USA Technologies Submits Letter to Nasdaq Requesting Additional Extension to Regain Compliance
September 04 2019 - 8:30AM
Business Wire
USA Technologies, Inc. (NASDAQ: USAT) (the “Company”), a
cashless payments and software services company that provides
end-to-end technology solutions for the self-service retail market,
today announced it has submitted a letter to the Nasdaq Hearings
Panel (the “Panel”) requesting the Panel to grant to the Company
the maximum possible exception period permitted under applicable
Nasdaq rules and interpretations, or until September 23, 2019, and
informing the Panel that it was unlikely that it will regain
compliance with its periodic filing requirements by September 9,
2019. The maximum possible exception period is 360 days from the
due date of the Company’s initial late filing as extended by a Form
12b-25 filing, if applicable. Additional information regarding
today’s announcement can be found in the Current Report on Form 8-K
the Company filed today with the Securities and Exchange
Commission.
As previously reported, the Company is not in compliance with
Nasdaq Listing Rule 5250(c)(1), which requires listed companies to
timely file all required periodic financial reports with the
Securities and Exchange Commission. These delinquencies resulted
from an internal investigation conducted by the Company’s Audit
Committee, the commencement and results of which were disclosed in
Current Reports on Form 8-K filed on September 11, 2018 and January
14, 2019, respectively. In this regard, and as previously
disclosed, the Company received letters from the Listing
Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”)
notifying the Company that since it had not filed its Annual Report
on Form 10-K for the fiscal year ended June 30, 2018, and the
Quarterly Reports on Form 10-Q for each of the fiscal quarters
ended September 30, 2018, December 31, 2018, and March 31, 2019,
the Company’s securities were subject to delisting. Pursuant to
applicable Nasdaq rules, the Company requested a hearing with the
Panel, and following the hearing, the Panel determined to continue
the Company’s listing pursuant to an exception through September 9,
2019. The Panel’s decision required the Company to, among other
things, become current with its periodic filing requirements by
such date and to provide written updates to the Panel on May 30,
2019, June 28, 2019, July 31, 2019, and August 15, 2019. These
updates were filed with the Panel as required.
The Company continues to work diligently to regain compliance
with its periodic reporting obligations, and anticipates doing so
by no later than September 23, 2019. There can be no assurance that
the Panel will grant the Company’s request for the maximum possible
exception period through September 23, 2019. In such event, the
Panel will issue a final delisting determination and the Company’s
securities will be suspended from trading on Nasdaq.
About USA Technologies, Inc.
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 nearly one million connections
worldwide, USAT is transforming the unattended retail community by
offering one solution for payments processing, logistics, and
back-office management solutions. 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 their 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:
“Safe Harbor” Statement under the Private Securities Litigation
Reform Act of 1995: All statements other than statements of
historical fact included in this release are forward-looking
statements. When used in this release, words such as “anticipate,”
“believe,” “estimate,” “expect,” “intend,” and similar expressions,
as they relate to the Company or its management, identify
forward-looking statements. Such forward-looking statements are
based on the beliefs of the Company’s management, as well as
assumptions made by and information currently available to the
Company’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 ability to
complete the financial statements required to be included in its
unfiled periodic reports or restatement of the affected financial
statements; the risk that non-investigatory adjustments which have
been identified during the course of the audit will result in the
restatement of additional previously issued financial statements of
the Company; the ability of the Company to regain compliance with
its periodic reporting obligations on a timely basis; risks
relating to the substantial costs and diversion of personnel’s
attention and resources deployed to address the restatement of the
affected financial statements, the unfiled periodic reports, and
internal control matters; 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 its 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; any subsequent discovery of additional adjustments to the
Company’s previously issued or prior fiscal years’ financial
statements which would further delay the preparation and filing
thereof; the ability of the Company to regain and maintain
compliance with Nasdaq’s continued listing requirements; the timing
of the review by, and the conclusions of, the Company’s independent
auditor with respect to the previously issued or prior years’
financial statements; and the risk that the filing of the unfiled
periodic reports or the restatement of the affected financial
statements will take longer than anticipated, resulting in
delisting of the Company’s securities. Readers are cautioned not to
place undue reliance on these forward-looking statements. Any
forward-looking statement made by us speaks only as of the date of
this release. Unless required by law, the Company 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190904005484/en/
Media: Joele Frank, Wilkinson Brimmer Katcher Tim Lynch /
Meaghan Repko 212-355-4449 or Investors: Blueshirt Group
Monica Gould, +1 212-871-3927 monica@blueshirtgroup.com
USA Technologies (NASDAQ:USAT)
Historical Stock Chart
From Jun 2024 to Jul 2024
USA Technologies (NASDAQ:USAT)
Historical Stock Chart
From Jul 2023 to Jul 2024