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USA Technologies, Inc. Announces Nasdaq Hearing Panel Grants Extension to Regain Compliance
MALVERN, Pa.--(BUSINESS WIRE)-- USA Technologies, Inc. (NASDAQ:USAT) (the "Company"), a premier digital payment, consumer engagement and logistics service
About this update from Cantaloupe, Inc.
[{"type":"text","content":"MALVERN, Pa.--(BUSINESS WIRE)-- USA Technologies, Inc. (NASDAQ:USAT) (the \"Company\"), a premier digital payment, consumer engagement and logistics service provider for the self-service retail market, today announced that it had received a letter from the Office of General Counsel of The Nasdaq Stock Market LLC (\"Nasdaq\") informing the Company that the Nasdaq Hearings Panel (the \"Panel\") has granted the Company's request for continued listing of the Company's stock on Nasdaq. The Panel granted the Company until September 9, 2019 in order to file with the Securities and Exchange Commission (the \"SEC\") its Annual Report on Form 10-K for the fiscal year ended June 30, 2018, its Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, its Quarterly Report on Form 10-Q for the quarter ended December 31, 2018, as well as any other periodic report that would be required to be filed with the SEC prior to such date (collectively, the \"Unfiled Reports\").In addition, the Company is required to provide the Panel on May 30, 2019, June 28, 2019, July 31, 2019 and on August 15, 2019, with a written update regarding the status of the remediation and audit process. These updates would include a statement from the Company's auditor regarding the current estimate of the time needed to complete the process and detailing any changes in scope of review or new areas of inquiry identified since the hearing or the last update, as the case may be, and a statement from the Board of Directors of the Company (the \"Board\") regarding the status of training and remedial measures designed to address the corporate culture that enabled the accounting problems. The Panel may reconsider the terms of the extension following its review of these updates or based on any other relevant event, condition or circumstance that exists or may develop.If the Company does not file the Unfiled Reports by September 9, 2019, the Panel has indicated that it will issue a final delist determination and the Company will be suspended from trading on Nasdaq.As previously reported, the Audit Committee of the Board (the \"Audit Committee\") has completed its internal investigation which focused principally on certain customer transactions entered into by the Company during fiscal years 2017 and 2018. As also previously reported, the Board determined to restate th...