Overview of the purchases
Forager Fund L.P., together with related entities and principals, reported a sequence of purchases of Repay Holdings Corp (NASDAQ: RPAY) Class A Common Stock totaling $2,304,426, per a Form 4/A filed with the Securities and Exchange Commission. The transactions took place over three days: April 7, April 8 and April 9, 2026.
Transaction details
- April 7, 2026 - 350,000 shares acquired at a weighted average price of $2.42, with individual trade prices between $2.315 and $2.45.
- April 8, 2026 - 484,720 shares acquired at a weighted average price of $2.57, with trade prices ranging from $2.505 to $2.60.
- April 9, 2026 - 78,991 shares acquired at a weighted average price of $2.68, with prices ranging from $2.645 to $2.76.
Share count after transactions
The filing shows Forager Fund, L.P. directly holds 10,542,937 shares, 11,027,657 shares and 11,106,648 shares, respectively, reflecting the position after each of the three transactions.
Signatories
The ownership document attached to the filing was signed by Robert MacArthur on behalf of Forager Capital Management, LLC, and by Edward Kissel.
Market context
These purchases occurred while Repay's shares have declined approximately 38% over the prior six months and were trading close to a 52-week low of $2.30. The stock is reported trading at $3.01 with a market capitalization of $270 million.
Corporate transaction backdrop
Separately, Repay Holdings Corporation announced a definitive agreement to acquire Kubra Data Transfer Ltd. for roughly $372 million in cash. The company plans to finance the transaction with cash on hand and debt financing. Truist Bank is named as the provider of a $500 million term loan and a $100 million undrawn revolving credit facility to support the financing plan.
Shareholder and analyst reactions
Despite the announced acquisition, Veradace Partners L.P., a shareholder holding 8.4% of Repay’s Class A shares, has urged the company to abandon the deal. In an open letter directed to Repay’s independent board members, Veradace Partners recommended that the company also add two shareholder representatives to the board and noted limited engagement with the board since December 2025.
Analyst firms D.A. Davidson and Benchmark have each reiterated Buy ratings on Repay Holdings, assigning price targets of $8.00 and $6.00, respectively. Both firms continue to support the acquisition despite investor pushback.
Why it matters
The reported purchases by Forager and the surrounding financing and shareholder dynamics are central to the near-term narrative around Repay as it executes a sizable acquisition and manages activist shareholder concerns. The filings, financing commitments and public statements from investors and analysts collectively shape the information available to market participants considering the stock and the transaction.
Note: All facts, figures and dates in this report are drawn from the referenced Form 4/A filing, company announcements and investor communications disclosed in the public record.