<SEC-DOCUMENT>0000914121-19-002750.txt : 20191016
<SEC-HEADER>0000914121-19-002750.hdr.sgml : 20191016
<ACCEPTANCE-DATETIME>20191016170700
ACCESSION NUMBER:		0000914121-19-002750
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20191016
DATE AS OF CHANGE:		20191016
GROUP MEMBERS:		DOUGLAS L. BRAUNSTEIN
GROUP MEMBERS:		HEC MANAGEMENT GP LLC

SUBJECT COMPANY:	

	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:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-79579
		FILM NUMBER:		191153341

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Hudson Executive Capital LP
		CENTRAL INDEX KEY:			0001652522
		IRS NUMBER:				472878186
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		570 LEXINGTON AVENUE, 35TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		(212) 521-8495

	MAIL ADDRESS:	
		STREET 1:		570 LEXINGTON AVENUE, 35TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>he54164215-sc13da3.htm
<DESCRIPTION>SCHEDULE 13D (AMENDMENT NO. 3 )
<TEXT>
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    <div style="text-align: center; color: #000000; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; color: #000000; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; color: #000000; font-weight: bold;">Washington, D.C. 20549</div>
    <div style="text-align: center; color: #000000; font-weight: bold;">SCHEDULE 13D</div>
    <div style="text-align: center; color: #000000; font-weight: bold;">Under the Securities Exchange Act of 1934</div>
    <div style="text-align: center; color: #000000; font-weight: bold;">(Amendment No. 3)</div>
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            <div style="text-align: center; color: #000000; font-weight: bold;">USA Technologies, Inc.</div>
          </td>
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          <td style="width: 100%; vertical-align: top; background-color: #FEFEFE;">
            <div style="text-align: center; color: #000000;">(Name of Issuer)</div>
          </td>
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          <td style="width: 100%; vertical-align: top; background-color: #FEFEFE;">&#160;</td>
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          <td style="width: 100%; vertical-align: top; background-color: #FEFEFE; border-bottom: #000000 1px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Common Stock, no par value</div>
          </td>
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          <td style="width: 100%; vertical-align: top; background-color: #FEFEFE;">
            <div style="text-align: center; color: #000000;">(Title of Class of Securities)</div>
          </td>
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          <td style="width: 100%; vertical-align: top; background-color: #FEFEFE;">&#160;</td>
        </tr>
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          <td style="width: 100%; vertical-align: top; background-color: #FEFEFE; border-bottom: #000000 1px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">90328S500</div>
          </td>
        </tr>
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          <td style="width: 100%; vertical-align: top; background-color: #FEFEFE;">
            <div style="text-align: center; color: #000000;">(CUSIP Number)</div>
          </td>
        </tr>
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          <td style="width: 100%; vertical-align: top; background-color: #FEFEFE;">&#160;</td>
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    </table>
    <div style="text-align: center; color: #000000;">Michael D. Pinnisi</div>
    <div style="text-align: center; color: #000000;">Hudson Executive Capital LP</div>
    <div style="text-align: center; color: #000000;">570 Lexington Avenue, 35<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor</div>
    <div style="text-align: center; color: #000000;">New York, NY 10022</div>
    <div style="text-align: center; color: #000000;">(212) 521-8495</div>
    <div style="text-align: center; color: #000000;">with a copy to:</div>
    <div style="text-align: center; color: #000000;">Richard M. Brand</div>
    <div style="text-align: center; color: #000000;">Cadwalader, Wickersham &amp; Taft LLP</div>
    <div style="text-align: center; color: #000000;">200 Liberty Street</div>
    <div style="text-align: center; color: #000000;">New York, NY 10281</div>
    <div style="text-align: center; color: #000000;">(212) 504-6000</div>
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            <div style="text-align: center; color: #000000;">(Name, Address and Telephone Number of Person</div>
          </td>
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          <td style="width: 100%; vertical-align: middle; background-color: #FEFEFE;">
            <div style="text-align: center; color: #000000;">Authorized to Receive Notices and Communications)</div>
          </td>
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          <td style="width: 100%; vertical-align: middle; background-color: #FEFEFE;">&#160;</td>
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          <td style="width: 100%; vertical-align: middle; background-color: #FEFEFE; border-bottom: #000000 1px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">October 14, 2019</div>
          </td>
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          <td style="width: 100%; vertical-align: middle; background-color: #FEFEFE;">
            <div style="text-align: center; color: #000000;">(Date of Event Which Requires Filing of This Statement)</div>
          </td>
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          <td style="width: 100%; vertical-align: middle; background-color: #FEFEFE;">&#160;</td>
        </tr>

    </table>
    <div style="color: #000000;">
      <div style="color: #000000;">If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of &#167;&#167;240.13d-1(e), 240.13d-1(f) or
        240.13d-1(g), check the following box. <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
    </div>
    <div style="color: #000000;">
      <div style="color: #000000;">Note:&#160; Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.&#160; See Rule.13d-7 for other parties to whom copies are to be sent.</div>
    </div>
    <div style="color: #000000;">*The remainder of this cover page shall be filled out for a reporting person&#8217;s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would
      alter the disclosures provided in a prior cover page.</div>
    <div style="color: #000000;">
      <div style="color: #000000;">The information required in the remainder of this cover page shall not be deemed to be &#8220;filed&#8221; for the purpose of Section 18 of the Securities Exchange Act of 1934 (the &#8220;Act&#8221;) or otherwise subject to the liabilities of
        that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).</div>
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          <td colspan="4" style="width: 42.06%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="color: #000000; font-weight: bold;">CUSIP No. 90328S500</div>
          </td>
          <td style="width: 18.25%; vertical-align: top; background-color: #FEFEFE; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: center; color: #000000; font-weight: bold;">SCHEDULE 13D</div>
          </td>
          <td colspan="2" style="width: 39.68%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; color: #000000; font-weight: bold;">Page 2 of 7 Pages</div>
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          <td style="width: 18.25%; vertical-align: top; background-color: #FEFEFE; border-bottom: #000000 1px solid;">&#160;</td>
          <td colspan="2" style="width: 39.68%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">&#160;</td>
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            <div style="color: #000000; font-weight: bold;">1</div>
          </td>
          <td colspan="5" style="width: 71.7%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">NAMES OF REPORTING PERSON<br>
              Hudson Executive Capital LP</div>
          </td>
          <td style="width: 18.95%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">&#160;</td>
        </tr>
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          <td style="width: 9.36%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">2</div>
          </td>
          <td colspan="5" style="width: 71.7%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</div>
          </td>
          <td style="width: 18.95%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">(a) <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font>(b) <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
          </td>
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          <td style="width: 9.36%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">3</div>
          </td>
          <td colspan="6" style="width: 90.64%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">SEC USE ONLY</div>
          </td>
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          <td style="width: 9.36%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">4</div>
          </td>
          <td colspan="6" style="width: 90.64%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">SOURCE OF FUNDS</div>
            <div style="color: #000000;">OO</div>
          </td>
        </tr>
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          <td style="width: 9.36%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">5</div>
          </td>
          <td colspan="5" style="width: 71.7%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">CHECK IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO<br>
              ITEMS 2(d) or 2(e)</div>
          </td>
          <td style="width: 18.95%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.36%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">6</div>
          </td>
          <td colspan="5" style="width: 71.7%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
            <div style="color: #000000;">Delaware</div>
          </td>
          <td style="width: 18.95%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" rowspan="4" style="width: 20.78%; vertical-align: middle; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">NUMBER OF </div>
            <div style="color: #000000;">SHARES </div>
            <div style="color: #000000;">BENEFICIALLY </div>
            <div style="color: #000000;">OWNED BY EACH </div>
            <div style="color: #000000;">REPORTING </div>
            <div style="color: #000000;">PERSON WITH</div>
          </td>
