USA TECHNOLOGIES, INC. (NASDAQ:USAT) Files An 8-K Entry into a Material Definitive Agreement
Entry into a Material Definitive Agreement.
On December 31, 2018, USA Technologies, Inc. (the “Company”), entered into a new consent letter (the “New Consent Agreement”) relating to the Company’s existing Credit Agreement dated November 9, 2017 (“Credit Agreement”) by and among the Company, as the borrower, its subsidiaries, as guarantors, and JPMorgan Chase Bank, N.A., as the lender and administrative agent for the lender (the “Lender”). The New Consent Agreement, among other things, extends until February 15, 2019 the time period for delivery to the Lender of the Company’s audited financial statements for the fiscal year ended June 30, 2018 and the unaudited financial statements for the fiscal quarter ended September 30, 2018, and the related compliance certificates required to the Credit Agreement. The New Consent Agreement also requires the Company to deliver to the Lender unaudited financial statements for each of the months of October and November 2018 by no later than January 10, 2019, and unaudited financial statements for the month of December 2018 by no later than February 7, 2019. The New Consent Agreement requires the Company to deliver to the Lender a nonrefundable extension fee of $51,875.
The consent letter previously entered into by the Company and the Lender on November 15, 2018, had, among other things, extended until December 31, 2018 the time period for delivery to the Lender of the Company’s audited financial statements for the fiscal year ended June 30, 2018 and the unaudited financial statements for the fiscal quarter ended September 30, 2018, and the related compliance certificates.
The foregoing description of the New Consent Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the New Consent Agreement, a copy of which is filed as Exhibit 10.1 hereto and incorporated herein by reference.
Financial Statements and Exhibits
Consent Agreement by and among the Company, its subsidiaries, and JPMorgan Chase Bank, N.A., dated December 31, 2018
USA TECHNOLOGIES INC Exhibit
EX-10.1 2 ex10_1.htm EXHIBIT 10.1 Exhibit 10.1 December 31,…
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About USA TECHNOLOGIES, INC. (NASDAQ:USAT)
USA Technologies, Inc. provides technology-enabled solutions and value-added services that facilitate electronic payment transactions within the unattended point of sale (POS) market. The Company is a provider in the small ticket, beverage and food vending industry and is also engaged in offering solutions and services to other unattended market segments, such as amusement, commercial laundry, kiosk and others. It has designed and marketed systems and solutions that facilitate electronic payment options, as well as telemetry and machine-to-machine (M2M) services, which include the ability to remotely monitor, control and report on the results of distributed assets containing its electronic payment solutions. The Company derives its revenues from license and transaction fees resulting from connections to, as well as services provided by, its ePort Connect service.