Charles M. Gillman filed Amendment No. 4 to his Schedule 13D on TransAct Technologies Inc on November 10, 2026, disclosing a beneficial ownership stake of 521,841 shares and calling for a board overhaul and strategic review of the company's BOHA business.

Key Highlights

  • Beneficial ownership: Charles M. Gillman reports sole voting and dispositive power over 521,841 shares of TransAct Technologies common stock, representing 5.1% of the class.
  • Aggregate cost: The filing states the aggregate purchase price of the 521,841 shares is approximately $2,453,646, excluding brokerage commissions.
  • Share base: The 5.1% figure is calculated on 10,276,279 shares outstanding as of April 30, 2026, as reported in TransAct's quarterly filing dated May 13, 2026.
  • Board change demand: Gillman calls on the board to add "multiple new directors" with skills to explore strategic alternatives for the BOHA business and to appoint him as board chairman.
  • Special meeting consideration: The filing states Gillman believes every shareholder should "today consider whether it is advisable at this time to call a special meeting of shareholders for the purpose of electing additional members to the board."
  • IPO reference: According to the filing, TransAct completed its IPO on August 22, 1996 at $8.50 per share, and Gillman states the stock is "today trading at less than its IPO price" after adjusting for a 2004 stock split.
  • Source of funds: The filing identifies the source of funds as personal funds (code: PF).

Gillman's Position on TransAct's BOHA Business and Board Composition

According to the filing, Gillman is the Executive Managing Director of IDWR Office, based in Santa Monica, California. He has accumulated 521,841 shares of TransAct Technologies common stock (NASDAQ:TACT) through personal funds, spending approximately $2,453,646 in aggregate, excluding brokerage commissions. The filing states that the acquisitions "were not made for the purpose of acquiring control of the Issuer" and were made "in the ordinary course of business" for investment purposes.

The filing discloses that Gillman believes TransAct "is facing unique and very complicated challenges in its BOHA business" and that those challenges "require an immediate and urgent review of the BOHA business, including an exploration of strategic alternatives." Gillman states his view that "it is time to sell the BOHA! business" and that after what he describes as thirty years of delivering no appreciation to shareholders, "it is time for a dramatic change to the Board." The filing notes that Gillman previously urged the board to appoint Daniel M. Friedberg as chair in Amendment No. 3, and that "to Mr. Gillman's knowledge, the Board has not acted on any of these requests."

On board alignment, the filing states Gillman "believes, as a general principle of corporate governance, that directors who own a significant amount of a company's stock have the strongest incentive to increase its value." The filing also states Gillman believes he himself should be made board chairman, noting his view that Daniel Friedberg "effectively owns more stock in TransAct technologies than any other board member." All statements regarding strategy, governance, and stock performance are Gillman's own characterizations as reported in the filing and are subject to its cautionary language.

What Was Disclosed

Charles M. Gillman filed Amendment No. 4 to his Schedule 13D on TransAct Technologies Inc, disclosing 521,841 shares at 5.1% ownership, an aggregate cost of approximately $2,453,646, and demands for a strategic review of the BOHA business, new board directors, and his own appointment as board chairman.