By Sheri Kasprzak
New York, Dec. 15 - USA Technologies Inc. completed a private placement of stock for $8.4 million.
The company sold 1.4 million shares at $6.00 each to a group of institutional investors.
The investors received warrants for 700,000 shares, exercisable at $6.40 each through Dec. 31, 2011.
William Blair & Co., LLC was the placement agent.
Based in Malvern, Pa., USA provides networked credit card and non-cash systems to the vending, commercial laundry, hospitality and digital imaging sectors.
| Issuer: | USA Technologies Inc.
|
| Issue: | Stock
|
| Amount: | $8.4 million
|
| Shares: | 1.4 million
|
| Price: | $6.00
|
| Warrants: | For 700,000 shares
|
| Warrant expiration: | Dec. 31, 2011
|
| Warrant strike price: | $6.40
|
| Placement agent: | William Blair & Co., LLC
|
| Settlement date: | Dec. 15
|
| Stock symbol: | OTCBB: USAT
|
| Stock price: | $6.25 at close Dec. 14
|
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