Benzinga | Feb 25, 2021 10:19AM EST

USA Technologies Raises $55M In Private Placement At 11.6% Discount

* Software and payments company USA Technologies Inc (NASDAQ: USAT) sold 5.73 million shares at $9.60 per share in a private placement to raise $55 million. The offer price signifies an 11.6% discount to the Wednesday closing price of $10.86.

* The offering proceeds will be utilized for general corporate purposes.

* J.P. Morgan is the lead placement agent, and Craig-Hallum Capital Group and Northland Capital Markets are the joint placement agents for the private placement.

* USAT stock has gained over 33% in the last three months.

* Price action: USAT shares are down 4.79% at $10.34 on the last check Thursday.