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Cantaloupe, Inc. (CTLP)

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8.92-0.28 (-3.04%)
At close: 1:00PM EST
8.92 0.00 (0.00%)
After hours: 01:01PM EST
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  • Y
    Yahoo Finance Insights
    Cantaloupe is down 5.43% to 8.70
  • E
    What was $13.15 all about?
  • l
    Here we go again, lets all vote in the new $50,000 plus directors so they can give the CEO a huge raise....only $50,000 a year to attend a meeting or about half the directors and less handouts to upper management...only what 150 employees....
  • Y
    Yahoo Finance Insights
    Cantaloupe is up 5.37% to 9.42
  • Y
    Yahoo Finance Insights
    Cantaloupe is down 5.28% to 9.15
  • E
    I watched the CEO’s presentation at NAMA and came away with the sense he would rather be at any other company and industry then where he is. Just MHO. Didn’t seem enthusiastic at all.
  • m
    miss Trump yet?
    Seems like frisco stores would be all about this technology as I understand it.
  • Y
    Yahoo Finance Insights
    Cantaloupe is down 5.14% to 9.78
  • Y
    Yahoo Finance Insights
    Cantaloupe is down 5.23% to 10.14
  • Y
    Yahoo Finance Insights
    Cantaloupe is down 5.02% to 11.27
  • Y
    Yahoo Finance Insights
    Cantaloupe is down 5.19% to 11.52
  • Y
    Yahoo Finance Insights
    Cantaloupe is down 4.94% to 12.12
  • Y
    Yahoo Finance Insights
    Cantaloupe reached a 52 Week high at 13.15
  • Y
    Yahoo Finance Insights
    Cantaloupe is up 5.19% to 12.16
  • Y
    Yahoo Finance Insights
    Cantaloupe is up 4.97% to 11.40
  • l
    USA Technologies Issues Open Letter to Shareholders (10/09/19)

    Now Up to Date on Financial Reporting

    Provides Update on Recent Financial Disclosures, Corporate and Customer Activities

    Announces Capital Raise

    MALVERN, Pa.--(BUSINESS WIRE)--USA Technologies, Inc. (OTC: USAT) (“USAT” or the “Company”), a cashless payments and software services company that provides end-to-end technology solutions for the self-service retail market, today issued an open letter to shareholders providing an update on recent financial, corporate and customer activities.

    The Company has also today filed its Annual Report on Form 10-K for the fiscal year ended June 30, 2019, and its Forms 10-Q for the quarters ended September 30, 2018, December 31, 2018, and March 31, 2019 with the Securities and Exchange Commission which include disclosures on several reporting periods. The Company is now in compliance with its periodic reporting requirements. The Company also today disclosed its financial and operational results for Fiscal Years 2018 and 2019, including restatements of financial results of certain prior periods.
    The full text of the letter follows:

    Dear Shareholders,

    I am pleased to report that USA Technologies’ financial disclosures are now up to date. In addition to sharing with you the details of those disclosures, I want to highlight several other business developments and achievements.

    First though, I want to thank the investment community for your patience as we worked to complete these disclosures and restatements. Our ability to communicate in the manner that we would usually has been constricted during this period, and I recognize how difficult this has been. We are glad to now be in a position to update you on certain corporate events and our financial performance.

    On behalf of the USA Technologies’ Board of Directors and management team, we are grateful for your continued support and are eager to discuss our performance with you going forward.

    Becoming Current with Our Financial Reporting

    Today, we filed our Annual Report on Form 10-K for the fiscal year ended June 30, 2019, and our Forms 10-Q for the quarters ended September 30, 2018, December 31, 2018, and March 31, 2019. '

    With the submissions of these filings, we are now able to return to the regular disclosure of financial statements. In connection with this, we also reported our financial and operational results for Fiscal Years 2018 and 2019, including restatements of financial results for prior periods.

    Additionally, now that we are current with our periodic filing requirements, we will be moving ahead with the necessary steps to hold an annual meeting of shareholders.

    Enhancing the Board and Senior Leadership

    As previously reported, we have substantially strengthened the USAT management team and Board, improved controls and coordination within the Company, and enhanced our governance. Over the past year, we have:

    Added three new C-level executives to the management team;

    Added three new independent directors to the Board;

    Split the roles of Chairman and CEO;

    Created a Compliance Committee of the Board, which has assumed oversight responsibility for the Company’s compliance functions (Two of the three members of this Committee are newly appointed independent directors); and

    Enhanced our internal controls, approval and compliance processes including by rolling out Company-wide compliance training.
    We believe that these measures have brought USA Technologies’ oversight and control functions in line with best practices. Similarly, we believe that we have enhanced our coordination and enabled tighter day-to-day running of operations.

    We also believe that these changes have reinforced the Company’s foundation for value creation and have set the stage for future growth. With the right people and the right processes now in place, we anticipate continuing to advance our market leadership position, accelerate our growth and deliver value for our shareholders.
    As we prepare to hold our next annual meeting, we look forward to engaging with our shareholders directly to get feedback and to provide updates on the Company.

    Being Recognized For Our Service

    While we have made several important and necessary operational changes this year – we have not lost sight of our customers. Our focus on delivering service to our approximately 19,400 customers and ensuring that our nearly 1.2 million connections go uninterrupted has remained constant. In fact, in fiscal year 2019, USA Technologies added 3,169 new customers.

