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USA Technologies Issues Statement Regarding Activist Shareholder Hudson Executive Capital’s Spurious “Emergency” Filing
MALVERN, Pa.--(BUSINESS WIRE)-- USA Technologies, Inc. (OTC:USAT) (“USAT” or the “Company”), a cashless payments and software services company that provides
About this update from Cantaloupe, Inc.
[{"type":"text","content":" MALVERN, Pa.--(BUSINESS WIRE)--\nUSA Technologies, Inc. (OTC:USAT) (“USAT” or the “Company”), a cashless payments and software services company that provides end-to-end technology solutions for the self-service retail market, today issued a statement in response to activist shareholder Hudson Executive Capital LP’s (“HEC”) filing of an “emergency” petition in Court alleging that USAT does not intend to hold its Annual Meeting of Shareholders (“Annual Meeting”) by April 30, 2020. The petition was made just three days after USAT stated in its Definitive Proxy Statement (“Definitive Proxy”) filed with the Securities and Exchange Commission that its Annual Meeting will be held on April 30, 2020.\n\n\nUSAT issued the following statement:\n\n\nLess than a week ago, USAT publicly filed materials clearly stating that “The Annual Meeting of Shareholders of USA Technologies, Inc. … will be held at 9:30 am., Eastern Time, on April 30, 2020.” The same document made clear that USAT had “no current plans” to change “the date, time, or location of the Annual Meeting.”\n\n\nIn light of this, HEC’s “emergency” Court filing accusing USAT of seeking to delay the Annual Meeting is nothing short of a publicity stunt.\n\n\nHEC may believe that its activist agenda will be advanced by making an emergency petition, but in truth there is no emergency. It is in fact unfortunate that HEC is willing to waste USAT’s and the Court’s resources at this particularly trying time.\n\n\nAs stated in the Definitive Proxy, and as permitted under Pennsylvania law, the Company may hold a “virtual” or “hybrid” Annual Meeting on April 30, 2020, if necessary to comply with public health orders in Pennsylvania in light of the actual emergency represented by the spread of coronavirus disease 2019 (COVID-19).\n\n\nIt should be clear to all USAT shareholders, including HEC, that their best interests would be served by ending the proxy contest so that the Company can fully focus on mitigating the effects on its business of the COVID-19 health emergency and economic disruption.\n\n\nAbout USA Technologies, Inc.\n\n\nUSA Technologies, Inc. is a cashless payments and software services company that provides end-to-end technology solutions for the self-service retail market. With approximately 1.2 million connections, USAT is transforming the unattended retail community by offerin...