At what prices did the Voss managed accounts buy PAR (PAR) common stock?

The managed accounts of Voss Capital bought PAR common shares at weighted average prices around $22–$39 per share, with specific ranges like $22.13–$23.32 and $38.56–$39.31 disclosed in footnotes describing multiple trades within each price band.

Did the Voss group acquire options on PAR (PAR) stock in this filing?

Yes. The filing shows purchases of call options (rights to buy) on PAR stock, including 2,500 and 464 option units. Footnotes state these call options were immediately exercisable upon acquisition, and they are reported as indirectly owned through Voss Capital managed accounts.

How many PAR (PAR) shares do Voss Capital managed accounts hold after these trades?

Following the reported purchases, the Voss Capital managed accounts are shown holding up to about 4,140,100 PAR common shares in one line item. This figure reflects indirect ownership through separately managed accounts, with each reporting person disclaiming beneficial ownership beyond its pecuniary interest.

Why is the Voss group considered a more than 10% owner of PAR (PAR)?

The filing states the reporting persons form a Section 13(d) group that collectively beneficially owns over 10% of PAR’s outstanding common stock. This status triggers additional reporting obligations, including Form 4 filings when the group’s direct or indirect holdings change.