# EDGAR Filing Document

**Accession Number:** 0001730145
**File Stem:** 0000921895-26-000616
**Filing Date:** 2026-3
**Character Count:** 31123
**Document Hash:** d19d41268e58dc0634c207f236daff64
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000921895-26-000616.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0000921895-26-000616

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20260304

**DATE AS OF CHANGE**: 20260304

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PAR TECHNOLOGY CORP
- **CENTRAL INDEX KEY:** 0000708821
- **STANDARD INDUSTRIAL CLASSIFICATION:** CALCULATING & ACCOUNTING MACHINES (NO ELECTRONIC COMPUTERS) [3578]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 161434688
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-34947
- **FILM NUMBER:** 26723748

**BUSINESS ADDRESS:**
- **STREET 1:** PAR TECHNOLOGY PARK
- **STREET 2:** 8383 SENECA TURNPIKE
- **CITY:** NEW HARTFORD
- **STATE:** NY
- **ZIP:** 13413
- **BUSINESS PHONE:** 3157380600

**MAIL ADDRESS:**
- **STREET 1:** 8383 SENECA TURNPIKE
- **CITY:** NEW HARTFORD
- **STATE:** NY
- **ZIP:** 13413
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Voss Capital, LP
- **CENTRAL INDEX KEY:** 0001730145

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**BUSINESS ADDRESS:**
- **STREET 1:** 3773 RICHMOND AVENUE
- **STREET 2:** SUITE 850
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046
- **BUSINESS PHONE:** 832-519-9427

**MAIL ADDRESS:**
- **STREET 1:** 3773 RICHMOND AVENUE
- **STREET 2:** SUITE 850
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Voss Capital, LLC
- **DATE OF NAME CHANGE:** 20200317

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Voss Capital LLC
- **DATE OF NAME CHANGE:** 20180201

## Ex-1

Exhibit 1

**<u>Transactions in the Securities of the Issuer During the Past Sixty Days</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Nature of the<u><br> Transaction</u> | &nbsp;&nbsp;Securities<br> <u>Purchased/(Sold)</u> | &nbsp;&nbsp;Price Per<br> <u>Security($)<sup>\*</sup></u> | &nbsp;&nbsp;<u>Price Range ($)</u> | &nbsp;&nbsp;Date of<br> <u>Purchase/Sale</u> |

---

**<u>VOSS VALUE-ORIENTED SPECIAL SITUATIONS FUND, LP</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Purchase of April 17, 2026 Call Option ($40.00 Strike Price)<sup>1</sup> | &nbsp;&nbsp;100 | &nbsp;&nbsp;1.0000 | &nbsp;&nbsp;- | &nbsp;&nbsp;01/28/2026 |

---

**<u>VOSS CAPITAL, LP<br> (Through Separately Managed Accounts)</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;8898 | &nbsp;&nbsp;35.8202 | &nbsp;&nbsp;- | &nbsp;&nbsp;01/05/2026 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;25000 | &nbsp;&nbsp;34.5603 | &nbsp;&nbsp;- | &nbsp;&nbsp;01/06/2026 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;41034 | &nbsp;&nbsp;39.1047 | &nbsp;&nbsp;- | &nbsp;&nbsp;01/14/2026 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;50068 | &nbsp;&nbsp;38.9341 | &nbsp;&nbsp;38.5582 - 39.3089 | &nbsp;&nbsp;01/15/2026 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;10000 | &nbsp;&nbsp;31.7142 | &nbsp;&nbsp;- | &nbsp;&nbsp;01/23/2026 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;85000 | &nbsp;&nbsp;28.5552 | &nbsp;&nbsp;28.0913 - 28.8786 | &nbsp;&nbsp;01/27/2026 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;90000 | &nbsp;&nbsp;29.6576 | &nbsp;&nbsp;29.5665 - 29.6915 | &nbsp;&nbsp;01/27/2026 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;2138 | &nbsp;&nbsp;26.2100 | &nbsp;&nbsp;- | &nbsp;&nbsp;01/30/2026 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;157862 | &nbsp;&nbsp;22.7556 | &nbsp;&nbsp;22.4856 - 23.3151 | &nbsp;&nbsp;02/03/2026 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;25000 | &nbsp;&nbsp;23.7243 | &nbsp;&nbsp;- | &nbsp;&nbsp;02/03/2026 |
| &nbsp;&nbsp;Purchase of April 17, 2026 Call Option ($35.00 Strike Price)<sup>1</sup> | &nbsp;&nbsp;250000 | &nbsp;&nbsp;0.5000 | &nbsp;&nbsp;- | &nbsp;&nbsp;02/03/2026 |
| &nbsp;&nbsp;Purchase of July 17, 2026 Call Option ($25.00 Strike Price)<sup>1</sup> | &nbsp;&nbsp;46400 | &nbsp;&nbsp;3.5000 | &nbsp;&nbsp;- | &nbsp;&nbsp;02/03/2026 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;50000 | &nbsp;&nbsp;22.1999 | &nbsp;&nbsp;22.1347 - 22.2650 | &nbsp;&nbsp;02/04/2026 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;15100 | &nbsp;&nbsp;23.2335 | &nbsp;&nbsp;- | &nbsp;&nbsp;02/04/2026 |

