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USA Technologies gets reprieve on Nasdaq delisting

Nasdaq Stock Market has granted USA Technologies Inc. an extension until Sept. 9 to continue trading shares on the exchange while USAT files restated earnings statements with the Securities and Exchange Commission.

USA Technologies, a Malvern, Pennsylvania-based payments and vending machine technology provider, was forced to restate prior earnings after an investigation showed accounting irregularities involving customer transactions in 2017 and 2018.

The company must file its annual report for the fiscal year ended in June 2018 and the two quarterly reports for the second half of calendar 2018, which would be the fiscal first and second quarters for USAT.

The company must also update the Nasdaq Hearings Panel regarding the status of the company’s remediation and audit process. If the company fails to meet the Sept. 9 deadline, it will be delisted from Nasdaq.