Voss Capital (PAR) reports 14.3% beneficial stake in PAR Technology

Rhea-AI Filing Summary

Voss Capital and affiliates filed Amendment No. 3 to their Schedule 13D on PAR Technology, updating their ownership and purchase details. Voss Capital and related entities report beneficial ownership of 5,896,400 PAR common shares, representing approximately 14.3% of the 41,246,199 shares outstanding as of May 5, 2026.

Voss Value Master Fund holds 925,000 shares (about 2.2%), and Voss Value‑Oriented Special Situations Fund holds 150,000 shares (about 0.4%). The Voss Managed Accounts hold 4,821,400 shares, with associated call options exercisable into 46,400 shares. The filing states these positions were acquired in open‑market transactions using working capital, which may include margin loans, with aggregate purchase prices of about $35.3 million for Voss Value Master Fund, $5.9 million for the special situations fund, and $183.1 million for the managed accounts.

Insights

Equity ownership & governance analyst

Voss and affiliates now report a sizable 14.3% stake in PAR Technology.

Voss Capital and related funds collectively report beneficial ownership of 5,896,400 PAR shares, or about 14.3% of shares outstanding as of May 5, 2026. Positions were built via open‑market purchases funded with working capital, sometimes including margin loans.

This level of ownership makes Voss a significant shareholder with notable voting power, though the excerpt does not describe any specific plans or proposals. Actual influence will depend on how actively Voss chooses to engage with PAR’s management and other shareholders.

The filing also details call options over 46,400 shares and clarifies voting and dispositive powers across Voss entities and Travis W. Cocke. Subsequent Schedule 13D amendments or company disclosures may provide more color on any strategic intentions tied to this stake.

Key Figures

Total beneficial ownership: 5,896,400 shares Ownership percentage: 14.3% Shares outstanding: 41,246,199 shares +5 more

8 metrics

Total beneficial ownership 5,896,400 shares Voss Capital and affiliates’ PAR stake

Ownership percentage 14.3% Of 41,246,199 shares outstanding as of May 5, 2026

Shares outstanding 41,246,199 shares PAR common stock outstanding as of May 5, 2026

Voss Value Master Fund stake 925,000 shares Approximately 2.2% of PAR common stock

Special Situations Fund stake 150,000 shares Approximately 0.4% of PAR common stock

Managed Accounts stake 4,821,400 shares Held in Voss Managed Accounts

Managed Accounts purchase price $183,083,040 Aggregate cost for 4,775,000 shares, including commissions

Call options notional shares 46,400 shares Call options in Managed Accounts; cost about $162,400

Key Terms

Schedule 13D, beneficial owner, working capital, margin loans, +2 more

6 terms

Schedule 13D regulatory

"The following constitutes Amendment No. 3 to the filed by the undersigned"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

beneficial owner financial

"may be deemed the beneficial owner of the (i) 925,000 Shares"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

working capital financial

"were purchased with working capital (which may, at any given time, include margin loans)"

Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.

margin loans financial

"include margin loans made by brokerage firms in the ordinary course of business"

Margin loans are loans from a brokerage that let an investor borrow money using their existing stocks, bonds or cash as collateral to buy more securities. They matter because borrowing magnifies both gains and losses—like using a lever to move a heavier load—so small market moves can have outsized effects on your returns; investors also pay interest and risk a margin call, where the broker may force sales if collateral falls below required levels.

call options financial

"The aggregate purchase price of the call options exercisable into 46,400 Shares"

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. Think of it like a refundable reservation to purchase a stock later at today’s agreed price: investors use calls to profit from expected price rises with smaller upfront cost than buying the stock outright, or to hedge and manage exposure, while the most they can lose is the amount paid for the contract.

sole power to vote regulatory

"Sole power to vote or direct vote: 4,821,400"

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

PAR TECHNOLOGY CORP

(Name of Issuer)

Common Stock, $0.02 par value

(Title of Class of Securities)

698884103

(CUSIP Number)

VOSS CAPITAL, L.P.
3773 Richmond Avenue, Suite 500,
Houston, TX, 77046
281-770-0379

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

05/14/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 698884103

1

Name of reporting person

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

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 925,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 925,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

925,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.2 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 698884103

