PAR Technology Corp received an amended Schedule 13G filing showing that investment funds associated with Voss Capital and portfolio manager Travis W. Cocke have a significant passive stake in the company. As of September 30, 2025, Voss-related entities and managed accounts beneficially owned a total of 3,110,000 shares of PAR common stock, which represents approximately 7.66% of the 40,581,077 shares outstanding as of August 6, 2025. Most of these shares are held through Voss Capital’s managed accounts, and the reporting persons certify that the securities were not acquired for the purpose of changing or influencing control of PAR Technology.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
PAR TECHNOLOGY CORP
(Name of Issuer)
Common Stock, $0.02 par value
(Title of Class of Securities)
698884103
(CUSIP Number)
09/30/2025
(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.
698884103
1
Names of Reporting Persons
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
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
625,000.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
625,000.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
625,000.00
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)
1.54 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
698884103
1
Names of Reporting Persons
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
Citizenship or Place of Organization
TEXAS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
100,000.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
100,000.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
100,000.00
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)
0.25 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
698884103
1
Names of Reporting Persons
Voss Advisors GP, 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
TEXAS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
725,000.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
725,000.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
725,000.00
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)
1.79 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
698884103
1
Names of Reporting Persons
Voss Capital, LP
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
TEXAS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
2,975,000.00
6
Shared Voting Power
135,000.00
7
Sole Dispositive Power
2,975,000.00
8
Shared Dispositive Power
135,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,110,000.00
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)
7.66 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
698884103
1
Names of Reporting Persons
Cocke Travis W.
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
2,975,000.00
6
Shared Voting Power
135,000.00
7
Sole Dispositive Power
2,975,000.00
8
Shared Dispositive Power
135,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,110,000.00
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)
7.66 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
PAR TECHNOLOGY CORP
(b)
Address of issuer's principal executive offices:
Item 2.
(a)
Name of person filing:
The names of the persons filing this statement on Schedule 13G (collectively, the "Reporting Persons") are:
Voss Value Master Fund, L.P. ("Voss Value Master Fund");
Voss Value-Oriented Special Situations Fund, L.P. ("Voss Value-Oriented Special Situations Fund");
Voss Advisors GP, LLC ("Voss GP");
Voss Capital, L.P. ("Voss Capital"); and
Travis W. Cocke.
(b)
Address or principal business office or, if none, residence:
Voss Value Master Fund
3773 Richmond, Suite 850
Houston, Texas 77046
Voss Value-Oriented Special Situations Fund
3773 Richmond, Suite 850
Houston, Texas 77046
Voss GP
3773 Richmond, Suite 850
Houston, Texas 77046
Voss Capital
3773 Richmond, Suite 850
Houston, Texas 77046
Travis W. Cocke
3773 Richmond, Suite 850
Houston, Texas 77046
(c)
Citizenship:
Voss Value Master Fund
Cayman Islands
Voss Value-Oriented Special Situations Fund
Texas
Voss GP
Texas
Voss Capital
Texas
Travis W. Cocke
USA
(d)
Title of class of securities:
Common Stock, $0.02 par value
(e)
CUSIP No.:
698884103
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:
As of the close of business on September 30, 2025:
(i) Voss Value Master Fund beneficially owned 625,000 shares of Common Stock, $0.02 par value, of the Issuer (the "Shares").
(ii) Voss Value-Oriented Special Situations Fund beneficially owned 100,000 Shares.
(iii) Voss GP, as the general partner of Voss Value Master Fund and Voss Value-Oriented Special Situations Fund, may be deemed the beneficial owner of the (i) 625,000 Shares beneficially owned by Voss Value Master Fund and (ii) 100,000 Shares beneficially owned by Voss Value-Oriented Special Situations Fund.
(iv) Voss Capital, as the investment manager of Voss Value Master Fund, Voss Value-Oriented Special Situations Fund and certain accounts managed by Voss Capital (the "Voss Managed Accounts"), may be deemed the beneficial owner of the (i) 625,000 Shares beneficially owned by Voss Value Master Fund, (ii) 100,000 Shares beneficially owned by Voss Value-Oriented Special Situations Fund and (iii) 2,385,000 Shares held in the Voss Managed Accounts.
(v) Mr. Cocke, as the managing member of each of Voss Capital and Voss GP, may be deemed the beneficial owner of the (i) 625,000 Shares owned by Voss Value Master Fund, (ii) 100,000 Shares beneficially owned by Voss Value-Oriented Special Situations Fund and (iii) 2,385,000 Shares held in the Voss Managed Accounts.
(b)
Percent of class:
The aggregate percentage of the Shares reported owned by each person named herein is based upon 40,581,077 Shares outstanding as of August 6, 2025, which is the total number of Shares outstanding as disclosed in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 8, 2025.
As of the close of business on September 30, 2025:
(i) Voss Value Master Fund may be deemed to beneficially own approximately 1.54% of the outstanding Shares;
(ii) Voss Value-Oriented Special Situations Fund may be deemed to beneficially own less than 1% of the outstanding Shares;
(iii) Voss GP may be deemed to beneficially own approximately 1.79% of the outstanding Shares;
(iv) Voss Capital may be deemed to beneficially own approximately 7.66% of the outstanding Shares (approximately 5.88% of the outstanding Shares are held in the Voss Managed Accounts); and
(v) Mr. Cocke may be deemed to beneficially own approximately 7.66% of the outstanding Shares.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See Cover Pages Items 5-9.
(ii) Shared power to vote or to direct the vote:
See Cover Pages Items 5-9.
(iii) Sole power to dispose or to direct the disposition of:
See Cover Pages Items 5-9.
(iv) Shared power to dispose or to direct the disposition of:
See Cover Pages Items 5-9.
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.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
See Exhibit 99.1 to the Schedule 13G filed by the Reporting Persons with the Securities and Exchange Commission on August 20, 2025.
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.
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:
11/14/2025
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
What stake in PAR (PAR) does Voss Capital report in this Schedule 13G/A?
The Voss Capital entities and Travis W. Cocke report beneficial ownership of 3,110,000 shares of PAR Technology common stock, representing about 7.66% of the outstanding shares.
Which investors are the reporting persons in the PAR (PAR) Schedule 13G/A?
The reporting persons are Voss Value Master Fund, L.P., Voss Value-Oriented Special Situations Fund, L.P., Voss Advisors GP, LLC, Voss Capital, L.P., and Travis W. Cocke.
How many PAR shares does each Voss fund beneficially own?
As of September 30, 2025, Voss Value Master Fund beneficially owned 625,000 shares, and Voss Value-Oriented Special Situations Fund beneficially owned 100,000 shares of PAR common stock.
What percentage of PAR (PAR) does Voss Capital, L.P. itself report owning?
Voss Capital, L.P. may be deemed to beneficially own approximately 7.66% of PAR’s outstanding shares, including about 5.88% held in Voss-managed accounts.
Is the Voss stake in PAR disclosed as passive or for control purposes?
The reporting persons certify that the PAR securities were not acquired and are not held for the purpose of changing or influencing control of the issuer, indicating a passive investment under Schedule 13G.
What share count did Voss use to calculate its ownership percentage in PAR?
The reported ownership percentages are based on 40,581,077 PAR shares outstanding as of August 6, 2025, as disclosed in PAR’s Form 10-Q filed on August 8, 2025.
Who ultimately controls the Voss positions in PAR (PAR)?
Travis W. Cocke, as managing member of Voss Capital and Voss Advisors GP, may be deemed the beneficial owner of the shares held by the Voss funds and managed accounts, totaling 3,110,000 shares.
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