USA Technologies Inc (USAT)

[FUNMAN]

Freaking exciting news >>> HUDSON EXECUTIVE ANNOUNCES VICTORY IN LAWSUIT AGAINST USA TECHNOLOGIES TO RESTORE SHAREHOLDERS’ RIGHTS

https://www.sec.gov/Archives/edgar/data/896429/000119312519297595/d838939ddfan14a.htm

Filed today 2019-11-21 and accepted at 16:14:00

So my earlier thought that someone was able to deliberately drive down the PPS in order to load up shares was probably correct.

Someone with knowledge of the court ruling that obviously happened many hours before the "time-of-acceptance" was able to do it.

I think this is great news for shareholders, and worry what current mgmt might do to sabotage the company?

The entire board might be replaced with Hudson nominees.

USAT will not go down without a fight.

Hudson has my vote.

Court Orders USA Technologies to Hold Annual Meeting No Later than April 2020

All Directors Must Stand for Election at Annual Meeting

NEW YORK – November 21, 2019 – Hudson Executive Capital LP (“Hudson Executive” or “HEC”), a New York-based investment firm and the largest shareholder of USA Technologies, Inc. (“USAT” or the “Company”) (OTC: USAT) with beneficial ownership of approximately 16.3% of common stock, today announced that the Court of Common Pleas of Chester County, Pennsylvania has ordered USAT to hold its annual meeting of shareholders no later than April 2020. USAT has not held an annual meeting of shareholders in nearly 19 months. The Court also ordered that USAT’s entire Board of Directors stand for election at the annual meeting and prohibited the Board from making any further amendments to the Company’s bylaws.

Douglas Braunstein, Founder and Managing Partner of Hudson Executive, stated: “This order is a reprimand of USAT’s current board and the detrimental actions it has taken in refusing to allow shareholders to vote. True to form, the Board chose the last possible date permitted by the Court, further underscoring the need for new leadership. It is high time that USAT has a board that will look out for the interests of all shareholders and we are pleased the Court has provided shareholders with this opportunity.”

Moreover, today’s order allows Hudson Executive to nominate its slate of highly qualified, independent candidates for election to the USAT Board at the annual meeting. Hudson Executive will file solicitation materials expeditiously with the U.S. Securities and Exchange Commission so that shareholders can express their will. Consistent with the Court’s order, which was consented to by USAT and Hudson Executive following oral arguments, Hudson Executive is suspending its solicitation of consents to call a special meeting because all shareholders have the opportunity to vote meaningfully sooner to change existing Company leadership than would have occurred through the special meeting process.

Cadwalader, Wickersham & Taft LLP and Pepper Hamilton LLP are serving as legal advisors to Hudson Executive.