---

______________________________

<sup>\*</sup> The price reported in column <u>Price Per Security ($)</u> is a weighted average price if a price range is indicated in column <u>Price Range ($)</u>. These securities were sold in multiple transactions at prices between the corresponding price ranges in the applicable row. The Reporting Persons undertake to provide the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of securities sold at each separate price.

<sup>1</sup> Represents Shares underlying American-style call options purchased in the over the counter market.

## Exhibit 99.1

Exhibit 99.1

![](image_001.jpg)

March 4, 2026

To The PAR Board,

We are writing as long-term shareholders of PAR Technology Corporation ("PAR" or the "Company"), which beneficially own approximately 5.43 million shares, or 13.2% of the company, as of March 4<sup>th</sup>, 2026.

PAR's unique position at the intersection of first-party data (Punchh and Plexure) and the mission-critical system of record (POS) represents a powerful strategic combination. This data moat has only become more formidable with the recent advancements in AI, solidifying PAR's strategic advantages in the enterprise restaurant and retail markets. Our conviction in the long-term potential of the business remains unchanged; however, in our view, we have reached a point where the growing structural disconnect between PAR's intrinsic value and its public market valuation can no longer be ignored.

The public markets are severely penalizing software companies, especially those that prioritize long-term terminal value building over immediate cash flows. This valuation cliff has eroded PAR's primary advantage as a public entity: a strong equity currency for M&A. With the stock trading at these levels, the cost of capital makes accretive M&A nearly impossible (or at least, the perception of it, as you have already witnessed with the relatively small Bridg acquisition). Furthermore, we recognize that pivoting to "FCF maximization" as a strategy today could be detrimental to the Company's laser focus on customer success and therefore long-term dominance. PAR needs the flexibility to scale without a market that obsesses over quarter-to-quarter net new ARR or incremental margin fluctuations of a few hundred basis points.

Recent private equity and strategic acquisitions of peer companies in the restaurant technology space have occurred at valuations that reflect the true strategic worth of these platforms, at multiples that far exceed where PAR currently trades. We believe a robust appetite remains for high-quality, data-rich software platforms like PAR that sell to large enterprises.

To that end, we believe it's the Board's fiduciary responsibility to explore a full range of strategic alternatives through a thorough and deliberate process. Such a process would protect shareholders from the indiscriminate bludgeoning of the public software markets and provide a path to maximize shareholder value. We welcome the opportunity to discuss in more detail at your earliest convenience.

Sincerely,

**Voss Capital**

## Exhibit 99.2

Exhibit 99.2

**<u>JOINT FILING AGREEMENT</u>**

In accordance with Rule 13d-1(k)(1)(iii) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a Statement on Schedule 13D (including additional amendments thereto) with respect to the shares of Common Stock, $0.02 par value, of PAR Technology Corporation. This Joint Filing Agreement shall be filed as an Exhibit to such Statement.

---

| | |
|:---|:---|
| Voss Value Master Fund, LP | Voss Value Master Fund, LP |
| By: | /s/ Travis W. Cocke |
|  | Travis W. Cocke, Managing Member of Voss Advisors GP, LLC, its General Partner |
| Date: | 03/04/2026 |

---

---

| | |
|:---|:---|
| Voss Value-Oriented Special Situations Fund, LP | Voss Value-Oriented Special Situations Fund, LP |
| By: | /s/ Travis W. Cocke |
|  | Travis W. Cocke, Managing Member of Voss Advisors GP, LLC, its General Partner |
| Date: | 03/04/2026 |

