USA Technologies Inc. (NASDAQ: USAT) shares dropped early on Tuesday after the company announced that it will not be filing its annual report (10-K form) for its fiscal year ended June 30, 2018, by the required September 13 deadline.
As a result, the company will be conducting an internal probe for the current period and prior periods. Specifically, this is an investigation into certain company contractual agreements, including the accounting treatment, financial reporting and internal controls related to such arrangements.
The Audit Committee is working closely with its advisors to complete its investigation in as timely a manner as possible. USA Tech will not be in a position to file its Form 10-K until the Audit Committee completes its investigation and the company and its independent auditor assess the results of that investigation.
The company is filing a Form 12b-25 notification of late filing, which will provide for a 15-day extension.
Excluding Tuesday’s move, USA Tech had outperformed the broad markets with its stock up 191% in the past 52 weeks. In just 2018 alone, the stock is up only 57%.
Shares of USA Tech were last seen down about 33% on Tuesday at $10.20, with a consensus analyst price target of $15.50 and a 52-week trading range of $5.11 to $16.83.