NOTIFICATION OF REMOVAL FROM LISTING AND/OR REGISTRATION UNDER SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934.
UNITED STATES |
OMB APPROVAL |
OMB Number: |
3235-0080 |
Expires: |
March 31, 2018 |
Estimated average burden |
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SECURITIES AND EXCHANGE COMMISSION |
Washington, D.C. 20549 |
FORM 25 |
NOTIFICATION OF REMOVAL FROM LISTING AND/OR REGISTRATION
UNDER SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934.
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Commission File Number |
001-33365 |
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(Exact name of Issuer as specified in its charter, and name of Exchange where security is listed and/or registered)
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Address: |
100 Deerfield Lane |
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Suite 300 |
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Malvern |
PENNSYLVANIA |
19355 |
Telephone number: |
| 610-989-0340 |
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(Address, including zip code, and telephone number, including area code, of Issuer's
principal executive offices)
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Common Stock and Preferred Stock |
(Description of class of securities)
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Please place an X in the box to designate the rule provision relied upon to strike
the class of securities from listing and registration:
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Pursuant to the requirements fo the Securities Exchange Act of 1934,
The Nasdaq Stock Market LLC
certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing the Form 25 and has caused this notification to be
signed on its behalf by the undersigned duly authorized person.
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2020-02-05 |
By |
Aravind Menon |
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Hearings Advisor |
Date |
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Name |
Title |
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1 |
Form 25 and attached Notice will be considered compliance with the provisions of
17 CFR 240.19d-1 as applicable. See General Instructions.
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Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
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On October 2, 2018, Nasdaq Listing Qualifications staff (Staff)
notified USA Technologies Inc. (Company) that was delinquent in
filing its Form 10-K for the fiscal year ended June 30, 2018,
in violation of Listing Rule 5250(c)(1). On November 13, 2018,
Staff granted the Company until March 12, 2019 to regain
compliance. After discussions with the Company, Staff determined
that the Company would not be able to regain compliance with
its filing requirements by the March 12, 2019 deadline.
Accordingly, Staff notified the Company, on February 26, 2019,
of its intention to delist the Company securities. The Company
requested a hearing of the Staff determination, which occurred
on April 11, 2019. At the hearing, the Company asked the Panel
to grant it until September 9, 2019 to file its delinquent reports.
On April 17, 2019, the Panel granted the Company exception
request. On August 30, 2019, the Company notified the Panel that
it would not be able to regain compliance with Rule 5250(c)(1)
by the September 9, 2019 deadline. It requested a further
extension to regain compliance until September 23, 2019.
The Panel granted the additional exception on September 6, 2019.
On September 24, 2019, the Panel issued a decision to delist the
Company securities after the Company failed to file any of its
delinquent reports by September 23. On October 8, 2019, the
Company appealed this decision of the Panel to the Nasdaq Listing
and Hearings Review Council (Listing Council). On October 9,
2019, the Company filed its delinquent financial reports. On
November 22, 2019, the Listing Council issued a decision that
affirmed the Panel decision to delist the Company securities.
The Listing Council determined that it lacked discretion under
Listing Rule 5820(d)(4) to grant the Company any additional
exception to accommodate the Company belated efforts to regain
compliance. On January 29, 2020, the Company was provided notice
that the Nasdaq Board of Directors declined to call the Council
decision for review pursuant to Rule 5825(a).