<SEC-DOCUMENT>0001140361-19-016326.txt : 20190909
<SEC-HEADER>0001140361-19-016326.hdr.sgml : 20190909
<ACCEPTANCE-DATETIME>20190909073015
ACCESSION NUMBER:		0001140361-19-016326
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20190906
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20190909
DATE AS OF CHANGE:		20190909

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33365
		FILM NUMBER:		191080980

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	USA ENTERTAINMENT CENTER INC
		DATE OF NAME CHANGE:	19931029
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k.htm
<DESCRIPTION>8-K
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    <div style="text-align: center; font-size: 14pt;">SECURITIES AND EXCHANGE COMMISSION </div>
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        <div style="text-align: center; color: rgb(0, 0, 0); font-size: 12pt;">Washington, D.C. 20549</div>
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        <div style="text-align: center; color: rgb(0, 0, 0); font-size: 18pt; font-weight: bold;">FORM 8-K</div>
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        <div style="text-align: center; color: #000000;">Current Report Pursuant to Section 13 or 15(d) of</div>
        <div style="text-align: center; color: #000000;">The Securities Exchange Act of 1934</div>
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        <div style="text-align: center; color: #000000;">Date of report (Date of earliest event reported): September 6, 2019</div>
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        <div style="text-align: center; color: #000000;"><font style="font-size: 24pt; font-weight: bold;">USA TECHNOLOGIES, INC</font><font style="font-size: 24pt;">.</font></div>
        <div style="text-align: center; color: #000000;">(Exact name of registrant as specified in its charter)</div>
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                <div style="text-align: center; color: #000000;">Pennsylvania</div>
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                <div style="text-align: center; color: #000000;">(State or other jurisdiction of incorporation or organization)</div>
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                <div style="text-align: center; color: #000000;">(I.R.S. Employer Identification No.)</div>
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        <div style="text-align: center; color: #000000;">100 Deerfield Lane, Suite 300</div>
        <div style="text-align: center; color: #000000;">Malvern, Pennsylvania 19355</div>
        <div style="text-align: center; color: #000000;">(Address of principal executive offices and zip code)</div>
        <div><br>
        </div>
        <div style="text-align: center; color: #000000;">Registrant&#8217;s telephone number, including area code: 610-989-0340</div>
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        <div style="text-align: center; color: #000000;">n/a</div>
        <div style="text-align: center; color: #000000;">Former name or former address, if changed since last report</div>
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        <div><br>
        </div>
        <div style="text-align: justify; color: #000000;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</div>
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                    <div style="color: #000000;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
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                    <div style="color: #000000;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
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                    <div style="color: #000000;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
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                    <div style="color: #000000;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
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        <div>&#160;</div>
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        <div>Securities registered pursuant to Section 12(b) of the Act: </div>
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                <div style="text-align: center; color: #231F20;">Title of each class</div>
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                <div style="text-align: center; color: #231F20;">Trading Symbol(s)</div>
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                <div style="text-align: center; color: #231F20;">Name of each exchange on which registered</div>
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                <div style="color: #000000;">Common Stock, no par value</div>
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                <div style="text-align: center; color: #000000;">USAT</div>
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                <div style="color: #000000;">The NASDAQ Stock Market LLC</div>
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                <div style="color: #000000;">Series A Convertible Preferred Stock, no par value</div>
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                <div style="text-align: center; color: #000000;">USATP</div>
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                <div style="color: #000000;">The NASDAQ Stock Market LLC</div>
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        <div style="text-align: justify; color: #000000;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
          Act of 1934 (&#167;240.12b-2 of this chapter).</div>
        <div><br>
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        <div style="text-align: right; color: #000000;">Emerging growth company <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
      </div>
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        <div><br>
        </div>
        <div style="text-align: justify; color: #000000;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
          provided pursuant to Section 13(a) of the Exchange Act. <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
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        <div>&#160;</div>
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                  <td style="width: 72pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">Item 8.01</td>
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                    <div style="color: #000000; font-weight: bold;">Other Events.</div>
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        <div style="text-align: justify;"><font style="color: #000000;">On September 6, 2019, USA Technologies, Inc. (the &#8220;Company&#8221;), received a letter from the Office of General Counsel of The Nasdaq Stock Market LLC (&#8220;Nasdaq&#8221;) informing the Company that
            the Nasdaq Hearings Panel (the </font><font style="color: #000000;"><font style="color: #000000;">&#8220;</font>Panel</font><font style="color: #000000;"><font style="color: #000000;">&#8221;</font>) has granted the Company's request to extend the
            exception period through September 23, 2019,</font>&#160;<font style="color: #000000;">in order for the Company to regain compliance with its periodic filing obligations.</font></div>
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            <div style="font-size: 12pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">As indicated in the Current Report on Form 8-K filed with the Securities and Exchange Commission (the &#8220;SEC</font><font style="font-size: 10pt; color: rgb(0, 0, 0);"><font style="color: #000000;">&#8221;</font>) on September 4, 2019, the Company informed the Panel that it was unlikely that the Company would regain compliance with its periodic filing requirements </font><font style="font-size: 10pt;">during