---

---

| | |
|:---|:---|
| Voss Advisors GP, LLC | Voss Advisors GP, LLC |
| By: | /s/ Travis W. Cocke |
|  | Travis W. Cocke, Managing Member |
| Date: | 03/04/2026 |

---

---

| | |
|:---|:---|
| Voss Capital, LP | Voss Capital, LP |
| By: | /s/ Travis W. Cocke |
|  | Travis W. Cocke, Managing Member |
| Date: | 03/04/2026 |

---

---

| | |
|:---|:---|
| Cocke Travis W. | Cocke Travis W. |
| By: | /s/ Travis W. Cocke |
|  | Travis W. Cocke |
| Date: | 03/04/2026 |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### 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)*

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

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

**03/04/2026**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **698884103** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Voss Value Master Fund, LP** | Name of reporting person<br>**Voss Value Master Fund, LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**845000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**845000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**845000.00** | Aggregate amount beneficially owned by each reporting person<br>**845000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**2.1%** | Percent of class represented by amount in Row (11)<br>**2.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **698884103** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Voss Value-Oriented Special Situations Fund, LP** | Name of reporting person<br>**Voss Value-Oriented Special Situations Fund, LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**TEXAS** | Citizenship or place of organization<br>**TEXAS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**145100.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**145100.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**145100.00** | Aggregate amount beneficially owned by each reporting person<br>**145100.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.4%** | Percent of class represented by amount in Row (11)<br>**0.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **698884103** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Voss Advisors GP, LLC** | Name of reporting person<br>**Voss Advisors GP, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**TEXAS** | Citizenship or place of organization<br>**TEXAS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**990100.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**990100.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**990100.00** | Aggregate amount beneficially owned by each reporting person<br>**990100.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**2.4%** | Percent of class represented by amount in Row (11)<br>**2.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **698884103** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Voss Capital, LP** | Name of reporting person<br>**Voss Capital, LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**TEXAS** | Citizenship or place of organization<br>**TEXAS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**4451600.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**975000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**4451600.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**975000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**5426600.00** | Aggregate amount beneficially owned by each reporting person<br>**5426600.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**13.2%** | Percent of class represented by amount in Row (11)<br>**13.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **698884103** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Cocke Travis W.** | Name of reporting person<br>**Cocke Travis W.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**4451600.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**975000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**4451600.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**975000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**5426600.00** | Aggregate amount beneficially owned by each reporting person<br>**5426600.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**13.2%** | Percent of class represented by amount in Row (11)<br>**13.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**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, NY, 13413

**Item 4. Purpose of Transaction**

The Reporting Persons have been long-term investors in the Issuer, having held a position in the Issuer since late 2023. The Reporting Persons purchased the Shares based on the Reporting Persons' belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting Persons may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or sale of Shares on the open market or in private transactions including through a trading plan created under Rule 10b5-1(c) or otherwise, on such terms and at such times as the Reporting Persons may deem advisable.

On March 4, 2026, the Reporting Persons issued an open letter (the "March 4th Letter") to the Issuer's board of directors (the "Board"). In the March 4th Letter, the Reporting Persons expressed their strong belief in the Issuer's powerful strategic combination of first-party data and system of record, particularly in the enterprise restaurant and retail markets. Yet, as the Reporting Persons note in the March 4th Letter, the public markets appear to penalize software companies that prioritize long-term terminal value building over immediate cash flows, which they believe has led to a growing disconnect between the Issuer's intrinsic value and its public stock price. The Reporting Persons urged the Board to immediately launch a fulsome strategic review process to explore all available alternatives to maximize shareholder value, especially in light of recent private equity and strategic acquisitions of peer companies in the restaurant technology space at valuations that they believe reflect the true strategic worth of those platforms. The foregoing summary of the March 4th Letter does not purport to be complete and is qualified in its entirety by reference to the full text of the March 4th Letter, which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

No Reporting Person has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions discussed herein. The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending on various factors including, without limitation, the Issuer's financial position and investment strategy, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, engaging in additional communications with management and the Board of the Issuer, engaging in discussions with stockholders of the Issuer or third parties, including potential acquirers and service providers about the Issuer and the Reporting Persons' investment, making proposals to the Issuer concerning changes to the capital allocation strategy, capitalization, ownership structure, including a sale of the Issuer as a whole or in parts, Board structure (including Board composition) or operations of the Issuer, purchasing additional Shares, selling some or all of their Shares, engaging in short selling of or any hedging or similar transaction with respect to the Shares, or changing their intention with respect to any and all matters referred to in Item 4.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The aggregate percentage of Shares reported owned by each person named herein is based upon 41,152,632 Shares outstanding, as of February 24, 2026, which is the total number of Shares outstanding as reported in the Issuer's Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 26, 2026.

