USA Technologies, Inc. Announces Pricing of Public Offering
May 23 2018 - 7:00AM
Business Wire
USA Technologies, Inc. (NASDAQ:USAT) (“USAT”), a premier payment
technology service provider of integrated cashless and mobile
transactions in the self-service retail market, today announced
that on May 22, 2018, it priced its underwritten public offering
consisting of 5,432,583 shares of its common stock to be sold by
USAT and 553,187 shares of its common stock to be sold by certain
selling shareholders, at a public offering price of $11.00 per
share. The gross proceeds to USAT from the offering, before
deducting underwriting discounts and commissions and other offering
expenses, are expected to be approximately $59.76 million. In
addition, USAT has granted the underwriters a 30-day option to
purchase up to an additional 897,866 shares of common stock from
USAT on the same terms and conditions as the initial shares sold to
the underwriters. The offering is expected to close on May 25,
2018, subject to customary closing conditions.
William Blair & Company, L.L.C. is acting as the sole
book-running manager, and Craig-Hallum Capital Group LLC, Northland
Securities, Inc., and Barrington Research Associates, Inc. are
acting as co-managers for the offering.
A registration statement relating to these securities was
declared effective by the Securities and Exchange Commission on May
22, 2018. The offering of these securities will be made only by
means of a prospectus, copies of which, when available, may be
obtained from William Blair & Company, L.L.C., 150 North
Riverside Plaza, Chicago, Illinois 60606, Attention: Prospectus
Department, or by calling (800) 621-0687, or by email at
prospectus@williamblair.com; from Craig-Hallum Capital Group LLC,
222 South 9th Street, Suite 350, Minneapolis, Minnesota 55402,
Attention: Anthony Humphrey, or by calling (612) 334-6300, or by
email at prospectus@chlm.com; from Northland Securities, Inc., 150
South Fifth Street, Suite 3300, Minneapolis, Minnesota 55402,
Attention: Heidi Fletcher, or by calling (612) 851-4918, or by
email at hfletcher@northlandcapitalmarkets.com; or from Barrington
Research Associates, Inc., 161 North Clark Street, Suite 2950,
Chicago, Illinois 60601, Attention: Craig Christensen, or by
calling (312) 634-6356, or by email at cec@brai.com. Northland
Capital Markets is the trade name for certain capital markets and
investment banking services of Northland Securities, Inc., member
FINRA/SIPC.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of,
these securities in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to the registration
or qualification under the securities laws of such state or
jurisdiction.
About USA Technologies
USA Technologies, Inc. is a premier payment technology service
provider of integrated cashless and mobile transactions in the
self-service retail market. The company also provides a broad line
of cashless acceptance technologies including its NFC-ready ePort®
G-series, ePort Mobile® for customers on the go, ePort®
Interactive, and QuickConnect, an API Web service for developers.
Through its recent acquisition of Cantaloupe Systems, Inc.
(“Cantaloupe”), the company also offers logistics, dynamic route
scheduling, automated pre-kitting, responsive merchandising,
inventory management, warehouse and accounting management
solutions. Cantaloupe is a premier provider of cloud and mobile
solutions for vending, micro markets, and office coffee
services.
Forward-Looking Statements
USAT cautions you that statements in this press release that are
not a description of historical facts are forward-looking
statements. These statements are based on the company’s current
beliefs and expectations. These forward-looking statements include
statements regarding the timing, size, and nature of the public
offering. The inclusion of forward-looking statements should not be
regarded as a representation by USAT that any of its plans will be
achieved. Actual results may differ from those set forth in this
press release due to conditions affecting the capital markets,
general economic, industry, or political conditions, the
satisfaction of customary closing conditions related to the
proposed public offering, and other risks described in USAT’s prior
press releases and in USAT’s filings with the Securities and
Exchange Commission, including under the heading “Risk Factors” in
the registration statement. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date hereof, and USAT undertakes no obligation to revise or
update this press release to reflect events or circumstances after
the date hereof. All forward-looking statements are qualified in
their entirety by this cautionary statement, which is made under
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995.
F-USAT
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version on businesswire.com: https://www.businesswire.com/news/home/20180523005434/en/
The Blueshirt GroupInvestors:Monica Gould,
212-871-3927monica@blueshirtgroup.comorLindsay Savarese,
212-331-8417lindsay@blueshirtgroup.com
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