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Yes it did, some holder pulled out....lets hope it slows down or we will hit $3 before April 30th and $2 or less after that unless someone moves in to manipulate it as has no doubt been happening.
Just used the Red Box to rent a dvd, I wonder if USAT's system is part of that as it was the same card reader used on many vending machines? any one know?
Today USAT says voting for its directors "is very important to keeping USAT on course to manage the COVID-19 crisis and emerging as a stronger company." How low will they go now the CEO is using the Health problem COVID-19 as a reason to block Hudson....what do you think?
Fingers crossed Hudson is not looking for an exit point??? Do you win the proxy and hold true for a year or so before company can get back on track after this Health scare?
And how much would you bet on that....with this health scare vending machine business could lead USAT to chapter 11 by April 30th.
You know they may cancel the share holders meeting with no way a judge would block it....look for Hudson to pull out and stock to tank leaving the CEO the chance to get the stock down to a price someone will buy....
Nothing CEO's due seems to be punishable by law...all the fall out form MR>CEO back in the 70's....he just past away after years of making the CEO a good old boys club. Everyone has bought the CEO being important the last 30 years because stocks and companies have done well (It is the workers) That time is over, CEO's need to know their business now not just what foursomes to play in at the Country club.
How in the heck can they just hand this guy over 8,000 shares for $0 dollars????? they have earned 100% nothing...this is just take, take, take.
What a set up, if Hudson pulls out and others follow down goes the stock to less then $3, which will give the CEO what he knows is a free rain to sell the company and grab up to $5 million in severance pay...wall street pirate .
Company is totally screwing stock holders...this could be a $1 stock before they get through with it and the CEO and his team of crooks will be taking a huge bonus away with them..
How much did the parting board members take with them as a parting gift, even a box of See's candy would be over kill....fingers crossed Hudson does not pull out but takes the fight to the finish...
The use of public vending machines is going to drop maybe 80% in the short term and may kill USAT off completely....
NO, I will not buy back in for sure until the dust settles on the health scare and then how the proxy battle shacks out...to much chance now of company going belly up
Funman I dumped 50% of my shares last week right at $9...I am now ahead no matter where the shares go, but if Hudson soars it is going back to a penny stock because all the other big owners will be gone too and sad but that maybe what BOD and make believe CEO may want...
Wonder if there is any chance this poor management group could find a loan to take the company private?? Would Hudson be willing to go away for say $10 a share??
If Hudson leaves your looking at a $4 or less stock
Delay the annual meeting, 1. Pray they get re-listed (you notice they are even looking at getting listed on another exchange, maybe bumfuk Egypt) 2. Collect every penny then can in salary and/or benefits. 3. Hope Hudson makes them a parting offer before the meeting? Sounded to me like they are totally proud of the work they have done to bring in business even if each new customer cost them more money until they can raise margins enough to put some Black ink on the ledger, what 5 more years?
Agree, something is terribly wrong with this picture, how can they be so unprofitable year after year? How about a picture of where all the money is going including payments to Board and upper management down to the janitor. When you sell something for a dollar but it cost a dollar and twenty cents to sell it how many customers do you want? There way of thinking is if we have a ten million customers maybe we can cut our cost down to a dollar and five cents and only loose a nickle on each sell (and because we are bringing in so many new customers we can give management a raise).
Fisher Park Capital Managing Partner Sends Open Letter To USA Technologies Board...another 3% owner has ran down the board in an open letter....
WIll not be amazed one bit to see Chapter 11 being used to piss off Hudson and others trying to take over...may even be run down to a complete bankruptcy with Board/make believe CEO being paid off.
As they are now on the outs with the relisting do they still have to have a share holders meeting?? Got to be trying to dump the company before April 30th..that maybe why the stock is being held up over $8 so they cannot sell????
And who are on the fabulous USAT board that has done such a wonderful job?
Name/Title Current Board Membership
Donald William Layden, 61
Executive Chairman & Chief Executive Officer
Alverno College, Consuelo Foundation, MedXoom, Inc., TxVia, Inc., Firstsource Group USA, Inc., Micronotes, Inc., Saf-T-Pay, Inc., Zipmark, Inc., Fosbel Holdings Ltd., SnowShoeFood, Inc., Milwaukee World Festival, Inc., Milwaukee Art Museum, Inc., Schools That Can Milwaukee, Inc, USA Technologies, Inc., Wintrust Financial Corp.
