Forager Capital proposes to acquire Repay Holdings for $4.80 per share

Forager Capital Management, the largest shareholder of Repay Holding, with beneficial ownership of approximately 13% of the issued and outstanding shares, sent a letter to the Board of Directors of the Company, which details its $4.80 per share, all-cash proposal to acquire the Company. “I am writing to you on behalf of Forager Capital Management. We have followed Repay Holdings (RPAY) Corporation since its IPO, and we currently own approximately 13% of the issued and outstanding shares… We are pleased to propose acquiring 100% of the outstanding shares of Common Stock of the Company at a price of $4.80 per share in cash. The proposed $4.80 per share price represents a 75% premium to the Company’s 30-day volume-weighted average price of $2.75 and provides shareholders with certain cash value today. Given our ownership position and applicable disclosure obligations, we must publicly disclose this letter. We hope this will facilitate constructive discussions with the Board, with the goal of entering into a mutually agreeable transaction that is in the best interest of all shareholders… We have access to sufficient financing to complete the Transaction. The proposal is not subject to a financing condition. We propose that the Transaction be accomplished through a negotiated merger agreement. This proposal is subject only to customary conditions, including receipt of required regulatory approvals and the execution of a definitive merger agreement containing terms and conditions customary for a transaction of this type and size, including existing contractual arrangements… We strongly believe that our proposal is in the best interests of shareholders, and we believe that the Company’s employees, vendors, and customers will benefit from the significant growth opportunities we can provide. We look forward to working constructively with the Board to accomplish the proposed Transaction in the best interest of all shareholders.”