Voss Capital (NYSE: PAR) lifts stake with 719,900-share open-market buy
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
PAR Technology Corp’s largest shareholder group, managed by Voss Capital, reported significant open-market purchases of common stock. Voss-managed accounts and affiliated funds bought a net 719,900 shares of PAR common stock in open-market transactions at prices generally between $14.50 and $14.67 per share on May 14–15, 2026.
Following these trades, accounts separately managed by Voss Capital held 4,775,000 PAR shares indirectly, with additional indirect holdings in Voss Value Master Fund and Voss Value-Oriented Special Situations Fund. The reporting persons also report call options linked to 46,400 underlying PAR shares at a $25.00 exercise price expiring on July 17, 2026, which were immediately exercisable upon acquisition.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Buyer: 719,900 shares ($10,504,712)
Net Buy
23 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
719,900 shs ($10.50M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Common Stock, $0.02 par value | 2,500 | $14.6712 | $37K |
| Purchase | Common Stock, $0.02 par value | 10,000 | $14.6131 | $146K |
| Purchase | Common Stock, $0.02 par value | 2,500 | $14.6712 | $37K |
| Purchase | Common Stock, $0.02 par value | 10,000 | $14.6131 | $146K |
| Purchase | Common Stock, $0.02 par value | 20,000 | $14.6712 | $293K |
| Purchase | Common Stock, $0.02 par value | 80,000 | $14.6131 | $1.17M |
| Purchase | Common Stock, $0.02 par value | 16,179 | $14.6454 | $237K |
| Purchase | Common Stock, $0.02 par value | 11,321 | $14.4987 | $164K |
| Purchase | Common Stock, $0.02 par value | 11,321 | $14.4987 | $164K |
| Purchase | Common Stock, $0.02 par value | 16,179 | $14.6454 | $237K |
| Purchase | Common Stock, $0.02 par value | 2,942 | $14.6454 | $43K |
| Purchase | Common Stock, $0.02 par value | 2,058 | $14.4987 | $30K |
| Purchase | Common Stock, $0.02 par value | 10,292 | $14.4987 | $149K |
| Purchase | Common Stock, $0.02 par value | 45,242 | $14.4987 | $656K |
| Purchase | Common Stock, $0.02 par value | 133,791 | $14.4987 | $1.94M |
| Purchase | Common Stock, $0.02 par value | 19,554 | $14.4987 | $284K |
| Purchase | Common Stock, $0.02 par value | 11,321 | $14.4987 | $164K |
| Purchase | Common Stock, $0.02 par value | 14,708 | $14.6454 | $215K |
| Purchase | Common Stock, $0.02 par value | 64,658 | $14.6454 | $947K |
| Purchase | Common Stock, $0.02 par value | 191,209 | $14.6454 | $2.80M |
| Purchase | Common Stock, $0.02 par value | 27,946 | $14.6454 | $409K |
| Purchase | Common Stock, $0.02 par value | 16,179 | $14.6454 | $237K |
| holding | Call Option (right to buy) | -- | -- | -- |
Holdings After Transaction:
Common Stock, $0.02 par value — 902,500 shares (Indirect, By: Voss Value Master Fund, L.P.);
Call Option (right to buy) — 46,400 shares (Indirect, By: Managed Accounts of Voss Capital, LP)
Footnotes (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 held in 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. Such call options were immediately exercisable upon their acquisition.
Key Figures
Net shares bought: 719,900 shares
Purchase price range: $14.4987–$14.6712 per share
Managed accounts holding: 4,775,000 shares
+3 more
6 metrics
Net shares bought
719,900 shares
Open-market purchases reported for May 14–15, 2026
Purchase price range
$14.4987–$14.6712 per share
Prices for PAR common stock in reported trades
Managed accounts holding
4,775,000 shares
PAR common stock held by Voss-managed accounts after trades
Call option strike price
$25.0000 per share
Exercise price of PAR-linked call options
Call option underlying shares
46,400 shares
PAR common shares underlying reported call options
Call option expiration
July 17, 2026
Expiration date of PAR call options held indirectly
Key Terms
open-market purchase, pecuniary interest, call option, Section 13(d), +1 more
5 terms
open-market purchase financial
"transaction_action: "open-market purchase""
An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.
pecuniary interest financial
"disclaims beneficial ownership except to the extent of his or its pecuniary interest"
call option financial
"security_title: "Call Option (right to buy)""
A call option is a contract that gives its buyer the right, but not the obligation, to buy a specific number of shares at a predetermined price within a set time period. Think of it as a refundable reservation to buy an item later at today’s price: you pay a fee up front and can profit if the stock rises, while your downside is limited to that fee; investors use calls to gain leverage, speculate on upside, or hedge positions without owning the shares.
Section 13(d) regulatory
"a group for purposes of Section 13(d) of the Securities Exchange Act of 1934"
beneficial ownership financial
"Each Reporting Person disclaims beneficial ownership of the securities reported herein"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
FAQ
Who are the reporting persons in this PAR (PAR) Form 4 filing?
The Form 4 is filed jointly by Voss Value Master Fund, Voss Value-Oriented Special Situations Fund, Voss Advisors GP, Voss Capital, and Travis W. Cocke. They report acting as a group that collectively beneficially owns over 10% of PAR’s outstanding common stock.
Do Voss reporting persons claim full beneficial ownership of all PAR (PAR) securities?
No. The filing explains each reporting person disclaims beneficial ownership of the reported PAR securities except to the extent of their pecuniary interest. This clarifies that some holdings are through funds and separately managed accounts, not directly owned personally.