<SEC-DOCUMENT>0001140361-19-020328.txt : 20191112
<SEC-HEADER>0001140361-19-020328.hdr.sgml : 20191112
<ACCEPTANCE-DATETIME>20191112161021
ACCESSION NUMBER:		0001140361-19-020328
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20191108
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20191112
DATE AS OF CHANGE:		20191112

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:		191209430

	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
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<FILENAME>form8k.htm
<DESCRIPTION>8-K
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      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 14pt;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 12pt;">Washington, D.C. 20549</div>
      <div><br>
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      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 18pt; font-weight: bold;">FORM 8-K</div>
      <div><br>
      </div>
      <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>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000;">Date of report (Date of earliest event reported): November 8, 2019</div>
      <div><br>
      </div>
      <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;">001-33365</div>
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              <div style="text-align: center; color: #000000;">232679963</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;">(Commission File Number)</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>
      <div><br>
      </div>
      <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>
    </div>
    <div>
      <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>
    </div>
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      <div><br>
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                    <td style="width: auto; vertical-align: top;">
                      <div style="color: #000000;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
                    </td>
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                    <td style="width: 18pt; vertical-align: top; align: right; color: #000000; font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</td>
                    <td style="width: auto; vertical-align: top;">
                      <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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                    <td style="width: 18pt; vertical-align: top; align: right; color: #000000; font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="color: #000000;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
                    </td>
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      </div>
      <div style="color: #000000;">Securities registered pursuant to Section 12(b) of the Act:</div>
      <div><br>
      </div>
    </div>
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              <div style="text-align: center; margin-right: 0.75pt; color: #231F20;">Title of each class</div>
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              <div style="text-align: center; color: #231F20;">Trading</div>
              <div style="text-align: center; color: #231F20;">Symbol(s)</div>
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            <div>
              <div style="text-align: center; color: #231F20;">Name of each exchange on which</div>
              <div style="text-align: center; color: #231F20;">registered</div>
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          <td style="width: 50.98%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div>
              <div style="margin-right: 0.75pt; color: #000000;">Common Stock, no par value</div>
            </div>
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          <td style="width: 12.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div>
              <div style="text-align: center; color: #000000;">USAT</div>
            </div>
          </td>
          <td style="width: 36.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div>
              <div style="color: #000000;">The NASDAQ Stock Market LLC</div>
            </div>
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          <td style="width: 50.98%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div>
              <div style="margin-right: 0.75pt; color: #000000;">Series A Convertible Preferred Stock, no par value</div>
            </div>
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          <td style="width: 12.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div>
              <div style="text-align: center; color: #000000;">USATP</div>
            </div>
          </td>
          <td style="width: 36.27%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div>
              <div style="color: #000000;">The NASDAQ Stock Market LLC</div>
            </div>
          </td>
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      <div><br>
      </div>
    </div>
    <div>
      <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>
    <div>
      <div style="color: rgb(0, 0, 0);"> <br>
      </div>
      <div style="text-align: right; color: #000000;">Emerging growth company &#9744;</div>
      <div style="color: rgb(0, 0, 0);"> <br>
      </div>
    </div>
    <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.&#160; &#9744;</div>
      <div><br>
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                <td style="width: 45pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Item 5.02</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</div>
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      <div><br>
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      <div style="text-align: justify; color: #000000;">(b) On November 8, 2019, Albin F. Moschner retired from the Board of Directors of USA Technologies, Inc. (the "Company") and as Chairman of the Board of Directors of the Company (the &#8220;Board&#8221;). Mr.