1

Name of reporting person

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

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 150,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 150,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

150,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.4 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 698884103

1

Name of reporting person

Voss Advisors GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,075,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 1,075,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

1,075,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.6 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 698884103

1

Name of reporting person

Voss Capital, LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 4,821,400.00
8	Shared Voting Power 1,075,000.00
9	Sole Dispositive Power 4,821,400.00
10	Shared Dispositive Power 1,075,000.00

11

Aggregate amount beneficially owned by each reporting person

5,896,400.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

14.3 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 698884103

1

Name of reporting person

Cocke Travis W.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 4,821,400.00
8	Shared Voting Power 1,075,000.00
9	Sole Dispositive Power 4,821,400.00
10	Shared Dispositive Power 1,075,000.00

11

Aggregate amount beneficially owned by each reporting person

5,896,400.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

14.3 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $0.02 par value
(b)	Name of Issuer: PAR TECHNOLOGY CORP
(c)	Address of Issuer's Principal Executive Offices: PAR TECHNOLOGY PARK, 8383 Seneca Turnpike, NEW HARTFORD, NEW YORK , 13413.
Item 1 Comment: The following constitutes Amendment No. 3 to the Schedule 13D filed by the undersigned ("Amendment No. 3"). This Amendment No. 3 amends the Schedule 13D as specifically set forth herein.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 is hereby amended and restated to read as follows: The Shares purchased by each of Voss Value Master Fund, Voss Value-Oriented Special Situations Fund and the Voss Managed Accounts were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market transactions. The aggregate purchase price of the 925,000 Shares beneficially owned directly by Voss Value Master Fund is approximately $35,253,892, including brokerage commissions. The aggregate purchase price of the 150,000 Shares beneficially owned by Voss Value-Oriented Special Situations Fund is approximately $5,912,755, including brokerage commissions. The aggregate purchase price of the 4,775,000 Shares held in the Voss Managed Accounts is approximately $183,083,040, including brokerage commissions. The aggregate purchase price of the call options exercisable into 46,400 Shares which are held in the Voss Managed Accounts is approximately $162,400, including brokerage commissions.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) is hereby amended and restated to read as follows: The aggregate percentage of Shares reported owned by each person named herein is based upon 41,246,199 Shares outstanding, as of May 5, 2026, which is the total number of Shares outstanding as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 7, 2026. A. Voss Value Master Fund As of the date hereof, Voss Value Master Fund beneficially owned 925,000 Shares. Percentage: Approximately 2.2% B. Voss Value-Oriented Special Situations Fund As of the date hereof, Voss Value-Oriented Special Situations Fund beneficially owned 150,000 Shares. Percentage: Approximately 0.4% C. Voss GP Voss GP, as the general partner of each of Voss Value Master Fund and Voss Value-Oriented Special Situations Fund, may be deemed the beneficial owner of the (i) 925,000 Shares owned by Voss Value Master Fund and (ii) 150,000 Shares owned by Voss Value-Oriented Special Situations Fund. Percentage: Approximately 2.6% D. Voss Capital As of the date hereof, 4,821,400 Shares were held in the Voss Managed Accounts. Voss Capital, as the investment manager of each of Voss Value Master Fund and Voss Value-Oriented Special Situations Fund, may be deemed the beneficial owner of the (i) 925,000 Shares beneficially owned by Voss Value Master Fund and (ii) 150,000 Shares beneficially owned by Voss Value-Oriented Special Situations Fund. Percentage: Approximately 14.3% E. Mr. Cocke Mr. Cocke, as the managing member of each of Voss Capital and Voss GP, may be deemed the beneficial owner of the (i) 925,000 Shares owned by Voss Value Master Fund, (ii) 150,000 Shares owned by Voss Value-Oriented Special Situations Fund and (iii) 4,821,400 Shares held in the Voss Managed Accounts. Percentage: Approximately 14.3%
(b)	Item 5(b) is hereby amended and restated to read as follows: A. Voss Value Master Fund 1. Sole power to vote or direct vote: 925,000 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 925,000 4. Shared power to dispose or direct the disposition: 0 B. Voss Value-Oriented Special Situations Fund 1. Sole power to vote or direct vote: 150,000 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 150,000 4. Shared power to dispose or direct the disposition: 0 C. Voss GP 1. Sole power to vote or direct vote: 1,075,000 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 1,075,000 4. Shared power to dispose or direct the disposition: 0 D. Voss Capital 1. Sole power to vote or direct vote: 4,821,400 2. Shared power to vote or direct vote: 1,075,000 3. Sole power to dispose or direct the disposition: 4,821,400 4. Shared power to dispose or direct the disposition: 1,075,000 E. Mr. Cocke 1. Sole power to vote or direct vote: 4,821,400 2. Shared power to vote or direct vote: 1,075,000 3. Sole power to dispose or direct the disposition: 4,821,400 4. Shared power to dispose or direct the disposition: 1,075,000
(c)	Item 5(c) is hereby amended and restated to read as follows: A. Voss Value Master Fund The transactions in the Shares by Voss Value Master Fund during the past sixty days are set forth in Exhibit 1 and are incorporated herein by reference. B. Voss Value-Oriented Special Situations Fund The transactions in the Shares by Voss Value-Oriented Special Situations Fund during the past sixty days are set forth in Exhibit 1 and are incorporated herein by reference. C. Voss GP Voss GP has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares by Voss Value Master Fund and Voss Value-Oriented Special Situations Fund during the past sixty days are set forth in Exhibit 1 and are incorporated herein by reference. D. Voss Capital The transactions in the Shares by Voss Value Master Fund, Voss Value-Oriented Special Situations Fund and Voss Capital through the Voss Managed Accounts during the past sixty days are set forth in Exhibit 1 and are incorporated herein by reference. E. Mr. Cocke Mr. Cocke has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares by Voss Value Master Fund, Voss Value-Oriented Special Situations Fund and Voss Capital through the Voss Managed Accounts during the past sixty days are set forth in Exhibit 1 and are incorporated herein by reference.
Item 7.	Material to be Filed as Exhibits.
	Item 7 is hereby amended to add the following exhibit: 1 - Transactions in Securities.

