<SEC-DOCUMENT>0001140361-20-003782.txt : 20200221
<SEC-HEADER>0001140361-20-003782.hdr.sgml : 20200221
<ACCEPTANCE-DATETIME>20200221162618
ACCESSION NUMBER:		0001140361-20-003782
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200221
DATE AS OF CHANGE:		20200221
EFFECTIVENESS DATE:		20200221

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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33365
		FILM NUMBER:		20640388

	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>DEFA14A
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<FILENAME>formdefa14a.htm
<DESCRIPTION>DEFA 14A
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      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 14pt;">UNITED STATES</div>
      <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>
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    <div style="background-color: rgb(255, 255, 255);">
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      </div>
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    <div style="background-color: #FFFFFF;">
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 18pt;">SCHEDULE 14A</div>
      <div><br>
      </div>
      <div style="text-align: center;">Proxy Statement Pursuant to Section 14(a) of</div>
      <div style="text-align: center;">the Securities Exchange Act of 1934</div>
    </div>
    <div><br>
    </div>
    <div>Filed by the Registrant &#9746;</div>
    <div>&#160;</div>
    <div>Filed by a Party other than the Registrant &#9744;</div>
    <div>&#160;</div>
    <div>Check the appropriate box:</div>
    <div>&#160;</div>
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              <div>Preliminary Proxy Statement</div>
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    <div>&#160;</div>
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              <div>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</div>
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    <div>&#160;</div>
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              <div>Definitive Proxy Statement</div>
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    <div>&#160;</div>
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              <div>Definitive Additional Materials</div>
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    <div>&#160;</div>
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      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 24pt;">USA TECHNOLOGIES, INC.</div>
      <div style="text-align: center;"><br>
      </div>
      <div style="text-align: center; color: #000000;">
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;">(Name of Registrant as Specified In Its Charter)</div>
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          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</div>
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    <div>&#160;</div>
    <div>Payment of Filing Fee (Check the appropriate box):</div>
    <div>&#160;</div>
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              <div>No fee required.</div>
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            <td style="width: 5%; vertical-align: top;">&#160;&#9744;</td>
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              <div>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</div>
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              <div>(1)</div>
            </td>
            <td style="width: 86%; vertical-align: top;">
              <div>Title of each class of securities to which transaction applies:</div>
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              <div>Aggregate number of securities to which transaction applies:</div>
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              <div>(3)</div>
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              <div>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</div>
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              <div>(4)</div>
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              <div>Proposed maximum aggregate value of transaction:</div>
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            <td rowspan="1" colspan="1" style="vertical-align: top; width: 4%; padding-bottom: 2px;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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              <div>(5)</div>
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              <div>Total fee paid:</div>
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            <td rowspan="1" colspan="1" style="vertical-align: top; width: 4%; padding-bottom: 2px;">&#160;</td>
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            <td colspan="1" style="vertical-align: top; width: 4%;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
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            <td colspan="1" style="vertical-align: top; width: 4%;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;&#9744;</td>
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              <div>Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form
                or Schedule and the date of its filing.</div>
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            <td colspan="1" rowspan="1" style="vertical-align: top; width: 4%;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
            <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
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            <td colspan="1" style="vertical-align: top; width: 4%;">&#160;</td>
            <td style="width: 5%; vertical-align: top;"><br>
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              <div>(1)</div>
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            <td style="width: 86%; vertical-align: top;">
              <div>Amount Previously Paid:</div>
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            <td rowspan="1" colspan="1" style="vertical-align: top; width: 4%; padding-bottom: 2px;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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            <td colspan="1" style="vertical-align: top; width: 4%;">&#160;</td>
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              <div>(2)</div>
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              <div>Form, Schedule or Registration Statement No.:</div>
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            <td rowspan="1" colspan="1" style="vertical-align: top; width: 4%; padding-bottom: 2px;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td rowspan="1" style="width: 86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <td colspan="1" style="vertical-align: top; width: 4%;">&#160;</td>
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              <div>(3)</div>
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            <td style="width: 86%; vertical-align: top;">
              <div>Filing Party:</div>
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          <tr>