    I am proud to share that we did not lose a single customer as a result of the delay in filing our financials over the past year. That is a testament to the commitment of the entire USA Technologies team, and to our reputation for customer care. Indeed, the focus, drive, and entrepreneurial spirit of this Company remains intact.

    We continue to progress and build on our proud tradition as an industry leader and are recogn
    USA Technologies, Inc. (OTC: USAT) (“USAT” or the “Company”), a cashless payments and software services company that provides end-to-end technology so
    USA Technologies, Inc. (OTC: USAT) (“USAT” or the “Company”), a cashless payments and software services company that provides end-to-end technology so
  • R
    22NW Open Letter to USAT Concerning Proxy Battle
    Monday, January 27, 2020 05:00:00 PM (GMT)

    SEATTLE, Jan. 27, 2020 /PRNewswire/ --

    Board of Directors, USA Technologies ("USAT")
    Donald W. Layden Jr, Executive Chairman and Interim CEO
    William J. Schoch, Lead Independent Director
    Robert L. Metzger, Independent Director
    William J. Reilly, Independent Director
    Steven D. Barnhart, Independent Director
    Joel P. Brooks, Independent Director
    Patricia A. Oelrich, Independent Director
    Ingrid S. Stafford, Independent Director

    22NW, LP ("22NW" or "we"), acting independently as the beneficial owner of 603,830 shares of USAT stock (the "Company") (OTC: USAT), has been following the ongoing proxy battle between the company's value destroying legacy board and Hudson Executive Capital with great interest. We now feel compelled to weigh in publicly after the board recently rejected Hudson's proposed settlement despite overwhelmingly conclusive voting results in favor of Hudson's slate of directors.

    Specifically, on January 15, 2020, Hudson announced that shareholders representing 60.58% of the voting power of USA Technologies had voted in favor of the eight candidates it had nominated to the board of directors, a tally that included our shares. In a letter dated January 17, 2020, Hudson further disclosed that current directors received just 0.30% of the votes. At this point, it is crystal clear that shareholders prefer the highly qualified candidates nominated by Hudson. We are concerned that this reality appears lost on you.

    Our investment in the company was predicated on Hudson winning since we considered the stock uninvestable under your leadership. The current board was responsible for governance during a period when USAT materially misstated its financials, was delisted by NASDAQ, and spent over $15 million on the investigation and restatement of its quarterly filings and financial statements. In 2018 and 2019, USAT reported GAAP net losses attributable to common shares of $11.9 million and $32.7 million, respectively, despite having a scalable business with high recurring revenues. Between September 10, 2018, the day before USAT first announced that it would not be able to file its 10-K in a timely manner, and October 14, 2019, when Hudson publicly announced that they were going to nominate candidates for the board of directors, USAT stock lost more than 50% of its value. Based on this track record alone, we believe you are unqualified for your current positions, and your shareholder base just expressed agreement with our views.

    Any delay in tendering your resignation as members of the board will slow the process of hiring a new management team and getting USAT back on track. In addition, the board's refusal to hold the annual shareholder meeting at an earlier date will unnecessarily delay the relisting of the stock on NASDAQ and put the company at significant risk of missing the deadline for inclusion in the Russell 2000 Index when the annual rebalance calculation occurs in May. If added, exchange traded funds with assets under management in excess of $50 billion would be required to purchase millions of shares of USAT, which would likely increase the share price and help to restore some of the shareholder value that has been destroyed under your tenure. It is of the utmost importance that the legacy board respect the wishes of the majority of USAT shareholders and move aside as quickly as possible to avoid wasting any more time or shareholder money.

    Lastly, we were surprised and dismayed to learn from Hudson's January 17th, 2020 public letter that you may be considering a sale of the company despite the currently depressed valuation of USAT stock. We estimate the fair value of USAT under the superior leadership team proposed by Hudson could be at least $20 a share, if not higher, over the next few years.

    Aron English
    22NW, LP

    Founded in 2015, 22NW is a Seattle-based value fund with $150 million of assets under management. The firm specializes in small and microcap investments and has a multi-year investment horizon.
  • A
    USA Technologies, Inc. Appoints Three New Independent Directors. Each new director brings significant expertise in areas relevant to USA Technologies’ business and ongoing efforts to strengthen its risk, audit and compliance functions.
  • M
    Tomorrow it's safe to say we close above 4.30. Double Support at 4.08 as well as an excellent rebound to profit taking today. Very exciting hope this post doesn't age badly lol
  • R
    I am curious as to how the B of D can make the announcement / make the request for additional time and not make the announcement that herbert is stepping down with cause to spend more time with his family. This is becoming comical. It is evident that herbert can not manage a project. Can someone enlighten me as to how he became part of USAT. Is he a founder? or does he have "pictures."

    Why wouldn't the PE firms / hedge funds involved in this company completely eliminate any exec involved with this firm for greater than a year. The P/E and Hedge funds have people on staff who must be brighter and more driven to turn this thing around than most of the current USAT employees. Give them a big piece of the action and let them work. This company did approximately $120 - 130 million in revs (as far as we can kinda / sorta see from previous kinda / sorta reports). That's not a lot of revenue to be delaying reports. Is the audit firm still around and able to have access to the financials?

    Give the reins of this company to people who like to work and create something... where's John Galt? This would be perfect for him.