<SEC-DOCUMENT>0000914121-20-002382.txt : 20200702
<SEC-HEADER>0000914121-20-002382.hdr.sgml : 20200702
<ACCEPTANCE-DATETIME>20200702162209
ACCESSION NUMBER:		0000914121-20-002382
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200630
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20200702
DATE AS OF CHANGE:		20200702

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:		201009652

	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>us555110606-8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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    <div style="text-align: center; margin-top: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 18pt; font-weight: bold;">UNITED STATES<br>
      SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">WASHINGTON<font style="font-size: 10pt; color: #000000;">, D.C. 20549</font></div>
    <div style="text-align: center; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 18pt; font-weight: bold;">FORM<font style="color: #000000;"> 8-K</font></div>
    <div style="text-align: center; margin-top: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">CURRENT<font style="color: #000000;"> REPORT</font><br>
      <font style="color: #000000;">PURSUANT TO SECTION 13 OR 15(d) OF THE</font><br>
      <font style="color: #000000;">SECURITIES EXCHANGE ACT OF 1934</font></div>
    <div style="text-align: center; font-family: 'Times New Roman', Times, serif;"><br>
      <br>
      Date of Report (date of earliest event reported):<font style="font-weight: bold; color: #000000;"> June 30, 2020</font></div>
    <div style="text-align: center; margin-top: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 18pt; font-weight: bold;">USA TECHNOLOGIES, INC.</div>
    <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">(Exact name of registrant as specified in its charter)</div>
    <div><br>
    </div>
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              <div style="text-align: center; color: #000000; font-weight: bold;">Pennsylvania</div>
            </div>
          </td>
          <td style="width: 2.06%; vertical-align: bottom;">&#160;</td>
          <td colspan="3" style="width: 26.23%; vertical-align: top; border-bottom: 1px solid #000000;">
            <div style="border-bottom: 0.5pt solid black;">
              <div style="text-align: center; color: #000000; font-weight: bold;">001-33365</div>
            </div>
          </td>
          <td style="width: 2.06%; vertical-align: bottom;">&#160;</td>
          <td style="width: 31.93%; vertical-align: top; border-bottom: 1px solid #000000;">
            <div style="border-bottom: 0.5pt solid black;">
              <div style="text-align: center; color: #000000; font-weight: bold;">232679963</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.71%; vertical-align: top;">
            <div style="text-align: center;">(State or other jurisdiction of incorporation<br>
              or organization)</div>
          </td>
          <td style="width: 2.06%; vertical-align: bottom;">&#160;</td>
          <td colspan="3" style="width: 26.23%; vertical-align: top;">
            <div style="text-align: center;">(Commission<br>
              File Number)</div>
          </td>
          <td style="width: 2.06%; vertical-align: bottom;">&#160;</td>
          <td style="width: 31.93%; vertical-align: top;">
            <div style="text-align: center;">(IRS employer<br>
              identification number)</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 48.96%; vertical-align: top;">&#160;</td>
          <td style="width: 2.16%; vertical-align: bottom;">&#160;</td>
          <td colspan="3" style="width: 48.88%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 48.96%; vertical-align: top;">
            <div style="text-align: center; color: #000000; font-weight: bold;">100 Deerfield Lane, Suite 300</div>
          </td>
          <td style="width: 2.16%; vertical-align: bottom;">&#160;</td>
          <td colspan="3" style="width: 48.88%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 48.96%; vertical-align: top; border-bottom: 1px solid #000000;">
            <div style="border-bottom: 0.5pt solid black;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Malvern, Pennsylvania</div>
            </div>
          </td>
          <td style="width: 2.16%; vertical-align: bottom;">&#160;</td>
          <td colspan="3" style="width: 48.88%; vertical-align: top; border-bottom: 1px solid #000000;">
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              <div style="text-align: center; color: #000000; font-weight: bold;">19355</div>
            </div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 48.96%; vertical-align: top;">
            <div style="text-align: center;">(Address of principal executive offices)</div>
          </td>
          <td style="width: 2.16%; vertical-align: bottom;">&#160;</td>
          <td colspan="3" style="width: 48.88%; vertical-align: top;">
            <div style="text-align: center;">(Zip code)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">Registrant&#8217;s telephone number, including area code:<font style="font-weight: bold; color: #000000;"> 610-989-0340</font></div>
    <div style="text-align: justify; margin-top: 8pt; font-family: 'Times New Roman', Times, serif;">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 style="text-align: justify; margin-top: 8pt; font-family: 'Times New Roman', Times, serif;"><font style="color: #000000;">&#9633;</font><font style="font-family: 'Times New Roman', serif; font-size: 3pt; color: #000000;">&#160;</font>Written communications
      pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
    <div style="text-align: justify; margin-top: 8pt; font-family: 'Times New Roman', Times, serif;"><font style="color: #000000;">&#9633;</font><font style="font-family: 'Times New Roman', serif; font-size: 3pt; color: #000000;">&#160;</font>Soliciting material
      pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
    <div style="text-align: justify; margin-top: 8pt; font-family: 'Times New Roman', Times, serif;"><font style="color: #000000;">&#9633;</font><font style="font-family: 'Times New Roman', serif; font-size: 3pt; color: #000000;">&#160;</font>Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
    <div style="text-align: justify; margin-top: 8pt; font-family: 'Times New Roman', Times, serif;"><font style="color: #000000;">&#9633;</font><font style="font-family: 'Times New Roman', serif; font-size: 3pt; color: #000000;">&#160;</font>Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
    <div style="text-align: justify; margin-top: 8pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Securities registered pursuant to Section 12(b) of the Act:</div>
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            <div style="text-align: center; margin-right: 0.75pt; color: #231F20; font-family: 'Times New Roman', Times, serif;">Title of each class</div>
          </td>
          <td style="width: 12.77%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #231F20; font-family: 'Times New Roman', Times, serif;">Trading</div>
