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USA Technologies to sell 5.73M shares to raise $55M

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February 25, 2021

USA Technologies Inc., a software and payments company that provides end-to-end technology solutions for the unattended retail market, has agreed to sell 5.73 million shares of its common stock to certain institutional investors in a private placement. The company anticipates aggregate gross proceeds from the offering will be approximately $55 million, before deducting fees to the placement agents and other estimated offering expenses payable by the company, based on the offering price of $9.60 per share, representing an approximately 10% discount to the five-day volume weighted average share price.

The closing is anticipated to occur on March 1, 2021, subject to customary closing conditions. The company intends to use the net proceeds from the offering for general corporate purposes.

The securities are being sold in a private placement and have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the U.S. absent registration or an applicable exemption from registration requirements. The company has agreed to file a resale registration statement with the Securities and Exchange Commission for purposes of registering the resale of the shares of common stock issued or issuable in connection with the offering.