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USA Technologies Asks Nasdaq For Additional Filing Extension To Regain Compliance

MALVERN, PA -- USA Technologies Inc. today announced that it has submitted a letter to the Nasdaq Hearings Panel requesting the maximum possible exception period permitted under applicable Nasdaq rules or until Sept. 23, and informing the panel that it was unlikely that it will regain compliance with its periodic filing requirements by Sept. 9. 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. As p...

September 3, 2019 by Emily Jed

MALVERN, PA -- USA Technologies Inc. today announced that it has submitted a letter to the Nasdaq Hearings Panel requesting the maximum possible exception period permitted under applicable Nasdaq rules or until Sept. 23, and informing the panel that it was unlikely that it will regain compliance with its periodic filing requirements by Sept. 9.

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.

As previously reported, the Malvern, PA-based unattended payment giant 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 Nasdaq notified USAT on March 4, 2019 that it would be delisted as of March 7, 2019 because it was not in a position to file required periodic reports with the Securities and Exchange Commission by the extended March 12, 2019 deadline previously granted by Nasdaq. USAT appealed the move and the panel granted the company until Sept. 9, 2019 in order to file with the Securities and Exchange Commission 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.

USAT said in a statement that it continues to work diligently to regain compliance with its periodic reporting obligations and anticipates doing so by no later than Sept. 23. However, the company stated: "There can be no assurance that the panel will grant the company's request for the maximum possible exception period through Sept. 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."