checkAd

     252  0 Kommentare USA Technologies Receives Listing Extension from Nasdaq

    USA Technologies, Inc. (NASDAQ: USAT) (the “Company”), a cashless payments and software services company that provides end-to-end technology solutions for the self-service retail market, today announced that on September 6, 2019 it received a letter from the Office of General Counsel of The Nasdaq Stock Market LLC (“Nasdaq”) informing the Company that the Nasdaq Hearings Panel (the "Panel") has granted the Company's request to extend the exception period through September 23, 2019 in order for the Company to regain compliance with its periodic filing obligations.

    As previously reported, on August 30, 2019 the Company informed the Panel that it was unlikely that the Company would regain compliance with its periodic filing requirements during the exception period previously granted by the Panel due primarily to the remaining analysis required in connection with the accounting treatment by the Company of the leasing/rental contracts of Cantaloupe Systems, Inc. (“Cantaloupe”). Cantaloupe was acquired by the Company on November 9, 2017. These issues are not related to the internal investigation, were recently discovered during the audit process, and must be resolved by the Company in order for the Company’s independent auditor to complete its audit procedures.

    The Company believes that it will be able to complete its work related to the accounting of the Cantaloupe lease/rental contracts and finalize the closing of its fiscal year 2019 books and records and provide its auditors with appropriate and sufficient audit evidence in a time frame that will permit its independent auditor to complete its audit in order for the Company to become compliant with its periodic reporting obligations by no later than September 23, 2019.

    The Panel has informed the Company that, if the Company does not regain compliance with its periodic reporting obligations by September 23, 2019, it will issue a final delisting determination and the Company’s securities will be suspended from trading on Nasdaq.

    As also previously reported, on July 10, 2019, the Company received a notice from the Listing Qualifications Department of Nasdaq stating that the Company was not in compliance with applicable Nasdaq rules due to its failure to hold an annual meeting of shareholders within twelve months following the Company’s fiscal year ended June 30, 2018 (the “Annual Meeting”). On July 17, 2019, the Company submitted to the Panel a written plan to regain compliance with respect to its failure to timely hold the Annual Meeting, and requested the Panel to grant an exception in order for the Company to hold the Annual Meeting after it has regained compliance with its periodic reporting requirements. The September 6, 2019 letter from the Office of General Counsel of Nasdaq indicated that the Panel had declined to address that request at that time, opting to wait until the Company demonstrated compliance with its periodic reporting requirements, and directed the Company to submit a new plan of compliance to the Panel by no later than September 23, 2019 which would accelerate the timing of the Annual Meeting.

    Seite 1 von 3


    Business Wire (engl.)
    0 Follower
    Autor folgen

    USA Technologies Receives Listing Extension from Nasdaq USA Technologies, Inc. (NASDAQ: USAT) (the “Company”), a cashless payments and software services company that provides end-to-end technology solutions for the self-service retail market, today announced that on September 6, 2019 it received a letter …