          <td style="width: 10.63%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">7</div>
          </td>
          <td colspan="4" style="width: 68.58%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">SOLE VOTING POWER</div>
            <div style="color: #000000;">0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.43%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">8</div>
          </td>
          <td colspan="4" style="width: 60.27%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">SHARED VOTING POWER</div>
            <div style="color: #000000;">10,385,172</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.43%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">9</div>
          </td>
          <td colspan="4" style="width: 60.27%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">SOLE DISPOSITIVE POWER</div>
            <div style="color: #000000;">0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.43%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">10</div>
          </td>
          <td colspan="4" style="width: 60.27%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">SHARED DISPOSITIVE POWER</div>
            <div style="color: #000000;">10,385,172</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.36%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">11</div>
          </td>
          <td colspan="6" style="width: 90.64%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
            <div style="color: #000000;">10,385,172</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.36%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">12</div>
          </td>
          <td colspan="5" style="width: 71.7%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES</div>
            <div style="color: #000000;">CERTAIN SHARES</div>
          </td>
          <td style="width: 18.95%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.36%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">13</div>
          </td>
          <td colspan="6" style="width: 90.64%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid;">
            <div style="color: #000000;">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
            <div style="color: #000000;">16.3%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.36%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">14</div>
          </td>
          <td colspan="6" style="width: 90.64%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">TYPE OF REPORTING PERSON</div>
            <div style="color: #000000;">PN, IA</div>
          </td>
        </tr>

    </table>
    <div style="color: #000000;">_______________________________</div>
    <div style="color: #000000;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> Calculated based on 63,808,481 shares of outstanding common stock, no par value, of USA Technologies, Inc. (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;).&#160; Such shares of common stock consist of
      60,008,481 shares issued and outstanding as of September 19, 2019 as reported in the Company&#8217;s Form 10-K for the fiscal year ended June 30, 2019, and the 3,800,000 shares issued pursuant to the Stock Purchase Agreement dated October 9, 2019 between
      the Company and Antara Capital Master Fund LP as reported in the Company&#8217;s Form 8-K dated October 9, 2019.</div>
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    <div style="color: #000000;">&#160;</div>
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            <div style="color: #000000; font-weight: bold;">CUSIP No. 90328S500</div>
          </td>
          <td style="width: 18.25%; vertical-align: top; background-color: #FEFEFE; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: center; color: #000000; font-weight: bold;">SCHEDULE 13D</div>
          </td>
          <td colspan="2" style="width: 39.68%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; color: #000000; font-weight: bold;">Page 3 of 7 Pages</div>
          </td>
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        <tr>
          <td colspan="4" style="width: 42.06%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">&#160;</td>
          <td style="width: 18.25%; vertical-align: top; background-color: #FEFEFE; border-bottom: #000000 1px solid;">&#160;</td>
          <td colspan="2" style="width: 39.68%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 9.36%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">1</div>
          </td>
          <td colspan="5" style="width: 71.7%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">NAMES OF REPORTING PERSON<br>
              HEC Management GP LLC</div>
          </td>
          <td style="width: 18.95%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 9.36%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">2</div>
          </td>
          <td colspan="5" style="width: 71.7%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</div>
          </td>
          <td style="width: 18.95%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">(a) <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font>(b) <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.36%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">3</div>
          </td>
          <td colspan="6" style="width: 90.64%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">SEC USE ONLY</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.36%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">4</div>
          </td>
          <td colspan="6" style="width: 90.64%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">SOURCE OF FUNDS</div>
            <div style="color: #000000;">OO</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.36%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">5</div>
          </td>
          <td colspan="5" style="width: 71.7%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">CHECK IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO<br>
              ITEMS 2(d) or 2(e)</div>
          </td>
          <td style="width: 18.95%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.36%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">6</div>
          </td>
          <td colspan="5" style="width: 71.7%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
            <div style="color: #000000;">Delaware</div>
          </td>
          <td style="width: 18.95%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" rowspan="4" style="width: 20.78%; vertical-align: middle; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">NUMBER OF </div>
            <div style="color: #000000;">SHARES </div>
            <div style="color: #000000;">BENEFICIALLY </div>
            <div style="color: #000000;">OWNED BY EACH </div>
            <div style="color: #000000;">REPORTING </div>
            <div style="color: #000000;">PERSON WITH</div>
          </td>
          <td style="width: 10.63%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">7</div>
          </td>
          <td colspan="4" style="width: 68.58%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">SOLE VOTING POWER</div>
            <div style="color: #000000;">0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.43%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">8</div>
          </td>
          <td colspan="4" style="width: 60.27%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">SHARED VOTING POWER</div>
            <div style="color: #000000;">10,385,172</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.43%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">9</div>
          </td>
          <td colspan="4" style="width: 60.27%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">SOLE DISPOSITIVE POWER</div>
            <div style="color: #000000;">0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.43%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">10</div>
          </td>
          <td colspan="4" style="width: 60.27%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">SHARED DISPOSITIVE POWER</div>
            <div style="color: #000000;">10,385,172</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.36%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">11</div>
          </td>
          <td colspan="6" style="width: 90.64%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
            <div style="color: #000000;">10,385,172</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.36%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">12</div>
          </td>
          <td colspan="5" style="width: 71.7%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES</div>
            <div style="color: #000000;">CERTAIN SHARES</div>
          </td>
          <td style="width: 18.95%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.36%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">13</div>
          </td>
          <td colspan="6" style="width: 90.64%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid;">
            <div style="color: #000000;">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
            <div style="color: #000000;">16.3%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.36%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">14</div>
          </td>
          <td colspan="6" style="width: 90.64%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">TYPE OF REPORTING PERSON</div>
            <div style="color: #000000;">PN, IA</div>
          </td>
        </tr>

    </table>
    <div style="color: #000000;">_______________________________</div>
    <div style="color: #000000;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup> Calculated based on 63,808,481 shares of outstanding common stock, no par value, of USA Technologies, Inc. (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;).&#160; Such shares of common stock consist of
      60,008,481 shares issued and outstanding as of September 19, 2019 as reported in the Company&#8217;s Form 10-K for the fiscal year ended June 30, 2019, and the 3,800,000 shares issued pursuant to the Stock Purchase Agreement dated October 9, 2019 between
      the Company and Antara Capital Master Fund LP as reported in the Company&#8217;s Form 8-K dated October 9, 2019.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader">
        <div><br>
        </div>
      </div>
    </div>
    <div style="margin-top: 10pt; margin-bottom: 10pt;"><br>
    </div>
    <div style="color: #000000;">&#160;</div>
    <table cellspacing="0" cellpadding="2" border="0" style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2f46fd1e1f084af68a0f406a1e9a76f4">

        <tr>
          <td colspan="4" style="width: 42.06%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="color: #000000; font-weight: bold;">CUSIP No. 90328S500</div>
