[SCHEDULE 13G] PAR Technology Corp. SEC Filing

Rhea-AI Filing Summary

PAR Technology received a Schedule 13G disclosing that investment vehicles and related parties associated with Voss hold a combined 2,394,334 shares of PAR common stock, representing approximately 5.9% of the outstanding shares based on the issuer's reported share count of 40,581,077. Individual holdings include Voss Value Master Fund: 500,000 shares, Voss Value-Oriented Special Situations Fund: 80,000 shares, and Voss GP: 580,000 shares. The filing states the holdings are not acquired to change or influence control of the issuer and discloses sole voting and dispositive power where applicable. The filing lists a joint filing agreement as Exhibit 99.1.

Positive

• Material disclosure of a >5% stake by Voss-related entities (2,394,334 shares, ~5.9%), meeting SEC transparency expectations
• Clear breakdown of sole voting and dispositive powers for each reporting person, improving governance visibility
• Certification that holdings are not intended to change or influence control, indicating a passive position

Negative

• None.

Insights

Financial Analyst

TL;DR: Voss-related entities hold a material minority stake (~5.9%), notable but not controlling.

The Voss group reports an aggregate 5.9% beneficial ownership, which crosses the common 5% disclosure threshold and can attract investor attention. The breakdown shows concentrated economic and voting power through Voss Capital and related funds, with clear sole voting and dispositive power reported for key lots. The filing expressly states the stake is not for control, reducing immediate governance concerns, but the holding is large enough to influence dialogue with management or board if the group chooses to engage.

Corporate Governance Expert

TL;DR: Disclosure is standard and shows centralized control of voting/dispositive rights within the Voss structure.

The Schedule 13G identifies multiple related reporting persons and details how ownership aggregates through GP and manager relationships. Because Voss GP and Mr. Cocke are reported as having voting/dispositive powers over the shares, this clarifies who could act on the position. The certification that the holdings are not for the purpose of changing control is typical for passive investors but should be monitored for any future Schedule 13D activity if engagement escalates.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

PAR TECHNOLOGY CORP

(Name of Issuer)

Common Stock, $0.02 par value

(Title of Class of Securities)

698884103

(CUSIP Number)

08/13/2025

(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 500,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 500,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

500,000.00

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)

1.2 %

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 80,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 80,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

80,000.00

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)

0.2 %

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 580,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 580,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

580,000.00

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)

1.4 %

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 2,281,834.00
6	Shared Voting Power 112,500.00
7	Sole Dispositive Power 2,281,834.00
8	Shared Dispositive Power 112,500.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,394,334.00

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)

5.9 %

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 2,281,834.00
6	Shared Voting Power 112,500.00
7	Sole Dispositive Power 2,281,834.00
8	Shared Dispositive Power 112,500.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,394,334.00

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)

5.9 %

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: 8383 SENECA TURNPIKE, NEW HARTFORD, NEW YORK 13413
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 500,000 shares of Common Stock, $0.02 par value, of the Issuer (the "Shares"). (ii) Voss Value-Oriented Special Situations Fund beneficially owned 80,000 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) 500,000 Shares beneficially owned by Voss Value Master Fund and (ii) 80,000 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) 500,000 Shares beneficially owned by Voss Value Master Fund, (ii) 80,000 Shares beneficially owned by Voss Value-Oriented Special Situations Fund and (iii) 1,814,334 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) 500,000 Shares owned by Voss Value Master Fund, (ii) 80,000 Shares beneficially owned by Voss Value-Oriented Special Situations Fund and (iii) 1,814,334 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 date hereof: (i) Voss Value Master Fund may be deemed to beneficially own approximately 1.2% 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 1.4% of the outstanding Shares; (iv) Voss Capital may be deemed to beneficially own approximately 5.9% of the outstanding Shares (approximately 4.5% of the outstanding Shares are held in the Voss Managed Accounts); and (v) Mr. Cocke may be deemed to beneficially own approximately 5.9% 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)(K), so indicate under Item 3(k) 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.
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:	08/20/2025

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
Date:	08/20/2025

Voss Advisors GP, LLC

Signature:	/s/ Travis W. Cocke
Name/Title:	Travis W. Cocke, Managing Member
Date:	08/20/2025

Voss Capital, LP

Signature:	/s/ Travis W. Cocke
Name/Title:	Travis W. Cocke, Managing Member
Date:	08/20/2025

Cocke Travis W.

Signature:	/s/ Travis W. Cocke
Name/Title:	Travis W. Cocke
Date:	08/20/2025

Exhibit Information

99.1 - Joint Filing Agreement

FAQ

How many PAR (PAR) shares do Voss-related entities report owning?

The filing reports an aggregate of 2,394,334 shares beneficially owned by Voss-related persons.

What percentage of PAR does the 2,394,334 shares represent?

The reported stake represents approximately 5.9% of PAR's outstanding shares based on the issuer's disclosed share count of 40,581,077.

Which Voss entities hold shares in PAR and how many?

Reported holders include Voss Value Master Fund: 500,000 shares, Voss Value-Oriented Special Situations Fund: 80,000 shares, and Voss GP: 580,000 shares, among others aggregated under Voss Capital.

Does the filing indicate an intent to change or influence control of PAR?

No. The certification states the securities were not acquired and are not held for the purpose of changing or influencing control of the issuer.

Who certifies and signs the Schedule 13G for these holdings?

The filing is signed by Travis W. Cocke in capacities for the reporting entities, as disclosed in the signature blocks.