Voss Capital and affiliated funds report a significant stake in PAR Technology. They collectively report beneficial ownership of 4,613,198 shares of PAR Technology Corp common stock, representing about 11.37% of the outstanding shares. The ownership is held through Voss Value Master Fund, Voss Value-Oriented Special Situations Fund, Voss Advisors GP, Voss Capital, and Travis W. Cocke, with Voss Capital and Mr. Cocke each deemed to beneficially own the full 11.37% stake. The percentage is based on 40,591,032 shares outstanding as of November 4, 2025, as disclosed in PAR Technology’s Form 10-Q. The reporting persons certify that the securities are not held for the purpose of changing or influencing control of PAR Technology, other than activities solely in connection with a nomination under Rule 14a-11.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
PAR TECHNOLOGY CORP
(Name of Issuer)
Common Stock, $0.02 par value
(Title of Class of Securities)
698884103
(CUSIP Number)
12/30/2025
(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
845,000.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
845,000.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
845,000.00
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)
2.08 %
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
145,000.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
145,000.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
145,000.00
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)
0.36 %
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
990,000.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
990,000.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
990,000.00
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)
2.44 %
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
3,758,198.00
6
Shared Voting Power
855,000.00
7
Sole Dispositive Power
3,758,198.00
8
Shared Dispositive Power
855,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,613,198.00
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)
11.37 %
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
3,758,198.00
6
Shared Voting Power
855,000.00
7
Sole Dispositive Power
3,758,198.00
8
Shared Dispositive Power
855,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,613,198.00
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)
11.37 %
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 date hereof:
(i) Voss Value Master Fund beneficially owned 845,000 shares of Common Stock, $0.02 par value, of the Issuer (the "Shares").
(ii) Voss Value-Oriented Special Situations Fund beneficially owned 145,000 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) 845,000 Shares beneficially owned by Voss Value Master Fund and (ii) 145,000 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) 845,000 Shares beneficially owned by Voss Value Master Fund, (ii) 145,000 Shares beneficially owned by Voss Value-Oriented Special Situations Fund and (iii) 3,623,198 Shares, including 9,300 Shares underlying certain call options which are currently exercisable, 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) 845,000 Shares owned by Voss Value Master Fund, (ii) 145,000 Shares beneficially owned by Voss Value-Oriented Special Situations Fund and (iii) 3,623,198 Shares, including 9,300 Shares underlying certain call options which are currently exercisable, 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 40,591,032 Shares outstanding as of November 4, 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 November 6, 2025.
As of the date hereof:
(i) Voss Value Master Fund may be deemed to beneficially own approximately 2.08% 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 2.44% of the outstanding Shares;
(iv) Voss Capital may be deemed to beneficially own approximately 11.37% of the outstanding Shares (approximately 8.93% of the outstanding Shares are held in the Voss Managed Accounts); and
(v) Mr. Cocke may be deemed to beneficially own approximately 11.37% 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.
Not Applicable
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:
01/07/2026
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
How many PAR (PAR Technology) shares does Voss Capital report owning?
The reporting group led by Voss Capital, L.P. reports beneficial ownership of 4,613,198 shares of PAR Technology Corp common stock.
What percentage of PAR Technology’s common stock does Voss Capital beneficially own?
Voss Capital and related reporting persons each may be deemed to beneficially own approximately 11.37% of PAR Technology’s outstanding common shares.
How is Voss Capital’s ownership in PAR (PAR Technology) structured?
Ownership is held through Voss Value Master Fund, L.P. (845,000 shares), Voss Value-Oriented Special Situations Fund, L.P. (145,000 shares), and Voss Managed Accounts holding 3,623,198 shares, including 9,300 shares underlying currently exercisable call options, with Voss Advisors GP, LLC and Travis W. Cocke deemed beneficial owners through their roles.
Is Voss Capital filing as an active or passive investor in PAR Technology?
The reporting persons certify that the PAR Technology securities were not acquired and are not held for the purpose of changing or influencing control of the issuer, other than activities solely in connection with a nomination under Rule 14a-11, indicating a primarily passive filing status under Schedule 13G.
What share count did Voss Capital use to calculate its 11.37% stake in PAR?
The reported ownership percentages are based on 40,591,032 PAR Technology common shares outstanding as of November 4, 2025, as disclosed in the company’s Form 10-Q filed on November 6, 2025.
Who is the individual associated with Voss Capital’s PAR Technology holdings?
Travis W. Cocke, as the managing member of Voss Capital, L.P. and Voss Advisors GP, LLC, may be deemed to beneficially own the same 4,613,198 shares, or approximately 11.37% of PAR Technology’s outstanding common stock.