        Moschner had been a member of the Board since April 2012 and Chairman of the Board since January 2019.</div>
      <div><br>
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                <td style="width: 45pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Item 5.03</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.</div>
                </td>
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      </div>
    </div>
    <div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">On November 11, 2019, the Board amended Section 4.03(d) of the Amended and Restated Bylaws of the Company (the &#8220;Bylaws&#8221;), which became effective on the same date. The amendment provides that the
        chairman of the board may, but shall not be required to, qualify as independent under the applicable listing standards of The Nasdaq Stock Market LLC or such other securities market on which the Company&#8217;s securities are listed.&#160; The amended Section
        4.03(d) provides that the chairman may also serve as the chief executive officer and/or as another officer of the Company.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">This summary description of the amendment to the Bylaws does not purport to be complete and is qualified in its entirety by reference to the text of the amendment to the Bylaws, a copy of which is
        attached hereto as Exhibit 3.1 and is incorporated herein by reference. Attached hereto as Exhibit 3.2 is the marked version of the Bylaw amendment, comparing the Bylaw amendment to Section 4.03(d) of the Bylaws as in effect immediately prior to
        such Bylaw amendment.</div>
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                <td style="width: 45pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Item 8.01</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Other Events.</div>
                </td>
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    <div>
      <div style="text-align: justify;"><font style="color: #000000;"> </font><br>
      </div>
      <div style="text-align: justify; color: #000000;">Effective November 11, 2019, Donald W. Layden, Jr., was appointed as the Executive Chairman of the Board. Mr. Layden has been a Director of the Company since April 2019, and, since October 17, 2019,
        has also served as the interim Chief Executive Officer of the Company.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Effective November 11, 2019, and in connection with the appointment of Mr. Layden as the Executive Chairman of the Board, William J. Schoch was appointed as the lead independent director of the Board.
        Mr. Schoch has been a Director of the Company since July 2012, the Chair of the Nominating and Corporate Governance Committee since February 2015, and a member of the Audit Committee since December 2016.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">On November 12, 2019, the Company issued a press release announcing the appointment of Mr. Layden as Executive Chairman of the Board and the appointment of Mr. Schoch as the lead independent director
        of the Board. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The information in Item 8.01 in this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed &#8220;filed&#8221; for the purpose of Section 18 of the Securities Exchange Act of 1934, as
        amended, or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.</div>
      <div><br>
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                <td style="width: 45pt; vertical-align: top; font-weight: bold;">Item 9.01.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Financial Statements and Exhibits.</div>
                </td>
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      <div><br>
      </div>
      <div style="text-align: justify;">(d) Exhibits</div>
      <div><br>
      </div>
    </div>
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            <div>
              <div style="text-align: justify;"><a href="ex3_1.htm">Exhibit 3.1</a></div>
            </div>
          </td>
          <td style="width: 88%; vertical-align: top;">
            <div>
              <div style="text-align: justify;">Text of the Amendment to Amended and Restated Bylaws</div>
            </div>
          </td>
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          <td style="width: 12%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 88%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
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          <td style="width: 12%; vertical-align: top;">
            <div>
              <div style="text-align: justify;"><a href="ex3_2.htm">Exhibit 3.2</a></div>
            </div>
          </td>
          <td style="width: 88%; vertical-align: top;">
            <div>
              <div style="text-align: justify;">Marked comparison of the text of the Amendment to the Amended and Restated Bylaws</div>
            </div>
          </td>
        </tr>
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          <td style="width: 12%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 88%; vertical-align: top;" rowspan="1">&#160;</td>
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          <td style="width: 12%; vertical-align: top;">
            <div>
              <div style="text-align: justify;"><a href="ex99_1.htm">Exhibit 99.1</a></div>
            </div>
          </td>
          <td style="width: 88%; vertical-align: top;">
            <div>
              <div style="text-align: justify;">Press release dated November 12, 2019</div>
            </div>
          </td>
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      <div style="text-align: center; color: #000000;">SIGNATURES</div>
    </div>
    <div>
      <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>
    </div>
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      <div><br>
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            <div>
              <div>&#160;</div>
            </div>
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          <td style="vertical-align: top;" rowspan="1" colspan="2">
            <div>
              <div style="text-align: justify; color: #000000;">USA TECHNOLOGIES, INC.</div>
            </div>
          </td>
