By Devika Patel
Knoxville, Tenn., July 27 - USA Technologies Inc. arranged a $5 million equity line of credit with Lincoln Park Capital Fund, LLC on July 27, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company will sell the common shares to Lincoln Park over 25 months in tranches of up to 150,000 shares with no fixed discount.
USA Technologies provides services and technology for wireless non-cash transactions and energy management.
| Issuer: | USA Technologies Inc.
|
| Issue: | Equity line of credit
|
| Amount: | $5 million
|
| Tenor: | 25 months
|
| Price: | No fixed discount
|
| Warrants: | No
|
| Investor: | Lincoln Park Capital Fund, LLC
|
| Settlement date: | July 27
|
| Stock symbol: | Nasdaq: USAT
|
| Stock price: | $0.58 at close July 26
|
| Market capitalization: | $13.64 million
|
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