<SEC-DOCUMENT>0001140361-18-040311.txt : 20181009
<SEC-HEADER>0001140361-18-040311.hdr.sgml : 20181009
<ACCEPTANCE-DATETIME>20181009161846
ACCESSION NUMBER:		0001140361-18-040311
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20181002
ITEM INFORMATION:		Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20181009
DATE AS OF CHANGE:		20181009

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			USA TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0000896429
		STANDARD INDUSTRIAL CLASSIFICATION:	CALCULATING & ACCOUNTING MACHINES (NO ELECTRONIC COMPUTERS) [3578]
		IRS NUMBER:				232679963
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33365
		FILM NUMBER:		181113874

	BUSINESS ADDRESS:	
		STREET 1:		100 DEERFIELD LANE
		STREET 2:		SUITE 300
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355
		BUSINESS PHONE:		6109890340

	MAIL ADDRESS:	
		STREET 1:		100 DEERFIELD LANE
		STREET 2:		SUITE 300
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	USA ENTERTAINMENT CENTER INC
		DATE OF NAME CHANGE:	19931029
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
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<DESCRIPTION>8-K
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      <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 14pt;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; font-size: 12pt;"><font style="font-family: &quot;Times New Roman&quot;;">Washington, D.C. 20549</font></div>
      <div><br>
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      <div style="text-align: center; font-size: 18pt;"><font style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">FORM 8-K</font></div>
      <div><br>
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      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Current Report Pursuant to Section 13 or 15(d) of</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Securities Exchange Act of 1934</font></div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Date of report (Date of earliest event reported): October 2, 2018</font></div>
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      <div style="text-align: center; font-size: 24pt;"><font style="font-family: &quot;Times New Roman&quot;;"><font style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">USA TECHNOLOGIES, INC</font>.</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(Exact name of registrant as specified in its charter)</font></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">001-33365</font></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">232679963</font></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(State or other jurisdiction of incorporation or organization)</font></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(Commission File Number)</font></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(I.R.S. Employer Identification No.)</font></div>
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      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">100 Deerfield Lane, Suite 300</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Malvern, Pennsylvania 19355</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(Address of principal executive offices and zip code)</font></div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Registrant&#8217;s telephone number, including area code: 610-989-0340</font></div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">n/a</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Former name or former address, if changed since last report</font></div>
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
          following provisions:</font></div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> </font><br>
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                        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
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                <div style="text-align: left; text-indent: -36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
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                <div style="text-align: left; text-indent: -36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
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                <div style="text-align: left; text-indent: -36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this
          chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
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      <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Emerging growth company&#160; &#9744;</font></div>
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new
          or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&#160; <font style="font-size: 10pt; font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></font></div>
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                <td style="width: 63pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Item 3.01</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing</font></div>
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">On October 2, 2018, USA Technologies, Inc. (the &#8220;Company&#8221;) received a notice (the &#8220;Notice&#8221;) from The Nasdaq Stock Market LLC (&#8220;Nasdaq&#8221;) stating that
          because the Company had not yet filed its Annual Report on Form 10-K for the fiscal year ended June 30, 2018 (the &#8220;Form 10-K&#8221;), the Company is no longer in compliance with Nasdaq Listing Rule 5250(c)(1). Nasdaq Listing Rule 5250(c)(1) requires
          listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Notice states that the Company has until November 1, 2018 to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rules. The Company
          will submit a plan to regain compliance within the time period set forth in the Notice. If Nasdaq accepts the Company&#8217;s plan, then Nasdaq may grant the Company up to 180 days from the prescribed due date, or until March 12, 2019, to regain
          compliance. If Nasdaq does not accept the Company&#8217;s plan, then the Company will have the opportunity to appeal that decision to a Nasdaq Hearings Panel.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">On October 8, 2018, the Company issued a press release announcing its receipt of the Notice. A copy of the press release is attached as Exhibit 99.1 and
          is incorporated herein by reference.</font></div>
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                <td style="width: 63pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Item 9.01.</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Financial Statements and Exhibits</font></div>
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              <div style="text-align: justify;"><a href="ex99_1.htm"><font style="font-size: 10pt; font-family: 'Times New Roman';">Exhibit 99.1</font></a></div>
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              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Press Release of the Company dated October 8, 2018</font></div>
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          <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">SIGNATURES</font></div>
        </div>
      </div>
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    <div><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
      </font>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Pursuant to the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly
          authorized.</font></div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">USA TECHNOLOGIES, INC.</font></div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Dated: October 9, 2018</font></div>
          </td>
          <td style="vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">By:<font style="font-size: 10pt; font-family: 'Times New Roman';"></font></font></div>
          </td>
          <td style="vertical-align: top;"><u><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">/s/ Stephen P. Herbert</font></font></u></td>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
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            <div style="text-align: left;"><br>
            </div>