          </td>
          <td style="width: 18.25%; vertical-align: top; background-color: #FEFEFE; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: center; color: #000000; font-weight: bold;">SCHEDULE 13D</div>
          </td>
          <td colspan="2" style="width: 39.68%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
            <div style="text-align: right; color: #000000; font-weight: bold;">Page 4 of 7 Pages</div>
          </td>
        </tr>
        <tr>
          <td colspan="4" style="width: 42.06%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">&#160;</td>
          <td style="width: 18.25%; vertical-align: top; background-color: #FEFEFE; border-bottom: #000000 1px solid;">&#160;</td>
          <td colspan="2" style="width: 39.68%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 9.36%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">1</div>
          </td>
          <td colspan="5" style="width: 71.7%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">NAMES OF REPORTING PERSON<br>
              Douglas L. Braunstein</div>
          </td>
          <td style="width: 18.95%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 9.36%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">2</div>
          </td>
          <td colspan="5" style="width: 71.7%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</div>
          </td>
          <td style="width: 18.95%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">(a) <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font>(b) <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.36%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">3</div>
          </td>
          <td colspan="6" style="width: 90.64%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">SEC USE ONLY</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.36%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">4</div>
          </td>
          <td colspan="6" style="width: 90.64%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">SOURCE OF FUNDS</div>
            <div style="color: #000000;">OO</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.36%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">5</div>
          </td>
          <td colspan="5" style="width: 71.7%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">CHECK IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO<br>
              ITEMS 2(d) or 2(e)</div>
          </td>
          <td style="width: 18.95%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.36%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">6</div>
          </td>
          <td colspan="5" style="width: 71.7%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
            <div style="color: #000000;">United States</div>
          </td>
          <td style="width: 18.95%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" rowspan="4" style="width: 20.78%; vertical-align: middle; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">NUMBER OF </div>
            <div style="color: #000000;">SHARES </div>
            <div style="color: #000000;">BENEFICIALLY </div>
            <div style="color: #000000;">OWNED BY EACH </div>
            <div style="color: #000000;">REPORTING </div>
            <div style="color: #000000;">PERSON WITH</div>
          </td>
          <td style="width: 10.63%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">7</div>
          </td>
          <td colspan="4" style="width: 68.58%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">SOLE VOTING POWER</div>
            <div style="color: #000000;">0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.43%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">8</div>
          </td>
          <td colspan="4" style="width: 60.27%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">SHARED VOTING POWER</div>
            <div style="color: #000000;">10,385,172</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.43%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">9</div>
          </td>
          <td colspan="4" style="width: 60.27%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">SOLE DISPOSITIVE POWER</div>
            <div style="color: #000000;">0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.43%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">10</div>
          </td>
          <td colspan="4" style="width: 60.27%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">SHARED DISPOSITIVE POWER</div>
            <div style="color: #000000;">10,385,172</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.36%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">11</div>
          </td>
          <td colspan="6" style="width: 90.64%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
            <div style="color: #000000;">10,385,172</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.36%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">12</div>
          </td>
          <td colspan="5" style="width: 71.7%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES</div>
            <div style="color: #000000;">CERTAIN SHARES</div>
          </td>
          <td style="width: 18.95%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.36%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">13</div>
          </td>
          <td colspan="6" style="width: 90.64%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid;">
            <div style="color: #000000;">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
            <div style="color: #000000;">16.3%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (3)</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.36%; vertical-align: top; background-color: #FEFEFE; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000; font-weight: bold;">14</div>
          </td>
          <td colspan="6" style="width: 90.64%; vertical-align: top; background-color: #FEFEFE; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="color: #000000;">TYPE OF REPORTING PERSON</div>
            <div style="color: #000000;">IN</div>
          </td>
        </tr>

    </table>
    <div style="color: #000000;">&#160;</div>
    <div style="color: #000000;">_______________________________</div>
    <div style="color: #000000;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup> Calculated based on 63,808,481 shares of outstanding common stock, no par value, of USA Technologies, Inc. (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;).&#160; Such shares of common stock consist of
      60,008,481 shares issued and outstanding as of September 19, 2019 as reported in the Company&#8217;s Form 10-K for the fiscal year ended June 30, 2019, and the 3,800,000 shares issued pursuant to the Stock Purchase Agreement dated October 9, 2019 between
      the Company and Antara Capital Master Fund LP as reported in the Company&#8217;s Form 8-K dated October 9, 2019.</div>
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          <td style="width: 33%; vertical-align: top; background-color: #FEFEFE;">
            <div style="color: #000000; font-weight: bold;">CUSIP No. 90328S500</div>
          </td>
          <td style="width: 34%; vertical-align: top; background-color: #FEFEFE;">
            <div style="text-align: center; color: #000000; font-weight: bold;">SCHEDULE 13D</div>
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            <div style="text-align: right; color: #000000; font-weight: bold;">Page 5 of 7 Pages</div>
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        <tr>
          <td style="width: 33%; vertical-align: top; background-color: #FEFEFE;">&#160;</td>
          <td style="width: 34%; vertical-align: top; background-color: #FEFEFE;">&#160;</td>
          <td style="width: 33%; vertical-align: top; background-color: #FEFEFE;">&#160;</td>
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    <div style="text-align: justify; color: #000000; font-weight: bold;">ITEM 1. SECURITY AND ISSUER</div>
    <div style="text-align: justify; color: #000000;">
      <div style="text-align: left; color: #000000;">This amendment No. 3 to Schedule 13D (this &#8220;<font style="font-weight: bold;">Amendment No. 3</font>&#8221;) relates to the Schedule 13D filed on May 20, 2019 (the &#8220;<font style="font-weight: bold;">Initial 13D</font>&#8221;
        and, as amended and supplemented through the date of this Amendment No. 3, collectively, the &#8220;<font style="font-weight: bold;">Schedule 13D</font>&#8221;) by the Reporting Persons, relating to the common stock, no par value (the &#8220;<font style="font-weight: bold;">Shares</font>&#8221;), of USA Technologies, Inc., a company organized under the laws of the State of Pennsylvania (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;).&#160; Capitalized terms used but not defined in this
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    <div style="text-align: justify; color: #000000;">
      <div style="text-align: left; color: #000000;">The Reporting Persons beneficially own an aggregate of 10,385,172 Shares (the &#8220;<font style="font-weight: bold;">Subject Shares</font>&#8221;).&#160; The Subject Shares represent approximately 16.3% of the issued
        and outstanding based on 63,808,481 outstanding Shares.&#160; Such Shares consist of 60,008,481 Shares issued and outstanding as of September 19, 2019 as reported in the Company&#8217;s Form 10-K for the fiscal year ended June 30, 2019, and the 3,800,000
        Shares issued pursuant to the Stock Purchase Agreement dated October 9, 2019 between the Company and Antara Capital Master Fund LP as reported in the Company&#8217;s Form 8-K dated October 9, 2019.</div>
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      <div style="color: #000000; font-weight: bold;">ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION</div>
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        <div style="color: #000000;">Item 3 of the Schedule 13D is hereby amended and supplemented by adding the following information:</div>
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        <div style="color: #000000;">As of the date hereof, the Reporting Persons are deemed to beneficially own the Subject Shares as detailed in Items 1 and 5.&#160; The aggregate purchase price for the Subject Shares is $56,968,879.97 (inclusive of brokerage
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        <div style="color: #000000;">The source of funding for the transactions pursuant to which the Reporting Persons obtained beneficial ownership of the Subject Shares was derived from the respective capital of the HEC Funds.