A. Voss Value Master Fund
As of the date hereof, Voss Value Master Fund beneficially owned 845,000 Shares. Percentage: Approximately 2.1%

B. Voss Value-Oriented Special Situations Fund
As of the date hereof, Voss Value-Oriented Special Situations Fund beneficially owned 145,100 Shares, including 100 Shares underlying certain call options that are currently exercisable. 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) 845,000 Shares owned by Voss Value Master Fund and (ii) 145,100 Shares owned by Voss Value-Oriented Special Situations Fund. Percentage: Approximately 2.4%

D. Voss Capital
As of the date hereof, 4,436,500 Shares were held in the Voss Managed Accounts, including 296,400 Shares underlying certain call options which are currently exercisable. 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) 845,000 Shares beneficially owned by Voss Value Master Fund and (ii) 145,100 Shares beneficially owned by Voss Value-Oriented Special Situations Fund. Percentage: Approximately 13.2%

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) 845,000 Shares owned by Voss Value Master Fund, (ii) 145,100 Shares owned by Voss Value-Oriented Special Situations Fund and (iii) 4,436,500 Shares held in the Voss Managed Accounts. Percentage: Approximately 13.2%

**(b)**
A. Voss Value Master Fund
1. Sole power to vote or direct vote: 845,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 845,000
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: 145,100
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 145,100
4. Shared power to dispose or direct the disposition: 0

C. Voss GP
1. Sole power to vote or direct vote: 990,100
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 990,100
4. Shared power to dispose or direct the disposition: 0

D. Voss Capital
1. Sole power to vote or direct vote: 4,451,600
2. Shared power to vote or direct vote: 975,000
3. Sole power to dispose or direct the disposition: 4,451,600
4. Shared power to dispose or direct the disposition: 975,000

E. Mr. Cocke
1. Sole power to vote or direct vote: 4,451,600
2. Shared power to vote or direct vote: 975,000
3. Sole power to dispose or direct the disposition: 4,451,600
4. Shared power to dispose or direct the disposition: 975,000

**(c)**
A. Voss Value Master Fund
Voss Value Master Fund has not entered into any transactions in the Shares during the past sixty days.

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 on behalf of 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 Capital through the Voss Managed Accounts and on behalf of Voss Value-Oriented Special Situations Fund 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 on behalf of Voss Value-Oriented Special Situations Fund and through the Voss Managed Accounts during the past sixty days are set forth in Exhibit 1 and are incorporated herein by reference.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Voss Value-Oriented Special Situations Fund has purchased exchange-listed call options referencing an aggregate of 100 Shares, which have an exercise price of $40 per Share and an expiration date of April 17, 2026.

Voss Capital through the Voss Managed Accounts has purchased exchange-listed call options referencing an aggregate of 250,000 Shares, which have an exercise price of $35 per Share and an expiration date of April 17, 2026.

Voss Capital through the Voss Managed Accounts has purchased exchange-listed call options referencing an aggregate of 46,400 Shares, which have an exercise price of $25 per Share and an expiration date of July 17, 2026.

On March 4, 2026, the Reporting Persons entered into a Joint Filing Agreement in which the Reporting Persons agreed to the joint filing on behalf of each of them of statements on Schedule 13D with respect to the securities of the Issuer to the extent required by applicable law. The Joint Filing Agreement is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

Other than as described herein, there are no contracts, arrangements, understandings or relationships among the Reporting Persons, or between the Reporting Persons and any other person, with respect to the securities of the Issuer.

### 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.

**Reporting Person:** 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:** 03/04/2026

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.

**Reporting Person:** 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:** 03/04/2026

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.

**Reporting Person:** Voss Advisors GP, LLC

**Signature:** /s/ Travis W. Cocke

**Name/Title:** Travis W. Cocke, Managing Member

**Date:** 03/04/2026

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.

**Reporting Person:** Voss Capital, LP

**Signature:** /s/ Travis W. Cocke

**Name/Title:** Travis W. Cocke, Managing Member

**Date:** 03/04/2026

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.

**Reporting Person:** Cocke Travis W.

**Signature:** /s/ Travis W. Cocke

**Name/Title:** Travis W. Cocke

**Date:** 03/04/2026