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          <td style="width: 47%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Stephen P. Herbert,</font></div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: left;"><br>
            </div>
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          <td style="width: 47%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Chairman and Chief Executive Officer</font></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <div style="text-align: right;"><font style="font-weight: bold;"> Exhibit 99.1</font><br>
    </div>
    <div> <br>
    </div>
    <div>
      <div>
        <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold;">USA Technologies, Inc. Announces Receipt of Nasdaq Notice</div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">MALVERN, Pa.,</font> October 8, 2018<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"> -- </font>USA Technologies, Inc. (NASDAQ: USAT) (the &#8220;Company&#8221;), a premier digital payment, consumer engagement and logistics service provider for the
            self-service retail market, today announced that it has received a notice from&#160; The NASDAQ Stock Market LLC (&#8220;Nasdaq&#8221;) notifying the Company that, as a result of its failure to timely file its Annual Report on Form 10-K for the fiscal year
            ended June&#160; 30, 2018 (the &#8220;Annual Report&#8221;), the Company is noncompliant with&#160; Nasdaq Listing Rule 5250(c)(1). Nasdaq Listing Rule 5250(c)(1) requires listed companies to timely file all required periodic financial reports with the Securities
            and Exchange Commission.</font></div>
        <div><br>
        </div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The notice provides that the Company has until November 1, 2018 to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rules.
            If Nasdaq accepts the Company&#8217;s plan, Nasdaq has discretion to grant up to 180 calendar days from the original non-compliance date, or until March 12, 2019, for the Company to regain compliance. The Company will submit a plan to regain
            compliance within the time period set forth in the notice. If Nasdaq does not accept the Company&#8217;s plan, the Company will have the opportunity to appeal that decision to Nasdaq&#8217;s Hearing Panel.</font></div>
        <div><br>
        </div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The notification of noncompliance has no immediate effect on the listing or trading of the Company&#8217;s common stock or preferred stock, and the
            common stock and preferred stock will continue to trade on the Nasdaq Global Market under the symbols &#8220;USAT&#8221; and &#8220;USATP&#8221;, respectively.</font></div>
        <div><br>
        </div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">As previously announced and as reported by the Company in its Form 12b-25 filed with the Securities and Exchange Commission, the Company was
            unable to file its Annual Report within the prescribed time period due to an internal investigation being conducted by the Audit Committee of the Company&#8217;s Board of Directors into certain of the Company&#8217;s contractual arrangements, including the
            accounting treatment, financial reporting and internal controls related to such arrangements. The investigation remains ongoing and, as such, the Company was not in a position to file the Annual Report within the 15 calendar day extension
            provided by the 12b-25 filing. The Audit Committee is working closely with its independent advisors to complete its investigation in as timely a manner as possible. The Company will not be in a position to file the Annual Report until the Audit
            Committee completes its investigation and the Company and its independent auditor assess the results of that investigation.</font></div>
        <div><br>
        </div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">About USA Technologies, Inc.</font></div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">USA Technologies, Inc. is a premier payment technology service provider of integrated cashless and mobile transactions in the self-service
            retail market. The company also provides a broad line of cashless acceptance technologies including its NFC-ready ePort&#174; G-series, ePort Mobile&#174; for customers on the go, ePort&#174; Interactive, and QuickConnect, an API Web service for developers.
            Through its recent acquisition of Cantaloupe Systems, Inc. ("Cantaloupe"), the company also offers logistics, dynamic route scheduling, automated pre-kitting, responsive merchandising, inventory management, warehouse and accounting management
            solutions. Cantaloupe is a premier provider of cloud and mobile solutions for vending, micro markets, and office coffee services.</font></div>
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        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Forward-looking Statements:</font></div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8220;Safe Harbor&#8221; Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in
            this release are forward-looking statements. When used in this release, words such as &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; and similar expressions, as they relate to the Company or its management, identify forward looking
            statements. Such forward-looking statements are based on the beliefs of the Company&#8217;s management, as well as assumptions made by and information currently available to the Company&#8217;s management. Actual results could differ materially from those
            contemplated by the forward-looking statements as a result of certain factors, including but not limited to, uncertainty as to the scope, timing&#160; and ultimate findings of the internal&#160; investigation; the costs and expenses relating thereto; the
            impact of the internal investigation on the Company, its management and operations, including potential&#160; financial impact on the Company; the risk of&#160; litigation or regulatory action arising from the internal investigation and its findings or
            from the failure to timely file the Annual Report; the ability of the Company to regain and maintain compliance with Nasdaq&#8217;s continued listing requirements; the timing of the review by, and the conclusions of, the Company&#8217;s independent auditor
            regarding the investigation and its impact on the financial statements; possible default by the Company under its credit facility; the potential identification of control deficiencies, including potential material weaknesses in internal control
            over financial reporting and the impact of the same; potential reputational damage that the Company may suffer as a result of the matters under investigation; and the impact of the pendency of the investigation on the value of the Company&#8217;s
            common and preferred stock. Readers are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement made by us speaks only as of the date of this release. Unless required by law, the Company does not
            undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.</font></div>
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        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">MEDIA CONTACT:</font></div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Media:</font></div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Joele Frank, Wilkinson Brimmer Katcher</font></div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Tim Lynch / Meaghan Repko</font></div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">212-355-4449</font></div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">or</font></div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Investors:</font></div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Blueshirt Group</font></div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Monica Gould, +1 212-871-3927</font></div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">monica@blueshirtgroup.com</font></div>
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