            <td rowspan="1" colspan="1" style="vertical-align: top; width: 4%; padding-bottom: 2px;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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            <td style="width: 5%; vertical-align: top;">&#160;</td>
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            <td colspan="1" style="vertical-align: top; width: 4%;">&#160;</td>
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              <div>Date Filed:</div>
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            <td rowspan="1" colspan="1" style="vertical-align: top; width: 4%; padding-bottom: 2px;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td rowspan="1" style="width: 5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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  <div>
    <div style="text-align: center; font-weight: bold;">USA Technologies Issues Statement Regarding Hudson Executive Capital Filing on Disgorgement</div>
    <div><br>
    </div>
    <div>MALVERN, Pa.--(BUSINESS WIRE)--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 issued the following statement:</div>
    <div><br>
    </div>
    <div>We reaffirm our strong belief that an 18-month disgorgement period was triggered by Hudson Executive Capital&#8217;s (HEC) November 2019 public announcement of its intention to
      take control of the USAT board. The words and intent of the Pennsylvania statute &#8211; Subchapter H of Chapter 25 of the Pennsylvania Business Corporation Law &#8211; are in our view carefully crafted to protect Pennsylvania corporations and their stakeholders
      from attempts to take control of the Board of Directors of a Pennsylvania corporation.</div>
    <div><br>
    </div>
    <div>We informed HEC of the Pennsylvania statute in November 2019. Today, for the first time and after more than three months of publicly soliciting USAT shareholders, HEC
      acknowledged the potential significant implications of the Pennsylvania disgorgement statute on its effort to take control of the USA Technologies Board.</div>
    <div><br>
    </div>
    <div>Shareholders should be aware that under the Pennsylvania statute, actions to recover realized profits from an offending shareholder may be commenced by the corporation, or
      by any shareholder in the name and on behalf of the corporation, if the corporation fails or refuses to take action within 60 days after written request by a shareholder.</div>
    <div><br>
    </div>
    <div>Based on HEC&#8217;s public disclosures, we believe that, as of today, HEC stands on an unrealized profit of over $35 million in their USAT investment.</div>
    <div><br>
    </div>
    <div>USA Technologies, on behalf of itself and its shareholders other than HEC, reserves all of its rights under Pennsylvania law to compel the disgorgement of any profits that
      may be realized by HEC during the 18-month period beginning November 2019.</div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
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    <div><br>
    </div>
    <div style="font-weight: bold;">About USA Technologies, Inc.</div>
    <div><br>
    </div>
    <div>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><br>
    </div>
    <div style="font-weight: bold;">Important Additional Information</div>
    <div><br>
    </div>
    <div>USA Technologies, Inc. (&#8220;USAT&#8221;) will be filing a proxy statement and associated WHITE proxy card with the Securities and Exchange Commission (the &#8220;SEC&#8221;) in connection with
      the solicitation of proxies for its 2020 annual meeting of shareholders. Shareholders are strongly advised to read USAT&#8217;s 2020 proxy statement (including any amendments or supplements thereto) when it becomes available because it will contain
      important information. Shareholders will be able to obtain copies of USAT&#8217;s 2020 proxy statement and other documents filed by USAT with the SEC in connection with its 2020 annual meeting of shareholders free of charge at the SEC&#8217;s website at
      www.sec.gov. Copies will also be available at no charge at the Company&#8217;s website at www.usatech.com.</div>
    <div><br>
    </div>
    <div>USAT, its directors and its executive officers may be deemed to be participants in the solicitation of proxies from shareholders in connection with USAT&#8217;s 2020 annual
      meeting of shareholders. Shareholders may obtain information regarding USAT&#8217;s directors, executive officers and other persons who may, under rules of the SEC, be considered participants in the solicitation of proxies for the 2020 annual meeting of
      shareholders, including their respective interests by security holdings or otherwise, in USAT&#8217;s annual report on Form 10-K for the year ended June 30, 2019, which was filed with the SEC on October 9, 2019. To the extent the interests of certain
      participants, by security holdings or otherwise, have changed since June 30, 2019, such changes have been or will be reflected on Form 8-Ks, Form 3s and Form 4s filed or to be filed by USAT with the SEC. Additional information regarding the interests
      of such individuals can also be obtained from the definitive proxy statement for USAT&#8217;s 2020 annual meeting of shareholders when it is filed by USAT with the SEC. These documents (when available) may be obtained free of charge from the SEC&#8217;s website
      at www.sec.gov. Copies will also be available at no charge at the Company&#8217;s website at www.usatech.com.</div>
    <div>&#160;</div>
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    <div><br>
    </div>
    <div style="font-weight: bold;">Forward-looking Statements</div>
    <div><br>
    </div>
    <div>"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 resolution of any action that may be brought by or on
      behalf of USAT related to or arising out of Subchapter H of Chapter 25 of the Pennsylvania Business Corporation Law; 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 listing application for USAT&#8217;s
      securities which has been filed by USAT with The Nasdaq Stock Market LLC will be granted or granted in a timely manner&#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><br>
    </div>
    <div style="color: #000000; font-weight: bold;">Contacts</div>
    <div style="color: #000000;">Media:</div>
    <div style="color: #000000;">Joele Frank, Wilkinson Brimmer Katcher</div>
    <div style="color: #000000;">Tim Lynch / Meaghan Repko</div>
    <div style="color: #000000;">212-355-4449</div>
    <div><br>
    </div>
    <div style="color: #000000;">Investors:</div>
    <div style="color: #000000;">Blueshirt Group</div>
    <div style="color: #000000;">Monica Gould, +1 212-871-3927</div>
    <div style="color: #000000;">monica@blueshirtgroup.com</div>
    <div style="color: #000000;">Lindsay Savarese, +212-331-8417</div>
    <div style="color: #000000;">lindsay@blueshirtgroup.com</div>
    <div style="color: #000000;"> <br>
    </div>
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    </div>
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