USAT Raises $43.1M In Underwritten Public Offering

USA Technologies, the payment technology service provider of integrated cashless and mobile transactions in the self-service retail market, announced news Tuesday (July 25) of the closing of its underwritten public offering of 9,583,332 shares of its common stock at a public offering price of $4.50 per share.

In a press release, the company said the foregoing included the full exercise of the underwriters’ option to purchase 1,249,999 additional shares from USA Technologies (USAT). The gross proceeds to the company from the offering, before deducting underwriting discounts and commissions and other offering expenses, was approximately $43.1 million, USA Technologies said in the release.  William Blair & Company acted as the sole book-running manager and Craig-Hallum Capital Group, Northland Capital Markets and Barrington Research Associates acted as co-managers for the offering.

Earlier this month, USAT, filed a registration statement on form S-1 with the U.S. Securities and Exchange Commission, proposing the underwritten public offering of its common stock. The public offering consists of roughly $34.5 million of shares to be sold, with an expected option for the underwriters to purchase up to $5.2 million in additional shares of common stock over a 30-day span.

USAT has been on the cashless transaction frontier for 15 years. It has 73 patents in force in the U.S. and beyond, as well as partnerships with Verizon, Visa and Chase Paymentech. Its customers include Compass, AMI Entertainment and, most recently, JuiceBot’s fresh, raw juice vending kiosks, saving employees from handling raw ingredients after touching cash.

CEO Steve Herbert has said, “Cashless is becoming more than just a choice of payment platform; it’s quickly evolving to a technology infrastructure that enables a myriad of business opportunities — all driving improved business results in the small-ticket market.”

USA Technology’s products include the ePort family: ePort Connect, ePort Interactive and the NFC-ready ePort G-series, which can use near-field communications technology to accept payments from mobile phones without requiring customers to even remove the device from their pockets. It has also created the QuickConnect API web service for developers and the MORE. customizable loyalty program.