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            <div style="color: #000000; font-weight: bold;">ITEM 4. PURPOSE OF TRANSACTION</div>
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          <div style="background-color: #FFFFFF;">
            <div style="text-align: justify; color: #000000;">Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following information:</div>
            <div><br>
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          <div style="color: #000000;">On October 14, 2019, the Reporting Persons issued a letter to the shareholders of the Company.&#160; The full text of the letter is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</div>
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        <tr>
          <td style="width: 33%; vertical-align: top; background-color: #FEFEFE;">
            <div style="color: #000000; font-weight: bold;">CUSIP No. 90328S500</div>
          </td>
          <td style="width: 34%; vertical-align: top; background-color: #FEFEFE;">
            <div style="text-align: center; color: #000000; font-weight: bold;">SCHEDULE 13D</div>
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            <div style="text-align: right; color: #000000; font-weight: bold;">Page 6 of 7 Pages</div>
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    <div style="text-align: justify; color: #000000; font-weight: bold;">ITEM 5. INTEREST IN SECURITIES OF THE ISSUER</div>
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    <div style="text-align: justify; color: #000000;">Item 5 of the Schedule 13D is hereby amended and supplemented by adding the following information:</div>
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    <div style="text-align: justify; color: #000000;">(a) and (b) Information about the number and percentage of Shares beneficially owned by the Reporting Persons is set forth in Item 1, and that information is incorporated by reference herein.</div>
    <div style="color: #000000;">&#160;</div>
    <div style="color: #000000;">(c) All transactions in the Shares effected during the past 60 days on behalf of an HEC Fund over which the Reporting Persons have investment discretion are set forth in Exhibit 5 attached hereto and incorporated herein by
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    <div style="color: #000000; font-weight: bold;">ITEM 7. MATERIAL TO BE FILED AS EXHIBITS</div>
    <div style="color: #000000;">&#160;</div>
    <div style="color: #000000;">Item 7 of the Schedule 13D is hereby amended and supplemented by adding a reference to the following exhibits:</div>
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              <div style="color: #000000;"><a href="he54164215-ex5.htm">Exhibit 5</a></div>
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              <div style="color: #000000;"><a href="he54164215-ex5.htm">Schedule of transactions effected during the last 60 days</a></div>
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              <div style="margin: 10pt 0px 0px; color: #000000; font-family: Arial, Helvetica, 'sans-serif';"><a href="he54164215-ex99_1.htm">Exhibit 99.1</a></div>
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              <div style="margin: 10pt 0px 0px; color: #000000; font-family: Arial, Helvetica, 'sans-serif';"><a href="he54164215-ex99_1.htm">Letter to
                  shareholders of the Company, dated October 14, 2019</a></div>
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          <td style="width: 33%; vertical-align: top; background-color: #FEFEFE;">
            <div style="color: #000000; font-weight: bold;">CUSIP No. 90328S500</div>
          </td>
          <td style="width: 34%; vertical-align: top; background-color: #FEFEFE;">
            <div style="text-align: center; color: #000000; font-weight: bold;">SCHEDULE 13D</div>
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            <div style="text-align: right; color: #000000; font-weight: bold;">Page 7 of 7 Pages</div>
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    <div style="text-align: center; color: #000000; font-weight: bold;">&#160;</div>
    <div style="text-align: center; color: #000000; font-weight: bold;">SIGNATURE</div>
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      <div style="text-align: left; color: #000000;">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.</div>
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    <div style="color: #000000;">Date: October 16, 2019</div>
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            <div style="color: #000000; font-weight: bold;">HUDSON EXECUTIVE CAPITAL LP</div>
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          <td style="width: 49.26%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
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            <div style="color: #000000;">By:</div>
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            <div style="color: #000000;">HEC Management GP, LLC, its general partner</div>
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          <td style="width: 49.26%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.27%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
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            <div style="color: #000000;">/s/ Douglas L. Braunstein</div>
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          <td style="width: 49.26%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.27%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
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          <td style="width: 49.26%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
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          <td style="width: 34.65%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
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            <div style="color: #000000;">/s/ Douglas L. Braunstein</div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>2
<FILENAME>he54164215-ex5.htm
<DESCRIPTION>SCHEDULE OF TRANSACTIONS IN SHARES
<TEXT>
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    <div>
      <div style="text-align: center; color: #000000; font-weight: bold;">EXHIBIT 5<br>
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      <div style="text-align: center; color: #000000; font-weight: bold;"><u>Schedule of Transactions in Shares</u><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"></sup></div>
      <div style="color: #000000;">
        <div style="color: #000000;">The following table sets forth all transactions with respect to Shares effected in the last sixty days by the Reporting Persons or on behalf of the Reporting Persons in respect of the Shares, inclusive of any
          transactions effected through 4:00 pm, New York City time, on October 16, 2019. &#160;</div>
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      <div style="color: #000000;">&#160;</div>
      <div style="text-align: center; color: #000000; font-style: italic; font-weight: bold;">USA Technologies, Inc.</div>
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                <div style="text-align: center; color: #000000; font-weight: bold;">Security</div>
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              <td style="width: 1.25%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
              <td style="width: 18.96%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px double;">
                <div style="text-align: center; color: #000000; font-weight: bold;">Quantity Bought (Sold)</div>
              </td>
              <td style="width: 1.25%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
              <td style="width: 18.97%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px double;">
                <div style="text-align: center; color: #000000;"><font style="font-weight: bold;">Unit Cost</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
              </td>
            </tr>
            <tr>
              <td style="width: 19.14%; vertical-align: top; background-color: #FFFFFF;">
                <div style="color: #000000;">9/19/2019</div>
              </td>
              <td style="width: 1.25%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
