May 10, 2010 (FinancialWire) — USA Technologies, Inc. (NASDAQ: USAT) said that it so far expects to raise around $2.478 million from an offering of common shares and warrants.

The company said it has received written subscription agreements from institutional investors in the amount of $1,815,003.90 and Source Capital Group, Inc., the placement agent for the offering, has informed the company that it has received orders from its customers for an additional $663,104.70, for a total of $2,478,108.60 of its a public offering of up to $3 million.

As a result, based on the subscription agreements and the customer orders, only $521,891.40 (or 17.4%) remains available for sale. The company said it anticipates closing the offering on or about Wednesday, May 12, 2010, subject to customary closing conditions.

USA said it expects to use the net proceeds of the offering for general corporate purposes, including working capital and providing financing for the manufacture of its e-Port cashless payment products for its Jump Start program. The offering of common stock and warrants is being offered at an offering price of $0.90. Each warrant has a December 31, 2013 expiration date and represents the right to purchase one share of common stock at a purchase price of $1.13 per share beginning on January 1, 2011.

According to USA, the warrants are anticipated to be traded on the NASDAQ Global Market under the symbol “USATZ” following the closing of the offering.

Pennsylvania-based USA Technologies is engaged in the networking of wireless non-cash transactions, associated financial/network services and energy management.

USA Technologies provides networked credit card and other non-cash systems in the vending, commercial laundry, hospitality and digital imaging industries.

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