Steven D. Barnhart, 57
Lead Independent Director
USA Technologies, Inc., Lake Forest Open Lands Association
Joel P. Brooks, 60
Independent Director
USA Technologies, Inc.
William J. Schoch, 54
Lead Independent Director
USA Technologies, Inc., Western Payments Alliance, The National Automated Clearing House Association
William J. Reilly, 71
Independent Director
Agilence, Inc., USA Technologies, Inc.
Robert L. Metzger, 51
Independent Director
South Mountain Merger Corp., USA Technologies, Inc.
Patricia A. Oelrich, 65
Independent Director
Association of Audit Committee Members, Inc., USA Technologies, Inc., Wintrust Financial Corp.
Ingrid S. Stafford, 66
Independent Director
Wintrust Financial Corp., North Shore Bank, FSB (Wisconsin), Evanston Alternative Opportunities Fund, Wintrust Bank, NA, McGaw YMCA, Childcare Network of Evanston, Leadership Evanston, USA Technologies, Inc
Hudson has the backing and we need them to bring some kind of charges against the board/management of this company not just let them walk away..Just the fact they have NOT made the necessary steps to be re-listed is proof enough they are incapable of any form of management of a public traded company. The old saying "Something is rotten in Denmark" fits the management/board of this company to a tee.....
Another loosing Quarter, but CEO will get his bonus for keeping things together, other top management will be granted more stock options, which will automatically be good if company is sold....seen that many times...
Just the FACT the current Board/CEO does not communicate with stock holders is the key to underhanded management...I think they are setting something up to steal the best ideas and tools from USAT and take them with them to another Company and I think Hudson knows it.
How is it USAT current CEO/Board are not being pro-active and addressing Hudson's issues with share holders? Just the fact they put one of their own board members in as acting CEO tells us they are up to NO GOOD and trying to steal share holder value. This is a Small 120 employee company with a product well worth more then current stock price..Could it be the board and CEO are trying to sale this while unlisted because being listed brings in a whole new set of rules...
Hudson not setting still today Board of Directors
USA Technologies, Inc. (“USAT”)
Dear Members of the USAT Board of Directors,
I write to propose a resolution to our ongoing dispute regarding Board governance and management of the Company. Recent developments have changed the circumstances materially, and Hudson Executive believes that the current USAT Board must recognize and accept the reality of the situation and agree now to meaningful changes so that the Company may move forward on a path that is in the best interests of all stakeholders.
As you know from Hudson’s recent press release and your own direct sources, as of January 15, 2020, USAT shareholders representing 60.58% of the voting power of the Company have signed and returned their Gold proxy cards to vote in support of all eight of the Hudson-proposed director candidates at the upcoming annual shareholders meeting, as well as in support of the related proposed resolutions. Conversely, based on the Gold proxy cards received by our solicitor, votes against those director candidates that have been received to date total approximately 0.30% of the voting power. The votes in favor of those director candidates have been cast even though the Board continues to withhold its current full list of shareholders, which has frustrated our ability to reach more of our fellow shareholders.
While nothing is certain and outcomes can change, this set of facts should provide a dose of reality for the Board and prompt its constructive action. Before Hudson commenced its proxy solicitation, the Board rejected all of Hudson’s prior attempts to reach a resolution, took actions to prevent a shareholder vote, and begrudgingly accepted a compelled shareholder meeting, choosing the last day permissible under the Pennsylvania court’s order to conduct the annual shareholders meeting—a date that is more than two years from the previous vote. Because of the court’s order, and despite what we view as a series of entrenchment activities, the shareholders have finally been provided with a chance to send this Board a message. We believe the fact that so many shareholders have expressed support for change months in advance of the annual shareholders meeting clearly demonstrates the intensity of their desire for that change.
Considering the foregoing, to allow the Company to move forward expeditiously, we offer the following. The Company will immediately seat all eight of the director candidates included on the Gold proxy card. Two members of the current Board, proposed by the Company and acceptable to Hudson, will continue, and the remaining current members will resign. This new ten-member Board will undertake its duties immediately and will be re-nominated by the Company for election at the annual shareholders meeting, to be held no later than April 30, 2020.
