SCHEDULE 13G/A: Pacer Entities Divest Entire Stake in Par Pacific Holdings, Reporting Zero Beneficial Ownership

Pacer US Small Cap Cash Cows ETF, Pacer Advisors, Inc., and Joe M. Thomson have filed an amended Schedule 13G, indicating they no longer hold any beneficial ownership in Par Pacific Holdings, Inc.

Summary

• Pacer US Small Cap Cash Cows ETF, Pacer Advisors, Inc., and Joe M. Thomson (collectively, the "Reporting Persons") have filed an Amendment No. 1 to Schedule 13G regarding their beneficial ownership of Common Stock in Par Pacific Holdings, Inc.
• As of March 31, 2025, the Reporting Persons collectively hold 0.00 shares of Par Pacific Holdings, Inc. Common Stock, representing 0% of the class.
• This filing indicates a complete divestment of their previously held stake in the company.
• The percentage of class is calculated based on 55,265,421 shares of common stock issued and outstanding as of December 31, 2024, as reported by the Issuer.
• The Reporting Persons, including Pacer US Small Cap Cash Cows ETF (a Delaware statutory trust), Pacer Advisors, Inc. (a Pennsylvania corporation), and Joe M. Thomson (a United States citizen), have entered into a Joint Filing Agreement for this disclosure.

Sentiment

Score: 3

Explanation: The sentiment is slightly negative for Par Pacific Holdings, Inc. as a significant institutional investor has completely divested its stake, which could be perceived as a lack of confidence or a strategic shift away from the company.

Negatives

• The complete divestment of shares by Pacer US Small Cap Cash Cows ETF and its affiliates could be perceived negatively by the market, potentially signaling a lack of confidence or a strategic reallocation of capital away from Par Pacific Holdings, Inc.

Risks

• The market may react negatively to the news of a significant institutional investor completely divesting its stake, potentially leading to downward pressure on Par Pacific Holdings, Inc.'s share price.

Future Outlook

This document does not provide any forward-looking statements or guidance regarding Par Pacific Holdings, Inc.'s future performance or strategic outlook.

Management Comments

• "After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct." Joe M. Thomson, Chairman and President of Pacer US Small Cap Cash Cows ETF, and President of Pacer Advisors, Inc.

Industry Context

This filing is a standard regulatory disclosure of a change in beneficial ownership by an institutional investor. It reflects a portfolio management decision by the Pacer entities rather than a direct commentary on broader industry trends or competitive landscape for Par Pacific Holdings, Inc.

Stakeholder Impact

• Shareholders of Par Pacific Holdings, Inc. may react to the news of an institutional investor's complete divestment, potentially influencing trading behavior and stock price.

Key Dates

Keywords

SEC filing, Schedule 13G, beneficial ownership, Par Pacific Holdings, Pacer US Small Cap Cash Cows ETF, Pacer Advisors, Joe M. Thomson, common stock, divestment, institutional ownership