              <td style="width: 18.97%; vertical-align: top; background-color: #FFFFFF;">
                <div style="color: #000000;">Buy to Cover</div>
              </td>
              <td style="width: 1.25%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
              <td style="width: 18.96%; vertical-align: top; background-color: #FFFFFF;">
                <div style="color: #000000;">Call Option</div>
              </td>
              <td style="width: 1.25%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
              <td style="width: 18.96%; vertical-align: top; background-color: #FFFFFF;">
                <div style="text-align: right; color: #000000;">12,500</div>
              </td>
              <td style="width: 1.25%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
              <td style="width: 18.97%; vertical-align: top; background-color: #FFFFFF;">
                <div style="text-align: right; color: #000000;">$0.50</div>
              </td>
            </tr>
            <tr>
              <td style="width: 19.14%; vertical-align: top; background-color: #FFFFFF;">
                <div style="color: #000000;">9/23/2019</div>
              </td>
              <td style="width: 1.25%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
              <td style="width: 18.97%; vertical-align: top; background-color: #FFFFFF;">
                <div style="color: #000000;">Buy</div>
              </td>
              <td style="width: 1.25%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
              <td style="width: 18.96%; vertical-align: top; background-color: #FFFFFF;">
                <div style="color: #000000;">Common Stock</div>
              </td>
              <td style="width: 1.25%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
              <td style="width: 18.96%; vertical-align: top; background-color: #FFFFFF;">
                <div style="text-align: right; color: #000000;">143,200</div>
              </td>
              <td style="width: 1.25%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
              <td style="width: 18.97%; vertical-align: top; background-color: #FFFFFF;">
                <div style="text-align: right; color: #000000;">$4.46<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
              </td>
            </tr>
            <tr>
              <td style="width: 19.14%; vertical-align: top; background-color: #FFFFFF;">
                <div style="color: #000000;">9/24/2019</div>
              </td>
              <td style="width: 1.25%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
              <td style="width: 18.97%; vertical-align: top; background-color: #FFFFFF;">
                <div style="color: #000000;">Buy</div>
              </td>
              <td style="width: 1.25%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
              <td style="width: 18.96%; vertical-align: top; background-color: #FFFFFF;">
                <div style="color: #000000;">Common Stock</div>
              </td>
              <td style="width: 1.25%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
              <td style="width: 18.96%; vertical-align: top; background-color: #FFFFFF;">
                <div style="text-align: right; color: #000000;">20,000</div>
              </td>
              <td style="width: 1.25%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
              <td style="width: 18.97%; vertical-align: top; background-color: #FFFFFF;">
                <div style="text-align: right; color: #000000;">$4.40</div>
              </td>
            </tr>
            <tr>
              <td style="width: 19.14%; vertical-align: top; background-color: #FFFFFF;">
                <div style="color: #000000;">9/25/2019</div>
              </td>
              <td style="width: 1.25%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
              <td style="width: 18.97%; vertical-align: top; background-color: #FFFFFF;">
                <div style="color: #000000;">Buy</div>
              </td>
              <td style="width: 1.25%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
              <td style="width: 18.96%; vertical-align: top; background-color: #FFFFFF;">
                <div style="color: #000000;">Common Stock</div>
              </td>
              <td style="width: 1.25%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
              <td style="width: 18.96%; vertical-align: top; background-color: #FFFFFF;">
                <div style="text-align: right; color: #000000;">1,176,000</div>
              </td>
              <td style="width: 1.25%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
              <td style="width: 18.97%; vertical-align: top; background-color: #FFFFFF;">
                <div style="text-align: right; color: #000000;">$4.43<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
              </td>
            </tr>
            <tr>
              <td style="width: 19.14%; vertical-align: top; background-color: #FFFFFF;">
                <div style="color: #000000;">9/26/2019</div>
              </td>
              <td style="width: 1.25%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
              <td style="width: 18.97%; vertical-align: top; background-color: #FFFFFF;">
                <div style="color: #000000;">Buy</div>
              </td>
              <td style="width: 1.25%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
              <td style="width: 18.96%; vertical-align: top; background-color: #FFFFFF;">
                <div style="color: #000000;">Common Stock</div>
              </td>
              <td style="width: 1.25%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
              <td style="width: 18.96%; vertical-align: top; background-color: #FFFFFF;">
                <div style="text-align: right; color: #000000;">605,000</div>
              </td>
              <td style="width: 1.25%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
              <td style="width: 18.97%; vertical-align: top; background-color: #FFFFFF;">
                <div style="text-align: right; color: #000000;">$4.87<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 19.14%; vertical-align: top; background-color: #FFFFFF;">10/14/2019<br>
              </td>
              <td rowspan="1" style="width: 1.25%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
              <td rowspan="1" style="width: 18.97%; vertical-align: top; background-color: #FFFFFF;">Buy<br>
              </td>
              <td rowspan="1" style="width: 1.25%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
              <td rowspan="1" style="width: 18.96%; vertical-align: top; background-color: #FFFFFF;">Common Stock</td>
              <td rowspan="1" style="width: 1.25%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
              <td rowspan="1" style="width: 18.96%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: right;">&#160;80,000</td>
              <td rowspan="1" style="width: 1.25%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
              <td rowspan="1" style="width: 18.97%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: right;">&#160;$6.70<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 19.14%; vertical-align: top; background-color: #FFFFFF;">10/16/2019</td>
              <td rowspan="1" style="width: 1.25%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
              <td rowspan="1" style="width: 18.97%; vertical-align: top; background-color: #FFFFFF;">Buy <br>
              </td>
              <td rowspan="1" style="width: 1.25%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
              <td rowspan="1" style="width: 18.96%; vertical-align: top; background-color: #FFFFFF;">Common Stock</td>
              <td rowspan="1" style="width: 1.25%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
              <td rowspan="1" style="width: 18.96%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: right;">&#160;165,000</td>
              <td rowspan="1" style="width: 1.25%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
              <td rowspan="1" style="width: 18.97%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: right;">$7.26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6)</sup> <br>