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          <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="vertical-align: top;" rowspan="1" colspan="2">&#160;</td>
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        <tr>
          <td style="width: 50%; vertical-align: top;" rowspan="1">
            <div style="text-align: justify; color: #000000;">Dated: November 12, 2019</div>
          </td>
          <td style="width: 3%; vertical-align: top;" rowspan="1">By:</td>
          <td style="width: 47%; vertical-align: top;" rowspan="1">
            <div style="text-align: justify; color: #000000;"><u>/s/ Donald W. Layden, Jr.</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 47%; vertical-align: top;">
            <div>
              <div style="text-align: justify; color: #000000;">Donald W. Layden, Jr.,</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 47%; vertical-align: top;">
            <div>
              <div style="text-align: justify; color: #000000;">Interim Chief Executive Officer and</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 47%; vertical-align: top;">
            <div>
              <div style="text-align: justify; color: #000000;">Executive Chairman</div>
            </div>
          </td>
        </tr>

    </table>
    <div>
      <div><br>
      </div>
      <div><br>
      </div>
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        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>ex3_1.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
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    <title></title>
    <!-- Licensed to: Summit Financial Disclosure, LLC
         Document created using EDGARfilings PROfile 6.5.0.0
         Copyright 1995 - 2019 Broadridge -->
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    <div>
      <div style="text-align: right; font-weight: bold;">Exhibit 3.1</div>
    </div>
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      <div><br>
      </div>
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        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 63pt;">
                <div>Section 4.03. </div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div><u>Number and Term of Office</u>.</div>
              </td>
            </tr>

        </table>
      </div>
      <br>
    </div>
    <div>
      <div style="text-align: justify;"><font style="color: #000000;">(d) Chairman.--</font>&#160;<font style="color: #000000;">The board of directors shall annually elect from among the members of the board a chairman of the board who may, but shall not be
          required to, qualify as independent under the applicable listing standards of The Nasdaq Stock Market LLC or such other securities market on which the Company&#8217;s securities are listed.&#160; Any vacancy in the position of the chairman shall be filled
          at such time and in such manner as the board of directors shall determine. The chairman of the board may also serve as the chief executive officer and/or as another officer of the Company.</font></div>
    </div>
    <div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div>
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>3
<FILENAME>ex3_2.htm
<DESCRIPTION>EXHIBIT 3.2
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Summit Financial Disclosure, LLC
         Document created using EDGARfilings PROfile 6.5.0.0
         Copyright 1995 - 2019 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
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  <div>
    <div>
      <div style="text-align: right; font-weight: bold;">Exhibit 3.2</div>
    </div>
    <div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 63pt;">
                <div>Section 4.03. </div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div><u>Number and Term of Office</u>.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify;"><font style="color: #000000;">(d)</font><font style="font-size: 12pt; color: #000000;"> <font style="font-size: 10pt;">Chairman.--</font></font>&#160;<font style="color: rgb(0, 0, 0);">The board of directors shall annually elect from among the members of the board a chairman of the board who <font style="color: rgb(255, 0, 0);"><strike>shall</strike></font></font><font style="color: rgb(255, 0, 0);"><u>may, but shall not be required to,</u></font><font style="color: rgb(0, 0, 0);"> qualify as independent
            under the applicable listing standards of The Nasdaq Stock Market LLC or such other securities market on which the Company&#8217;s securities are listed.&#160; Any vacancy in the position of the chairman shall be filled at such time and in such manner as
            the board of directors shall determine.</font> <font style="color: rgb(255, 0, 0);"><u>The chairman of the board may also serve as the chief executive officer and/or as another
                  officer of the Company.</u></font><font style="color: rgb(255, 0, 0);"><u></u></font></div>
      <font style="color: rgb(255, 0, 0);"><u> </u></font>
      <div style="text-align: justify;"><font style="color: #000000;"><font style="color: rgb(255, 0, 0);"><u> </u></font><br>
        </font></div>
    </div>
    <div><font style="color: #000000;"> </font><br>
    </div>
    <div><font style="color: #000000;"> </font>
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
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    <title></title>
    <!-- Licensed to: Summit Financial Disclosure, LLC
         Document created using EDGARfilings PROfile 6.5.0.0
         Copyright 1995 - 2019 Broadridge -->
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    <div>
      <div style="text-align: right; text-indent: -32.4pt; margin-left: 32.4pt; color: #000000; font-weight: bold;">Exhibit 99.1</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: center; color: #000000; font-weight: bold;">Donald W. Layden, Jr., Appointed Executive Chairman of the USA Technologies&#8217; Board of Directors</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold;">MALVERN, Pa. &#8212; November 12, 2019 &#8212;</font> USA Technologies, Inc. (OTC: USAT) (&#8220;USAT&#8221; or the &#8220;Company&#8221;), a cashless payments and software services company that provides
