Activist Forager Fund Escalates Campaign, Publicly Criticizes Board for Rejecting $4.80/Share Offer
RPAY sits 48% above its 52-week low of $2.3 on light trading volume (0.3× avg).
Summary
Activist investor Forager Fund, holding a 12.4% stake, has publicly criticized Repay Holdings' Board for rejecting its $4.80 per share all-cash acquisition proposal and questioned the Board's strategic direction, particularly regarding the KUBRA acquisition.
Key Events · Ownership and Investor Activity · RPAY
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Board Rejects Acquisition Offer
Repay Holdings' Board of Directors rejected Forager Fund's non-binding all-cash offer of $4.80 per share, stating it "significantly undervalued" the company and did not warrant a meeting.
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Activist Publicly Criticizes Board
Forager Fund issued a public letter to stockholders, criticizing the Board's decision and drawing parallels between the proposed KUBRA acquisition and the past, underperforming BillingTree acquisition.
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Call to Stockholders
Forager urged shareholders to communicate directly with the Board, advocating for their $4.80 per share offer over the Board's current strategy, which includes the KUBRA acquisition.
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Significant Premium Offered
The $4.80 per share offer represents a substantial premium of approximately 40.7% over the current stock price of $3.41.
Analysis · RPAY · Trade & Services
This filing marks a significant escalation in the activist campaign by Forager Fund, a 12.4% owner, against Repay Holdings' Board. The public disclosure of the Board's rejection of a premium all-cash offer, coupled with Forager's detailed criticism of the company's strategic direction and past acquisition failures, puts immense pressure on the Board. This development intensifies the ongoing corporate governance battle and could lead to further proxy contests or a re-evaluation of the company's strategic alternatives, including the recently announced KUBRA acquisition.
How filings like this one have moved
In the 30 days to Aug 25, 2026, 43.9% of the 999 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.15%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, RPAY was trading at $3.41 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $330.3M. The 52-week trading range was $2.30 to $6.06. This filing was assessed with neutral market sentiment and an importance score of 9 out of 10.