Schedule 13D Filing for PAR Technology Corp.

Voss Capital, LP, along with affiliated entities and Travis W. Cocke, has filed a Schedule 13D detailing their beneficial ownership of PAR Technology Corporation. As of March 4, 2026, they collectively own approximately 13.2% of the company's outstanding common stock, amounting to 5,426,600 shares. This ownership includes shares purchased through various funds and managed accounts, as well as exercisable call options. The Reporting Persons have been long-term investors and expressed concerns in an open letter dated March 4, 2026, about the perceived undervaluation of the company's stock by the public markets. They believe the company's strategic combination of first-party data and system of record, particularly in the enterprise restaurant and retail markets, is not adequately reflected in its current stock price. Consequently, they urged the Board of Directors to initiate a comprehensive strategic review to explore all alternatives for maximizing shareholder value, citing recent acquisitions of peer companies at higher valuations. The Reporting Persons reserve the right to adjust their position in the company based on market conditions and other factors.