              </td>
            </tr>

        </table>
      </div>
      <div style="color: #000000;">&#160;</div>
      <div style="color: #000000;">(1) Excludes brokerage commissions and other costs of execution.</div>
      <div style="color: #000000;">(2) <font style="background-color: #FFFFFF;">The price reported is a weighted average price.&#160; These Shares were bought in transactions at prices ranging from $4.37 to $4.50, inclusive.&#160; Hudson Executive and the other
          Reporting Persons undertake to provide the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of Shares bought at each separate price within the
          range set forth in this footnote 2.</font></div>
      <div style="color: #000000;"><font style="background-color: #FFFFFF;">(3) The price reported is a weighted average price.&#160; These Shares were bought in transactions at prices ranging from $4.14 to $5.10, inclusive.&#160; Hudson Executive and the other
          Reporting Persons undertake to provide the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of Shares bought at each separate price within the
          range set forth in this footnote 3.</font></div>
      <div style="color: #000000;"><font style="background-color: #FFFFFF;">(4) The price reported is a weighted average price.&#160; These Shares were bought in transactions at prices ranging from $4.50 to $5.15, inclusive.&#160; Hudson Executive and the other
          Reporting Persons undertake to provide the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of Shares bought at each separate price within the
          range set forth in this footnote 4.</font> </div>
      <div style="color: #000000;">
        <div style="color: #000000; font-family: Arial, Helvetica, 'sans-serif'; font-style: normal; text-transform: none;"><font style="background-color: #FFFFFF;">(5) The price reported is a weighted average price.&#160; These Shares were bought in
            transactions at prices ranging from $6.58 to $7.00, inclusive.&#160; Hudson Executive and the other Reporting Persons undertake to provide the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon
            request, full information regarding the number of Shares bought at each separate price within the range set forth in this footnote 5.</font></div>
        <div style="color: #000000; font-family: Arial, Helvetica, 'sans-serif'; font-style: normal; text-transform: none;"><font style="background-color: #FFFFFF;">(6) The price reported is a weighted average price.&#160; These Shares were
            bought in transactions at prices ranging from $7.25 to $7.30, inclusive.&#160; Hudson Executive and the other Reporting Persons undertake to provide the Company, any security holder of the Company, or the staff of the Securities and Exchange
            Commission, upon request, full information regarding the number of Shares bought at each separate price within the range set forth in this footnote 6.</font></div>
        <div style="color: #000000; font-family: Arial, Helvetica, 'sans-serif'; font-style: normal; text-transform: none;"><font style="background-color: #FFFFFF;"> <br>
          </font></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>he54164215-ex99_1.htm
<DESCRIPTION>LETTER TO SHAREHOLDERS OF THE COMPANY
<TEXT>
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    <div style="text-align: center;"><font style="font-family: Arial,Helvetica,'sans-serif'; font-weight: bold;">EXHIBIT 99.1</font><font style="font-family: Arial,Helvetica,'sans-serif';"><br>
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    <font style="font-family: Arial,Helvetica,'sans-serif';"><br>
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    <div style="text-align: right; font-family: Arial,Helvetica,'sans-serif';">October 14, 2019</div>
    <font style="font-family: Arial,Helvetica,'sans-serif';"> </font>
    <div><font style="font-family: Arial,Helvetica,'sans-serif';"><br>
      </font> </div>
    <font style="font-family: Arial,Helvetica,'sans-serif';"> </font>
    <div style="font-family: Arial,Helvetica,'sans-serif';">Dear fellow shareholders of USA Technologies, Inc.,</div>
    <font style="font-family: Arial,Helvetica,'sans-serif';"> </font>
    <div style="margin: 10pt 0px 0px; font-family: Arial,Helvetica,'sans-serif';">Within the next 90 days we should have the opportunity to vote our shares at a long-delayed annual meeting of USA Technologies, Inc. (&#8220;USAT&#8221; or the &#8220;Company&#8221;) (OTC: USAT).&#160; I
      write to let you know that my firm, Hudson Executive Capital LP (&#8220;Hudson Executive&#8221; or &#8220;HEC&#8221;), intends to nominate a slate of independent and highly qualified candidates who, if elected, will constitute a majority of USAT&#8217;s directors.</div>
    <font style="font-family: Arial,Helvetica,'sans-serif';"> </font>
    <div style="margin: 10pt 0px 0px; font-weight: bold; font-family: Arial,Helvetica,'sans-serif';">By proposing these director nominees, our intention is to bring necessary and meaningful change that creates long-term value for shareholders.</div>
    <font style="font-family: Arial,Helvetica,'sans-serif';"> </font>
    <div style="margin: 10pt 0px 0px; font-family: Arial,Helvetica,'sans-serif';">For those of you who are not familiar with Hudson Executive, we are a SEC-registered financial advisor that invests primarily in small- and mid-cap U.S. public companies, and
      the largest shareholder of USAT, holding approximately 16% of its common stock.&#160; Operating through a process of constructive engagement, we work cooperatively with boards and management teams of our portfolio companies to help them enhance
      performance and thereby increase stock value.&#160; To accomplish this, we draw upon my experience as a long-time operator and advisor in the financial services industry and that of an advisory team of over 30 current and former executives who lend their
      operational experience to our portfolio companies.&#160; We use our resources to bring a private equity approach to public market investing, providing not only long-term capital, but also advice and other support regarding operations, capital deployment,
      and strategic decisions.&#160; Although we are an active investor in this way, we are not an &#8220;activist&#8221; in the traditional sense, preferring to avoid proxy fights and other public disputes.&#160; Indeed, we have never initiated a proxy fight, or even sent a
      letter like this one to fellow shareholders.</div>
    <font style="font-family: Arial,Helvetica,'sans-serif';"> </font>
    <div style="margin: 10pt 0px 0px; font-family: Arial,Helvetica,'sans-serif';">After over a year of research, we invested in USAT with the belief that we could work collaboratively with the Company to help return it to a strong growth profile, generate
      free cash flow, and create long-term sustainable value for shareholders.&#160; In our early discussions, the USAT Board of Directors (the &#8220;Board&#8221;) and management both said they were pleased HEC chose to invest in USAT, and that they welcomed our active
      participation.&#160; We increased our stake in USAT because we had confidence both in our ability to help and in the Company&#8217;s willingness to embrace it.</div>
    <font style="font-family: Arial,Helvetica,'sans-serif';"> </font>
    <div style="margin: 10pt 0px 0px;"><font style="font-family: Arial,Helvetica,'sans-serif';">It was in that spirit that we have repeatedly endeavored to engage with the Board over the past 10 months, including as recently as last week at an in-person
        meeting with several Board members.&#160; From our very first meeting, we have offered the Company resources and expertise in the form of experienced managers across a range of areas of direct relevance to USAT.&#160; These individuals, many of whom are
        ex-Fortune 100 executives, bring with them decades of experience and proficiency in areas such as 1)&#160;accounting, audit, compliance and controls; 2)&#160;business operations and capital allocation, particularly in the financial payments space; and
        3)&#160;capital structure and financing optimization, as well as investor relations. </font>
