Forager Fund L.P., together with related entities and individuals, disclosed purchases of Repay Holdings Corp common stock executed on April 1 and April 2, 2026. The two-day buying spree amounted to $2,408,383 in aggregate and was carried out at prices ranging from $2.42 to $2.60 per share.
On April 1, Forager Fund L.P. bought 488,391 shares at an average price of $2.54. The fund followed up on April 2 with an additional purchase of 461,609 shares at an average price of $2.53. After these acquisitions, Forager Fund, L.P. directly holds 100 shares of Class A common stock, while all other shares are directly held by the Fund, bringing its total holdings to 10,192,937 shares.
The reporting group listed on the filings includes Forager Fund, L.P., Forager Capital Management, LLC, Edward Urban Kissel, and Robert Symmes MacArthur. Forager Capital Management, LLC is identified as the general partner of Forager Fund, L.P. Messrs. Kissel and MacArthur, as principals of the general partner, are reported to share voting and dispositive power over the shares. Each reporting person disclaims beneficial ownership of the shares except to the extent of any pecuniary interest they may have.
Regulatory filings were adjusted after an earlier submission on April 3, 2026, to correct the characterization of the transactions. The amended filing clarifies the trades were acquisitions rather than dispositions.
These insider purchases come as Repay’s shares have declined 38% over the past six months and were trading at $3.01 at the time of the report, a level close to the company’s 52-week low of $2.30. Independent valuation analysis cited in the filing indicated a Fair Value of $3.88 for the stock and placed the company on a Most Undervalued list.
Separately, Repay Holdings Corporation announced a definitive agreement to acquire Kubra Data Transfer Ltd. for approximately $372 million in cash. The stated rationale for the purchase is to accelerate Repay’s positioning as a bill-payment utility, with an anticipated reach to more than 40% of U.S. and Canadian households on a monthly basis.
The transaction is planned to be funded through a combination of Repay’s cash on hand and debt financing. The company disclosed a debt commitment letter from Truist Bank that would provide a $500 million term loan and a $100 million undrawn revolving credit facility as part of the financing package.
Not all shareholders have endorsed the acquisition. Veradace Partners L.P., a holder of 8.4% of Repay’s Class A shares, expressed opposition to the deal in an open letter, urging the board to reconsider or abandon the transaction and proposing the addition of two shareholder representatives to the board.
Analyst responses were mixed in tone but centered on continued buy-side interest. D.A. Davidson reaffirmed a Buy rating and a $8.00 price target on Repay, while Benchmark also maintained a Buy rating with a $6.00 price target following the acquisition announcement.
Taken together, the recent insider purchases, the acquisition plan, the committed debt financing, and the public dispute with a significant shareholder reflect active and differing perspectives among Repay’s stakeholders as the company pursues a strategic acquisition while its stock trades near multi-quarter lows.