            <div style="text-align: center; color: #231F20; font-family: 'Times New Roman', Times, serif;">Symbol(s)</div>
          </td>
          <td style="width: 36.26%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #231F20; font-family: 'Times New Roman', Times, serif;">Name of each exchange on which registered</div>
          </td>
        </tr>
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          <td style="width: 50.98%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="margin-right: 0.75pt; color: #000000; font-family: 'Times New Roman', Times, serif;">None</div>
          </td>
          <td style="width: 12.77%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif;">None</div>
          </td>
          <td style="width: 36.26%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">None</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-top: 8pt; font-family: 'Times New Roman', Times, serif;">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 style="text-align: justify; margin-top: 8pt; font-family: 'Times New Roman', Times, serif;">Emerging growth company<font style="font-family: 'Times New Roman', serif; font-size: 3pt; color: #000000;">&#160;</font><font style="color: #000000;">&#9633;</font></div>
    <div style="text-align: justify; margin-top: 8pt; font-family: 'Times New Roman', Times, serif;">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="color: #000000;">&#9633;</font></div>
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    <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 3.02 Unregistered Sales of Equity Securities.</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman', Times, serif;">The information included in Item 8.01 of this Current Report on Form 8-K is incorporated by reference into this Item 3.02.</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 8.01 Other Events.</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman', Times, serif;">As previously disclosed, Hudson Executive Capital LP (&#8220;<u>Hudson Executive</u>&#8221;) requested that USA Technologies, Inc. (the &#8220;<u>Company</u>&#8221;) reimburse the expenses it incurred in connection
      with its proxy solicitation and informed the Company that it was prepared to accept non-cash consideration for such reimbursement. On June 29, 2020, following consultation with independent legal and financial advisors, the disinterested and
      independent members of the Board of Directors of the Company (the &#8220;<u>Board</u>&#8221;) unanimously approved the reimbursement of $4,500,000 of the third party costs and expenses incurred by Hudson Executive in connection with its proxy solicitation (the &#8220;<u>Reimbursement</u>&#8221;),
      which amount represented a substantial majority but less than the full amount of the third party costs and expenses incurred by Hudson Executive. Douglas G. Bergeron and Douglas L. Braunstein, Managing Partners of Hudson Executive, recused themselves
      from the Board&#8217;s deliberations and voting on the Reimbursement. The Board determined to pay the Reimbursement in the form of shares of common stock, no par value, of the Company (&#8220;<u>Common Stock</u>&#8221;), with the value of the Common Stock calculated
      based on the average of the high and low trading price on the date of Board approval.&#160; On June 30, 2020, the Company issued 635,593 shares of Common Stock to funds managed by Hudson Executive in satisfaction of the Reimbursement, which shares
      represent approximately 0.98% of the Company&#8217;s outstanding Common Stock.</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman', Times, serif;">In approving the Reimbursement, the Board considered a number of factors, including but not limited to the following: the Company and all of its shareholders have shared in the benefits created
      by Hudson Executive&#8217;s actions to reconstitute the Board and improve the Company&#8217;s governance; shareholders representing a majority of the voting power of the Company had voted in favor of Hudson Executive&#8217;s nominees to the Board prior to the end of
      its proxy solicitation; it is a common practice to reimburse a shareholder&#8217;s expenses in connection with the settlement of a proxy contest; the Company previously reimbursed the expenses of a shareholder in the settlement of a proxy contest; and by
      issuing shares of Common Stock, the Company will conserve its cash position and Hudson Executive will bear the risk of the Common Stock maintaining its value until the time such shares are sold by Hudson Executive.</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman', Times, serif;">The issuance of Common Stock described in this Current Report on Form 8-K by the Company to funds managed by Hudson Executive was undertaken in reliance upon exemptions from the registration
      requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof, to sophisticated and accredited recipients.</div>
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    <div style="text-align: center; margin-right: 7.35pt; margin-left: 6.4pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SIGNATURES</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman', Times, serif;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</div>
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          <tr>
            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" colspan="2" style="width: 38%;"><strong>USA TECHNOLOGIES, INC.<br>
              </strong></td>
            <td valign="top" style="width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" style="width: 3%;">&#160;</td>
            <td valign="top" style="width: 35%;">&#160;</td>
            <td valign="top" style="width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" align="left" style="width: 50%; padding-bottom: 2px;">
              <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt"><br>
              </div>
            </td>
            <td valign="top" style="width: 3%; padding-bottom: 2px;">
              <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt">By: </div>
            </td>
            <td style="border-bottom: 1px solid #000000; vertical-align: top; white-space: nowrap; width: 35%; text-align: left;">/s/ Sean Feeney </td>
            <td valign="top" style="width: 12%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" style="width: 3%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" align="left" style="width: 35%;">Sean Feeney<br>
            </td>
            <td valign="top" style="width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" style="width: 3%;">&#160;</td>
            <td valign="top" style="width: 35%;">Chief Executive Officer<br>
            </td>
            <td valign="top" style="width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" style="width: 50%;">Dated: July 2, 2020<br>
            </td>
            <td valign="top" style="width: 3%;">&#160;</td>
            <td valign="top" style="width: 35%;">&#160;</td>
            <td valign="top" style="width: 12%;">&#160;</td>
          </tr>

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</SEC-DOCUMENT>
