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Issue Date: Vol. 50, No. 4, April 2010, Posted On: 3/24/2010

USAT Files With SEC For Public Stock, Subsequent Rights Offerings

by Staff Reporter
vending, vending machine, vending operator, vending industry, food service, office coffee service, OCS, USA Technologies, USAT, IPO, USA Technologies public offering, cashless vending, Energy Miser, ePort, Source Capital Group, MacKenzie Partners, Nasdaq, USATW

MALVERN, PA -- USA Technologies has announced its filing of two registration statements with the Securities and Exchange Commission. The first relates to a proposed public offering of up to $3 million of USAT common stock and related three-year warrants; the second, to a proposed rights offering of USAT common stock and related three-year warrants.

USAT plans to use the proceeds from the offerings for general corporate purposes, including working capital and providing financing for the manufacture of ePort cashless payment products anticipated to be used by customers participating in its JumpStart Program.

Under the proposed rights offering, USAT would distribute one non-transferable subscription right to each holder of record of every share of its common stock on the record date. Each non-transferable right would entitle the holder to purchase one share of common stock at the subscription price, and a warrant entitling the holder to purchase one share of common stock for three years from the date of issuance.

USAT would also distribute the nontransferable subscription rights to each holder of its warrants traded on the Nasdaq under the symbol "USATW" on the record date, and to two of its warrant holders who are entitled to participate in the rights offering pursuant to the terms of the warrants held by them. Each of these warrant holders would receive one non-transferable subscription right for each share of common stock into which the warrants would be exercisable as of the record date.

The company has engaged Source Capital Group to act as the placement agent for the proposed public offering and the dealer-manager for the subsequent proposed rights offering and MacKenzie Partners to act as the information agent for the proposed rights offering.

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