        end-to-end technology solutions for the self-service retail market, today announced that the USAT Board of Directors has appointed Donald W. Layden, Jr., Board member and Interim Chief Executive Officer, as Executive Chairman of the Board. His
        appointment follows Albin F. Moschner&#8217;s retirement as Board Chair and as a member of the Board effective November 8, 2019. In connection with this appointment, current Board member William J. Schoch has been appointed as the lead independent
        director of the Board.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Mr. Layden said, &#8220;I am honored to be appointed as Executive Board Chairman at this important time for USA Technologies. Together with the Board and management team, we will continue to build on our
        strong business fundamentals to drive value for our customers and shareholders.&#8221;</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Mr. Layden added, &#8220;On behalf of the Board, I would like to thank Al for his many contributions as a Board member and for his valued leadership as Chairman over this past year.&#8221;</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Company today has issued a separate press release announcing its first quarter fiscal year 2020 results.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">About USA Technologies, Inc.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">USA Technologies, Inc. is a cashless payments and software services company that provides end-to-end technology solutions for the self-service retail market. With approximately 1.2 million
        connections, USAT is transforming the unattended retail community by offering one solution for payments processing, logistics, and back-office management solutions. The company&#8217;s enterprise-wide platform is designed to increase consumer engagement
        and sales revenue through digital payments, digital advertising and customer loyalty programs, while providing retailers with control and visibility over their operations and inventory. As a result, customers ranging from vending machine companies,
        to operators of micro-markets, gas and car charging stations, laundromats, metered parking terminals, kiosks, amusements and more, can run their businesses more proactively, predictably, and competitively.</div>
      <div style="text-align: justify; color: #000000;"> <br>
      </div>
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    </div>
    <div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Forward-looking Statements</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in this release, including without limitation the
        business strategy and the plans and objectives of USAT's management for future operations, are forward-looking statements. When used in this release, words such as "anticipate", "believe", "estimate", "expect", "intend", and similar expressions, as
        they relate to USAT or its management, identify forward looking statements. Such forward-looking statements are based on the beliefs of USAT's management, as well as assumptions made by and information currently available to USAT'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 incurrence by USAT of any unanticipated or unusual non-operational expenses which
        would require us to divert our cash resources from achieving our business plan; the ability of USAT to retain key customers from whom a significant portion of its revenues is derived; the ability of USAT to compete with its competitors to obtain
        market share; whether USAT's customers continue to utilize USAT's transaction processing, route scheduling, inventory management, and related services, as our customer agreements are generally cancelable by the customer on thirty to sixty days'
        notice; 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 USAT&#8217;s periodic reports with the Securities and Exchange
        Commission, 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; whether the appeal to the Nasdaq Listing and Hearing Council of the delisting of USAT&#8217; s securities on The Nasdaq Stock Market LLC will be successful or result in the reinstatement of trading of USAT&#8217;s securities, or whether any
        listing application that may be filed by USAT will result in the relisting of its securities&#894; or whether USAT's existing or anticipated customers purchase, rent or utilize ePort or Seed devices or our other products or services in the future at
        levels currently anticipated by USAT. Readers are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement made by us in this release speaks only as of the date of this release. Unless required by
        law, USAT 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>
    </div>
    <div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -32.4pt; margin-left: 32.4pt; color: #000000; font-weight: bold;">Contacts</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -32.4pt; margin-left: 32.4pt; color: #000000;">Media:</div>
      <div style="text-align: justify; text-indent: -32.4pt; margin-left: 32.4pt; color: #000000;">Joele Frank, Wilkinson Brimmer Katcher</div>
      <div style="text-align: justify; text-indent: -32.4pt; margin-left: 32.4pt; color: #000000;">Tim Lynch / Meaghan Repko</div>
      <div style="text-align: justify; text-indent: -32.4pt; margin-left: 32.4pt; color: #000000;">212-355-4449</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -32.4pt; margin-left: 32.4pt; color: #000000;">Investors:</div>
      <div style="text-align: justify; text-indent: -32.4pt; margin-left: 32.4pt; color: #000000;">Blueshirt Group</div>
      <div style="text-align: justify; text-indent: -32.4pt; margin-left: 32.4pt; color: #000000;">Monica Gould, +1 212-871-3927</div>
      <div style="text-align: justify; text-indent: -32.4pt; margin-left: 32.4pt; color: #000000;">monica@blueshirtgroup.com</div>
      <div style="text-align: justify; text-indent: -32.4pt; margin-left: 32.4pt; color: #000000;">Lindsay Savarese, +212-331-8417</div>
      <div style="text-align: justify; text-indent: -32.4pt; margin-left: 32.4pt; color: #000000;">lindsay@blueshirtgroup.com</div>
    </div>
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      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
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</SEC-DOCUMENT>
