USA Technologies To Be Listed On NASDAQ
MALVERN, Pa. - USA Technologies says that its common stock has been approved for listing on The NASDAQ Capital Market. The Company’s common stock will commence trading, under its current trading symbol “USAT”, on Monday, March 19, 2007. Until that date, the Company’s common stock will continue to trade on the OTC Bulletin Board.
The Company also announced that it has completed a $10 million private placement of common stock and warrants with S.A.C. Capital Associates, LLC. The Company sold 1,666,667 million shares at $6.00 per share and issued six year warrants, exercisable to purchase 833,333 shares of common stock at $6.40 per share. The Company used a portion of the proceeds to repay $1.6 million in Convertible Senior Notes maturing December, 2008. The repayment of the Notes will save the Company an estimated $190,000 in interest expense annually. Recently, USA Technologies also repaid $4.3 million in Convertible Senior Notes.
“The approval of our listing on NASDAQ is a significant strategic milestone in USA Technologies’ development as a publicly traded company,” stated George Jensen, Chairman and CEO of USA Technologies. “We believe that our listing reflects the progress the Company has made in developing and implementing its technology. With leading companies such as MasterCard Worldwide helping us to rapidly deploy e-Port® across the country and growing adoption of our e-Port® G6 technology by Fortune 100 companies, the Company has never been better positioned for growth. I would also like to welcome S.A.C. Capital Associates, LLC as our largest shareholder. Our listing on NASDAQ should help expand the marketability of our stock and enhance our profile within the investment community.”
The securities issued in the private placement have not been registered under the Securities Act of 1933 or state securities law and may not be resold in the United States absent registration under such act and applicable state securities laws or an applicable exemption from those registration requirements. The Company has agreed to register the shares of common stock sold as part of the private placement and the common stock issuable upon exercise of the warrants for resale under the Securities Act of 1933.
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