USA Technologies faces Nasdaq delisting amid delay in SEC filings
USA Technologies Inc., a digital payment and logistics provider for the self-service retail industry, has received notice from Nasdaq Stock Market LLC that it will be delisted as of March 7, unless it appeals the move, according to to a company release.
Nasdaq informed USA Technologies that the company was being delisted because it was not in a position to file the periodic reports with the Securities and Exchange Commission by the extended March 12 deadline, which is a Nasdaq requirement.
USAT notified Nasdaq on Feb. 8 that it would not be able to file its annual report for the fiscal year ended in June 2018, the fiscal first-quarter ended in September or other required filings, according to the release.
In January, USA Technologies shook up its senior management team and named a compliance committee after an internal investigation found that revenue had been improperly recognized during the fiscal 2017 and 2018 fiscal years.
The Malvern, Pennsylvania-based firm said it will file an appeal of the delisting by the March 5 deadline and will ask for a hearing. The panel will review the request and respond by March 20; a hearing is normally granted 30 to 45 days later.