HAMDEN, Conn., April 23, 2026 (GLOBE NEWSWIRE) -- Bart C. Shuldman, former Chief Executive Officer of TransAct Technologies (NASDAQ: TACT) and a current shareholder owning approximately 93,500 shares, today issued the following open letter to the Board of Directors and fellow shareholders:
To the Board of Directors and Fellow Shareholders,
I write to you as the former Chief Executive Officer of TransAct Technologies (NASDAQ: TACT), where I served for 27 years, and as a current shareholder owning approximately 93,500 shares.
This is not the company we built.
For decades, TransAct’s strategy was clear: develop differentiated products and expand into new markets where our hardware solutions solved real customer problems. That focus drove growth, created shareholder value, and established TransAct as a leader in its field.
At the time of my departure on April 4, 2023, the Company had strong operational momentum. The first quarter had concluded, the business was performing well, and early traction from the BOHA! T2 platform—including engagement with major customers such as McDonald’s—reflected that progress. The Company’s shares were trading at levels materially higher than today.
Over the three years since, that momentum has not been sustained.
The Company has not, to my knowledge, meaningfully introduced new products, expanded into new markets, or announced significant new large-scale customer wins. The business today appears largely supported by relationships established prior to April 2023. During this same period, the Company’s share price has declined by more than 50% and has not recovered.
My perspective is informed not only by my prior role, but also by my continued position as a shareholder and my observation of the Company’s performance over the past three years.
The Company is now pursuing a strategy centered on expanding into software within the food service market—an area where, in my view, TransAct does not have a clear competitive advantage and where well-established, well-capitalized competitors are already entrenched, including platforms backed by Battery Ventures and Digi/Jolt, with scale, resources, and existing customer bases that may be difficult to displace. At the same time, the software landscape is evolving rapidly with the rise of artificial intelligence, which may lower barriers to entry and make differentiation increasingly difficult. This, in my view, increases the risk of committing significant capital to compete in an already crowded and highly competitive market.
I want to address my role in the Company’s initial efforts in food service software. During my tenure, we explored software to complement our hardware offerings. However, the COVID-19 pandemic forced the Company to retrench as customers in the food service sector scaled back operations. During that period, competitors continued to invest and expand, and the Company appears to have fallen behind in software.
Given this context, I do not believe that attempting to rebuild a meaningful position in software through significant capital investment is the right path forward.
In my view, TransAct’s strength remains its hardware—its ability to deliver high-quality, mission-critical solutions. The BOHA! T2 terminal is among the leading hardware platforms in the food service industry. The Company may be better served by focusing on this core competency and partnering with established software providers rather than attempting to compete directly.
This approach could allow TransAct to reduce execution risk, accelerate adoption, and better leverage its competitive advantages.
Prior to my departure, the Company engaged three investment banks to evaluate strategic alternatives. At that time, their analysis indicated that separating the business into two entities could unlock a combined value significantly higher than the Company’s current share price. That potential opportunity was not realized.
Today, the Company’s shares trade at a fraction of those levels, with limited analyst coverage and ongoing selling pressure.
There are also questions regarding Board composition and alignment with current shareholder interests. During my tenure, one director joined the Board in connection with an activist shareholder’s position at that time. As ownership has evolved, it may be appropriate to reassess whether current Board representation remains aligned with the interests of the broader shareholder base.
More broadly, the Company could benefit from directors with deeper industry experience and relationships in its core markets.
Shareholders should carefully evaluate whether the current Board composition best serves the Company’s future.
Finally, I want to be clear: this is not about my departure.
It has been three years. During that time, I have remained a shareholder and have observed the Company’s performance and strategic direction. After this extended period, I believe it is my responsibility to share my perspective.
This is about restoring focus, discipline, and shareholder value.
TransAct has valuable assets and a strong foundation. With the right strategy and execution, it has the potential to regain its position—but doing so will require a clear return to its core strengths.
Respectfully,
Bart C. Shuldman
Former Chief Executive Officer (27 years)
Concerned Shareholder
TransAct Technologies
bcshuldman@gmail.com