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    <div style="font-family: Arial,Helvetica,'sans-serif';">Given USAT&#8217;s numerous missteps, failures in governance and loss of shareholder value in recent years, we had hoped the Board and management would share an owner&#8217;s sense of urgency, recognize that
      true change is necessary, and embrace the solutions we offered.&#160; Unfortunately, the incumbent Board instead repeatedly rejected our offers of resources and expertise and continued on its own value-destructive path.</div>
    <font style="font-family: Arial,Helvetica,'sans-serif';"> </font>
    <div style="margin: 10pt 0px 0px; font-weight: bold; font-family: Arial,Helvetica,'sans-serif';">Leadership for USAT must change to end a pattern of value destruction caused by failed corporate governance, poor capital allocation and other
      mismanagement.</div>
    <font style="font-family: Arial,Helvetica,'sans-serif';"> </font>
    <div style="margin: 10pt 0px 0px; font-family: Arial,Helvetica,'sans-serif';">Three critical examples highlight how the Board&#8217;s conduct during this period has destroyed shareholder value and demonstrate why the current Board and its leadership are not
      capable of effectuating the changes necessary to move this Company forward.</div>
    <div style="font-size: 12pt;"> <font style="font-size: 10pt; font-family: Arial,Helvetica,'sans-serif';"><br>
      </font></div>
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      <table cellspacing="0" cellpadding="0" id="z783f8f5e564f42e68c61d2b066f86175" style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 6.13%; vertical-align: top; font-family: Arial,Helvetica,'sans-serif';">
              <div style="font-weight: bold;">1.</div>
            </td>
            <td style="width: 93.87%; vertical-align: top;">
              <div style="font-size: 12pt;"><font style="font-size: 10pt; font-family: Arial,Helvetica,'sans-serif'; font-weight: bold;">Failure to Complete the Audit in a Timely Manner.</font><font style="font-size: 10pt; font-family: Arial,Helvetica,'sans-serif';">&#160; We offered the services of several experts with financial accounting, control and compliance experience over the past 10 months.&#160; These included members of public company boards and seasoned executives
                  with relevant experience in restatements and control issues.&#160; The Board and management did not reach out to a single candidate.&#160; Instead, without any shareholder consultation to our knowledge, they added three members to the Board and
                  retained an interim CFO with <font style="font-style: italic;">de minimis</font> public company experience and no restatement experience.&#160; That interim CFO has cost shareholders nearly $700,000 in just six months &#8211; while the Company
                  failed to meet Nasdaq-set reporting deadlines.&#160; The Board and management repeatedly assured us, beginning in January, that they would return the Company to compliance with all reporting requirements.</font></div>
            </td>
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            <td style="width: 6.13%; vertical-align: top; font-family: Arial,Helvetica,'sans-serif';" rowspan="1">&#160;</td>
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            <td style="width: 6.13%; vertical-align: top; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
            <td style="width: 93.87%; vertical-align: top; font-family: Arial,Helvetica,'sans-serif';">
              <div>Despite this, the Company failed to achieve this most basic objective in a timely manner, resulting in the suspension of trading of USAT&#8217;s shares on the Nasdaq.&#160; USAT incurred over $15.4 million in additional expenses in 2019 despite
                numerous missed deadlines.&#160; Had the Board and management embraced our help, the shareholders would have preserved significant value and the Company would already be moving forward.</div>
            </td>
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            <td style="width: 6.13%; vertical-align: top; font-family: Arial,Helvetica,'sans-serif';" rowspan="1">&#160;</td>
            <td style="width: 93.87%; vertical-align: top;" rowspan="1">&#160;</td>
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            <td style="width: 6.13%; vertical-align: top; font-family: Arial,Helvetica,'sans-serif';">
              <div style="font-weight: bold;">2.</div>
            </td>
            <td style="width: 93.87%; vertical-align: top;">
              <div style="font-size: 12pt;"><font style="font-size: 10pt; font-family: Arial,Helvetica,'sans-serif'; font-weight: bold;">Failure to Raise Capital at Appropriate Terms.</font><font style="font-size: 10pt; font-family: Arial,Helvetica,'sans-serif';">&#160; On numerous occasions we offered to share our insights from more than 30 years of direct experience in capital markets, corporate finance, and capital allocation.&#160; The Board and management rejected not
                  only these offers of advice, but also our proposition that HEC help USAT in its relationships with traditional financial institutions, including its existing banking relationship.&#160; We also offered to provide capital to the Company.&#160; All
                  offers over the past 10 months have been rebuffed.</font></div>
            </td>
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            <td style="width: 6.13%; vertical-align: top; font-family: Arial,Helvetica,'sans-serif';" rowspan="1">&#160;</td>
            <td style="width: 93.87%; vertical-align: top; font-family: Arial,Helvetica,'sans-serif';" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 6.13%; vertical-align: top; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
            <td style="width: 93.87%; vertical-align: top; font-family: Arial,Helvetica,'sans-serif';">
              <div>Last week, we were shocked to learn that the Company had raised additional capital, and angered when we read the onerous, off-market terms.&#160; USAT sold equity at a 27% discount to the prior day&#8217;s already depressed market price and agreed
                to a new debt financing priced 800bps over the current 10-year treasury, more than 350bps above its existing credit facility.&#160; Remarkably, the Company paid over $3.5 million in fees and expenses for this financing.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
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        <div id="DSPFPageFooter"></div>
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          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-family: Arial, Helvetica, 'sans-serif'; font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 3</font></div>
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      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 6.13%; vertical-align: top; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
            <td style="width: 93.87%; vertical-align: top; font-family: Arial,Helvetica,'sans-serif';">
              <div>The Chairman said in our October&#160;10<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> meeting that there was no pressing need for the capital, and that the full Board chose to enter into this arrangement as a demonstration of strength to the marketplace.&#160; We believe it has
                had the opposite effect.&#160; This financing not only diluted the ownership positions of existing long-term shareholders, but materially increased ongoing financing costs and limited future flexibility, including significant prepayment
                penalties, despite no pressing need for liquidity.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 6.13%; vertical-align: top; font-family: Arial,Helvetica,'sans-serif';" rowspan="1">&#160;</td>
            <td style="width: 93.87%; vertical-align: top; font-family: Arial,Helvetica,'sans-serif';" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 6.13%; vertical-align: top; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
            <td style="width: 93.87%; vertical-align: top; font-family: Arial,Helvetica,'sans-serif';">
              <div>Any competent, arm&#8217;s length negotiation with other lenders should have resulted in much better terms for the Company.&#160; If equity was needed, many long-term investors could have been approached.&#160; Moreover, timing of the execution could
