USA Technologies provides update on Nasdaq notification of deficiency
USA Technologies announced that, as expected, it received a notice from The Nasdaq Stock Market LLC notifying the company that, as a result of its failure to timely file its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2018, the company is noncompliant with Nasdaq Listing Rule 5250c1. The Rule requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission. The company had previously received an original notice from Nasdaq of noncompliance with the Rule due to the failure of the company to timely file its Annual Report on Form 10-K for the fiscal year ended June 30, 2018. Pursuant to the Original Notice, the company had submitted to Nasdaq a plan to regain compliance, and on November 13, 2018, Nasdaq notified the company that it had accepted the Plan and had granted the company until March 12, 2019 in order to file the Quarterly Report and the Annual Report with the SEC. The Notice also requires the company to submit to Nasdaq an update to the Plan by no later than December 3, 2018. Neither the Notice nor the Original Notice has any immediate effect on the listing or trading of the company's common stock or preferred stock, and the common stock and preferred stock will continue to trade on the Nasdaq Global Market under the symbols "USAT" and "USATP", respectively.