By Sheri Kasprzak
New York, Dec. 19 - USA Technologies, Inc. said it has concluded a private placement for $4 million.
The company sold 40 million shares at $0.10 each to institutional investors.
Wellington Management Co., LLP was the placement agent.
As a condition of the offering, USA Technologies has called for a special meeting of its shareholders to approve a 1-for-100 reverse stock split.
Based in Malvern, Pa., USA Technologies develops networked devices used for wireless non-cash payment and remote monitoring services.
| Issuer: | USA Technologies, Inc.
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| Issue: | Stock
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| Amount: | $4 million
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| Shares: | 40 million
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| Price: | $0.10
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| Warrants: | No
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| Placement agent: | Wellington Management Co., LLP
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| Settlement date: | Dec. 13
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| Stock price: | $0.11 at close Dec. 13
|
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