Acceptance of this proposal offers many advantages. An immediate transition will conserve precious time and resources that can be focused upon customers, products and employees, instead of on a contested proxy solicitation, to help deliver on the Company’s potential and create sustainable value for all stakeholders. Seating a new Board will permit a more fulsome and productive search for the next CEO and CFO for the Company, as we believe the current Board’s tenuous position makes a meaningful process to engage new, qualified management effectively impossible today. The new Board will be better equipped to negotiate critical contracts requiring immediate attention, and Nasdaq relisting conditions may also be satisfied more quickly and easily.
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Conversely, we believe that rejection of the proposal is difficult to defend in light of the shareholder support for change. If the Board rejects this proposal, the continuation of the proxy contest will be expensive, distracting and time-consuming for the Company and its shareholders. Public knowledge of the proxy contest and the current state of the solicitation may cause counterparties to view the current Board and CEO as temporary and mitigate its effectiveness, especially with respect to the recruitment and maintenance of talent and the ability to negotiate effectively with customers and suppliers.
Moreover, we also believe the Board may be considering a sale of the Company. To be clear, we strongly believe that the Company’s current conditions render it utterly unfit to consider any such strategic transaction. The Company’s stock price is depressed as a result of several factors, many the result of what Hudson believes to be this Board’s failures, including the ongoing suspension of Nasdaq trading, recent weak operating performance, the Company’s failure to file proper periodic reports for over a year, and interim and transient management. Hudson believes any attempt by this Board to pursue a strategic transaction prior to the annual shareholders meeting under these circumstances can only be viewed as a self-serving attempt by this Board to avoid the possible consequences of the shareholders meeting. We firmly believe it is not in the best interests of the Company and its shareholders to pursue a sale today.
For such reasons, Hudson will evaluate all Board conduct from this point forward in the context of the current proxy solicitation. We believe that prompt acceptance will show good faith and will mitigate future damage to the Company. Resources spent in connection with the proxy fight or exploring a potential sale today will in our view be a waste of corporate assets and inconsistent with maximizing long-term value. The Board has had numerous opportunities to reach a settlement.
If our proposal is rejected and the Board continues its current path, Hudson expects that the Board elected at the next meeting will be obligated to investigate and pursue remedies for the current Board’s actions as and to the extent the law permits. Hudson will also pursue all remedies available should the Board engage in an inappropriate strategic transaction prior to the annual shareholders meeting.
You have been aware of the status of our solicitation for quite some time since your advisors have had access to regular updates. As such, our offer will expire if not accepted and acted on by January 21, 2020. Thereafter, Hudson will assume that all remaining members opted to ratify all prior Board
What do you think Hudson's game plan is? Get company on sound foot and then looking for a buyer?
USA Tech holder indicates proxy support - USA Technologies, Inc. (OTCMKTS:USAT) | Seeking Alpha 61% go Hudson..
Mine are held at TD Ameritrade been over three weeks since they forwarded the Proxy Vote Card and letter to me...I voted on line...for Hudson of curse./
Does anyone have thoughts on why the current CEO/Board is not coming at us with rebuttals to the PROXY by Hudson? I am wondering if there will still be anything left in the building when Hudson takes over.
Another down day cannot get in a positive place.
Oh to able to just take and take and take from stock holders, great way to make a living if you can do it....how many big shots at USAT have made away with millions while the company NEVER breaks out of the RED.
Funny my shares are held with TD Ameritrade and I had an email to vote my shares on line Tuesday and I received the mail in voting material on Wednesday in the mail (yellow voting card) with a nice long Proxy Statement from Hudson?
What a set up, look at the 20,000 share price for 2026...and he is not the only one being set up is he?
Yes, I have actual yellow card in hand, came in mail Yesterday...
also got proxy card and complete narrative of what Hudson is proposing...faster we all can give our proxies to Hudson the faster the current board and CEO will see the light and more then likely the door.
USA TECHNOLOGIES, INC. Contested Solicitation TD Ameri trade just sent me the on line proxy voting card...I am going with Hudson...
Hudson Executive Files Definitive Proxy Materials in Connection With USA Technologies’ Annual Meeting | Business | thedailytimes.com
Will be interesting how much the board votes to pay themselves and the CEO as a parting gift....and the board will have earned exactly zero % and the int-rem CEO even less.