USA Technologies Announces $55 Million Common Stock Investment from Multiple Investors
25 Febrero 2021 - 7:15AM
Business Wire
USA Technologies, Inc. (NASDAQ: USAT) (“USAT” or the “Company”),
a software and payments company that provides end-to-end technology
solutions for the unattended retail market, today announced that it
has agreed to sell 5,730,000 shares of its common stock to certain
institutional investors in a private placement. The Company
anticipates aggregate gross proceeds from the offering will be
approximately $55 million, before deducting fees to the placement
agents and other estimated offering expenses payable by the
Company, based on the offering price of $9.60 per share,
representing an approximately 10% discount to the 5-day volume
weighted average share price. The closing is anticipated to occur
on March 1, 2021, subject to customary closing conditions. The
Company intends to use the net proceeds from the offering for
general corporate purposes.
J.P. Morgan acted as lead placement agent and Craig-Hallum
Capital Group and Northland Capital Markets acted as joint
placement agents in connection with the private placement.
The securities are being sold in a private placement, have not
been registered under the Securities Act of 1933, as amended (the
“Securities Act”), and may not be offered or sold in the United
States absent registration or an applicable exemption from
registration requirements. The Company has agreed to file a resale
registration statement with the Securities and Exchange Commission
(the “SEC”), for purposes of registering the resale of the shares
of common stock issued or issuable in connection with the
offering.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the securities, nor shall there be
any sale of the securities in any state in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of such state. Any offering
of the securities under the resale registration statement will only
be by means of a prospectus.
About USA Technologies
USA Technologies, Inc. is a software and payments company that
provides end-to-end technology solutions for the unattended retail
market. USAT is transforming the unattended retail community by
offering one integrated solution for payments processing,
logistics, and back-office management. The Company’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.
Forward-looking Statements:
All statements other than statements of historical fact included
in this release, including without limitation USAT’s future
prospects and performance, the expected proceeds of the private
placement, the intended use of the proceeds of the private
placement, the closing of the private placement, the business
strategy and the plans and objectives of USAT's management for
future operations, are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
When used in this release, words such as “may,” “could,” “expect,”
“intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,”
“guidance,” “predict,” “potential,” “continue,” “likely,” “will,”
“would” and variations of these terms and similar expressions, or
the negative of these terms or similar expressions, as they relate
to USAT or its management, may identify forward-looking statements.
Such forward-looking statements are based on the reasonable 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 uncertainties associated with COVID-19, including its
possible effects on USAT’s operations, financial condition and the
demand for USAT’s products and services; the ability of USAT to
predict or estimate its future quarterly or annual revenue and
expenses given the developing and unpredictable market for its
products; 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; the ability
of USAT to make available and successfully upgrade current
customers to new standards and protocols; 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; disruptions to our systems, breaches
in the security of transactions involving our products or services,
or failure of our processing systems; or other risks discussed in
USAT’s filings with the U.S. Securities and Exchange Commission,
including but not limited to its Annual Report on Form 10-K for the
year ended June 30, 2020 and its Quarterly Reports on Form 10-Q for
the quarters ended September 30, 2020 and December 31, 2020.
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. If USAT updates one or more forward-looking
statements, no inference should be drawn that USAT will make
additional updates with respect to those or other forward-looking
statements.
-- F-USAT
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version on businesswire.com: https://www.businesswire.com/news/home/20210225005367/en/
Media and Investor Relations Contact: Alicia V.
Nieva-Woodgate USA Technologies +1 720.808.0086
anievawoodgate@usatech.com
Investor Relations: ICR, Inc. USATechIR@icrinc.com
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