                not have been worse &#8211; pricing equity just prior to announcing the long-awaited audit strains credulity.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 6.13%; vertical-align: top; font-family: Arial,Helvetica,'sans-serif';" rowspan="1">&#160;</td>
            <td style="width: 93.87%; vertical-align: top;" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 6.13%; vertical-align: top; font-family: Arial,Helvetica,'sans-serif';">
              <div style="font-weight: bold;">3.</div>
            </td>
            <td style="width: 93.87%; vertical-align: top;">
              <div style="font-size: 12pt;"><font style="font-size: 10pt; font-family: Arial,Helvetica,'sans-serif'; font-weight: bold;">Failure to Hold Management Accountable for its Repeated Failures.</font><font style="font-size: 10pt; font-family: Arial,Helvetica,'sans-serif';">&#160; The Board has failed in its most basic duty to hold management accountable for actions which have destroyed shareholder value.&#160; The CEO has been either unwilling or unable to impose effective financial
                  controls.&#160; He has failed to attract and retain senior staff, cycling through five CFOs in the span of four years.&#160; Communications with shareholders have been limited and opaque at best, and at times affirmatively misleading.&#160; The Board
                  has repeatedly delayed important executive decisions that have resulted in lost business opportunities, a loss of credibility in the marketplace, squandered financial resources, and ultimately eroded shareholder value significantly.&#160; We
                  have urged the Board to make necessary executive changes for some time.&#160; Even in our most recent meeting, the Board was unwilling to commit to management change, yet at the same time openly expressed uncertainty about the CEO&#8217;s future
                  status on the Board.</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 6.13%; vertical-align: top; font-family: Arial,Helvetica,'sans-serif';" rowspan="1">&#160;</td>
            <td style="width: 93.87%; vertical-align: top; font-family: Arial,Helvetica,'sans-serif';" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 6.13%; vertical-align: top; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
            <td style="width: 93.87%; vertical-align: top; font-family: Arial,Helvetica,'sans-serif';">
              <div>The Board&#8217;s failure to be decisive, its lack of action and its demonstrated inability to attract talented executives can no longer be excused.&#160; These deficiencies have been clear for many months, if not longer.&#160; Unfortunately, even if
                the current Board were to act unilaterally today to address these issues, we do not have confidence it can manage the process or attract the caliber of talent this business deserves.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin: 10pt 0px 0px; font-family: Arial,Helvetica,'sans-serif'; font-weight: bold;">We have exhausted every reasonable means to privately encourage the leadership changes necessary at both the Board and management levels to protect
      shareholders.</div>
    <font style="font-family: Arial,Helvetica,'sans-serif';"> </font>
    <div style="margin: 10pt 0px 0px; font-family: Arial, Helvetica, 'sans-serif';">Given our strong preference to avoid a proxy contest, we have made numerous offers to the Board to work together.&#160; Beginning in January and suggesting specific Board and
      executive candidates as early as March, the Company has delayed, deferred or rejected our proposals.&#160; Finally, after USAT missed its Nasdaq deadline, we proposed to the Company two weeks ago that it pursue an immediate reconstitution of the Board
      with a majority of new, independent, highly qualified directors.&#160; As managing partner of the Company&#8217;s largest shareholder, I expressed a willingness to serve on the reconstituted USAT Board to bring both operational and financial experience as well
      as better alignment of interests with shareholders.&#160; All other nominees would be independent of Hudson Executive.&#160; We made clear that the new Board should immediately form a search committee led by a new independent director and engage an executive
      search firm to identify highly qualified CEO and CFO candidates.</div>
    <div style="margin: 10pt 0px 0px; font-family: Arial, Helvetica, 'sans-serif';"> <br>
    </div>
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      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-family: Arial, Helvetica, 'sans-serif'; font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 4</font></div>
      <div id="DSPFPageHeader"></div>
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    <font style="font-family: Arial,Helvetica,'sans-serif';"> </font>
    <div style="margin: 10pt 0px 0px; font-family: Arial, Helvetica, 'sans-serif';">Unfortunately for USAT&#8217;s shareholders, the Board&#8217;s response was consistent with its prior practice throughout the year &#8211; after initially professing an intention to work
      cooperatively and embrace the changes we proposed, the Board delayed engaging.&#160; Finally, in our meeting on October&#160;10<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>, the Board rejected our proposal and offered excuses and justifications to essentially retain the status quo.</div>
    <font style="font-family: Arial,Helvetica,'sans-serif';"> </font>
    <div style="margin: 10pt 0px 0px; font-family: Arial,Helvetica,'sans-serif'; font-weight: bold;">We are committed to provide USAT with leadership for a new Board and management team through shareholder action.</div>
    <font style="font-family: Arial,Helvetica,'sans-serif';"> </font>
    <div style="margin: 10pt 0px 0px; font-family: Arial, Helvetica, 'sans-serif';">Based on the Company&#8217;s actions, we have no reasonable choice other than to take a step that Hudson Executive has never had to take before &#8211; bring our concerns and
      recommendations directly to our fellow shareholders.&#160; On October 10<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>, we were told by the Chairman that USAT intends to hold an annual meeting within 90 days.&#160; We expect the Board to fulfill the Company&#8217;s obligation under the law and
      promptly set a meeting and record date consistent with that representation.</div>
    <font style="font-family: Arial,Helvetica,'sans-serif';"> </font>
    <div style="margin: 10pt 0px 0px; font-family: Arial,Helvetica,'sans-serif'; font-weight: bold;">HEC&#8217;s nominees will enable USAT to restore proper governance and compliance, repair its credibility, facilitate prudent capital allocation, and build
      long-term shareholder value.</div>
    <font style="font-family: Arial,Helvetica,'sans-serif';"> </font>
    <div style="margin: 10pt 0px 0px; font-family: Arial, Helvetica, 'sans-serif';">While we remain willing to have meaningful discussion with the Board about a negotiated resolution that embodies a genuine change in leadership and Board composition, we
      will not tolerate further delay or misdirection and we will be acting through formal processes to protect shareholder interests.</div>
    <font style="font-family: Arial,Helvetica,'sans-serif';"> </font>
    <div style="margin: 10pt 0px 0px; font-family: Arial, Helvetica, 'sans-serif';">We will be in further communication with you over the coming days and look forward to discussing these concerning issues and our suggested solutions in greater detail.</div>
    <font style="font-family: Arial,Helvetica,'sans-serif';"> </font>
    <div style="font-family: Arial,Helvetica,'sans-serif';"> <br>
    </div>
    <div style="font-family: Arial,Helvetica,'sans-serif';">Very truly yours,</div>
    <div style="font-family: Arial,Helvetica,'sans-serif';"> <br>
    </div>
    <div style="font-family: Arial,Helvetica,'sans-serif';"> <img src="image00001.jpg"></div>
    <div style="font-family: Arial,Helvetica,'sans-serif';"> <br>
    </div>
    Douglas L. Braunstein<br>
    <div style="font-family: Arial,Helvetica,'sans-serif';"> Founder and Managing Partner</div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