                the exception period previously granted by the Panel due primarily to the remaining analysis required in connection with the accounting treatment by the Company of the leasing/rental contracts of Cantaloupe Systems, Inc. (&#8220;Cantaloupe&#8221;).
                Cantaloupe was acquired by the Company on November 9, 2017. These issues are not related to the internal investigation, were recently discovered during the audit process, and must be resolved by the Company in order for the Company&#8217;s
                independent auditor to complete its audit procedures. </font></div>
            <div style="font-size: 12pt;"><font style="font-size: 10pt;"> <br>
              </font></div>
            <div style="font-size: 12pt;"><font style="font-size: 10pt;">The Company believes that it will be able to complete its work related to the accounting of the Cantaloupe lease/rental contracts and finalize the closing of its fiscal year 2019
                books and records and provide its auditors with appropriate and sufficient audit evidence in a time frame that will permit its independent auditor to complete its audit in order for the Company to become compliant with its periodic
                reporting obligations by no later than September 23, 2019.</font></div>
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        </div>
        <div style="text-align: justify;">The Panel has informed the Company that, if the Company does not regain compliance with its periodic reporting obligations by September 23, 2019, it will issue a final delisting determination and the Company&#8217;s
          securities will be suspended from trading on Nasdaq.</div>
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            <div>As previously reported in the Current Report on Form 8-K filed by the Company with the SEC on July 16, 2019, the Company received a notice from the Listing Qualifications Department of Nasdaq stating that the Company was not in compliance
              with applicable Nasdaq rules due to its failure to hold an annual meeting of shareholders within twelve months following the Company&#8217;s fiscal year ended June 30, 2018 (the &#8220;Annual Meeting&#8221;). Under applicable Nasdaq rules, the Panel has the
              discretion to grant an exception of up to 360 days following June 30, 2019 in order for the Company to hold the Annual Meeting. On July 17, 2019, the Company submitted to the Panel a written plan to regain compliance with respect to its
              failure to timely hold the Annual Meeting, and requested the Panel to grant an exception in order for the Company to hold the Annual Meeting after it has regained compliance with its periodic reporting requirements. The September 6, 2019
              letter from the Office of General Counsel of Nasdaq indicated that the Panel had declined to address that request at that time, opting to wait until the Company demonstrated compliance with its periodic reporting requirements, and directed
              the Company to submit a new plan of compliance to the Panel by no later than September 23, 2019 which would accelerate the timing of the Annual Meeting<font style="color: rgb(0, 0, 0);">.</font></div>
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        <div style="text-align: justify; color: #000000; font-weight: bold;">Forward-looking Statements</div>
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          <div>
            <div style="color: rgb(0, 0, 0);">&#8220;Safe Harbor&#8221; Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in this Current Report on Form 8-K are forward-looking
              statements. When used in this Current Report on Form 8-K, words such as &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; and similar expressions, as they relate to the Company or its management, identify forward-looking statements.
              Such forward-looking statements are based on the beliefs of the Company&#8217;s management, as well as assumptions made by and information currently available to the Company&#8217;s management. Actual results could differ materially from those
              contemplated by the forward-looking statements as a result of certain factors, including but not limited to, the ability to complete the financial statements required to be included in its unfiled periodic reports or restatement of the
              affected financial statements; the risk that non-investigatory adjustments which have been identified during the course of the audit and which do not relate to the Cantaloupe financial integration, will result in the restatement of&#160;
              additional previously issued financial statements of the Company; the ability of the Company to complete the analysis of the Cantaloupe financial integration issues on a timely basis; risks relating to the substantial costs and diversion of
              personnel&#8217;s attention and resources deployed to address the restatement of the affected financial statements, the unfiled periodic reports, and internal control matters&#894; the risk associated with the currently pending litigation or possible
              regulatory action arising from the internal investigation and its findings, from the failure to timely file the Company&#8217;s periodic reports with the SEC, from the restatement of the affected financial statements, from allegations related to
              the registration statement for the follow-on public offering, or from potential litigation or other claims arising from the shareholder demands for derivative actions&#894; any subsequent discovery of additional adjustments to the Company&#8217;s
              previously issued or prior fiscal years&#8217; financial statements which would further delay the preparation and filing thereof&#894; the ability of the Company to regain and maintain compliance with Nasdaq&#8217;s continued listing requirements&#894; the timing
              of the review by, and the conclusions of, the Company&#8217;s independent auditor with respect to the previously issued or prior fiscal years&#8217; financial statements&#894; and the risk that the filing of the unfiled periodic reports or the restatement of
              the affected financial statements will take longer than anticipated, resulting in delisting of the Company&#8217;s securities. Readers are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement made
              by us speaks only as of the date of this Current Report on Form 8-K. Unless required by law, the Company does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to
              reflect the occurrence of unanticipated events.</div>
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        <div style="text-align: center; color: #000000;">SIGNATURES</div>
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        <div><br>
        </div>
        <div style="text-align: justify; color: #000000;">Pursuant to the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
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              <div style="text-align: justify; color: #000000;">USA TECHNOLOGIES, INC.</div>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
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              <div style="color: #000000;">Dated: September 9, 2019</div>
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              <div style="color: #000000;">By:</div>
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            <td style="width: 45%; vertical-align: top;">
              <div style="color: #000000;"><u>/s/ Stephen P. Herbert</u></div>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
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              <div style="color: #000000;">Stephen P. Herbert,</div>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 45%; vertical-align: top;">
              <div style="color: #000000;">Chief Executive Officer</div>
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