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:	05/18/2026

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
Date:	05/18/2026

Voss Advisors GP, LLC

Signature:	/s/ Travis W. Cocke
Name/Title:	Travis W. Cocke, Managing Member
Date:	05/18/2026

Voss Capital, LP

Signature:	/s/ Travis W. Cocke
Name/Title:	Travis W. Cocke, Managing Member
Date:	05/18/2026

Cocke Travis W.

Signature:	/s/ Travis W. Cocke
Name/Title:	Travis W. Cocke
Date:	05/18/2026

FAQ

What percentage of PAR (PAR) does Voss Capital now beneficially own?

Voss Capital and related entities beneficially own about 14.3% of PAR’s common stock, or 5,896,400 shares, based on 41,246,199 shares outstanding as of May 5, 2026, according to the amended Schedule 13D.

How many PAR (PAR) shares are held by each Voss fund?

Voss Value Master Fund holds 925,000 PAR shares, and Voss Value‑Oriented Special Situations Fund holds 150,000 shares. Voss Managed Accounts hold 4,821,400 shares, making up the bulk of the reported 5,896,400‑share beneficial position.

What is the total cost basis Voss reports for its PAR (PAR) holdings?

The filing reports approximate aggregate purchase prices of $35.25 million for 925,000 shares in Voss Value Master Fund, $5.91 million for 150,000 shares in the special situations fund, and $183.08 million for 4,775,000 managed account shares.

Does Voss Capital use options in its PAR (PAR) position?

Yes. Voss Managed Accounts hold call options exercisable into 46,400 PAR shares. The aggregate purchase price for these options is about $162,400, including brokerage commissions, supplementing the larger common stock position.

How was Voss Capital’s PAR (PAR) stake financed?

The filing states that PAR shares were bought with working capital of Voss Value Master Fund, the special situations fund, and Voss Managed Accounts, which may at times include margin loans from brokerage firms used in the ordinary course of business.

Who controls voting and dispositive power over Voss’s PAR (PAR) shares?

The filing states that Voss Capital has sole or shared voting and dispositive power over up to 5,896,400 PAR shares. Travis W. Cocke, as managing member of Voss Capital and Voss GP, may be deemed the beneficial owner of these shares.