USA Technologies Inc (USAT)

[tigerpac]

I really don't know at the moment. It was quite obvious looking the tape today that a fund was unloading shares. Perhaps another fund was buying early on but then the MM's pulled the rug. The fact that there was no "deadcat bounce" today is worrisome that the stock will test the low 3's again.

May have to go back and look at quarterly results pre-Canteloupe merger to see how profitable company was then. USAT paid $65 million in cash + $20 million in stock on 11/7/17 and also assumed $1.8 million in Notes payable. Remember USAT borrowed $37.5 million from JPM Chase at the time to help fund the acquisition.

Almost 9 months after their open shareholder letter saying that everything was substantially completed, they still aren't done and have no idea when they will be done.

I suspect if revisions are not completed by the end of November you will see very heavy year end tax loss selling. IMO the company could therectically go Ch. 11 if JPM and other lenders decide to call loans.