UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No.)*
USA TECHNOLOGIES, INC.
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
--------------------------------------------------------------------------------
(Title of Class of Securities)
90328S500
---------
(CUSIP Number)
March 14, 2007
--------------
(Date of Event which Requires Filing
of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 10
------------------- ------------------
CUSIP No. 90328S500 13G Page 2 of 10 Pages
------------------- ------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Advisors, LLC
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ----- ----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED 1,666,667* (see Item 4)
BY ----- ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH ----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
1,666,667* (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,666,667* (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
15.2%* (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 2 of 10
------------------- ------------------
CUSIP No. 90328S500 13G Page 3 of 10 Pages
------------------- ------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Management, LLC
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ----- ----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED 1,666,667* (see Item 4)
BY ----- ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH ----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
1,666,667* (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,666,667* (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
15.2%* (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 3 of 10
------------------- ------------------
CUSIP No. 90328S500 13G Page 4 of 10 Pages
------------------- ------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Associates, LLC
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Anguilla, British West Indies
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ----- ----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED 1,666,667* (see Item 4)
BY ----- ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH ----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
1,666,667* (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,666,667* (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
15.2%* (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 4 of 10
------------------- ------------------
CUSIP No. 90328S500 13G Page 5 of 10 Pages
------------------- ------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Steven A. Cohen
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ----- ----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED 1,666,667* (see Item 4)
BY ----- ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH ----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
1,666,667* (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,666,667* (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
15.2%* (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 5 of 10
Item 1(a) Name of Issuer:
--------------
USA Technologies, Inc.
Item 1(b) Address of Issuer's Principal Executive Offices:
-----------------------------------------------
100 Deerfield Lane, Suite 140, Malvern, Pennsylvania 19355
Items 2(a) Name of Person Filing:
---------------------
This statement is filed by: (i) S.A.C. Capital Advisors,
LLC, ("SAC Capital Advisors") with respect to shares of
common stock, no par value ("Shares"), of the Issuer
beneficially owned by S.A.C. Capital Associates, LLC ("SAC
Capital Associates"); (ii) S.A.C. Capital Management, LLC,
("SAC Capital Management") with respect to Shares
beneficially owned by SAC Capital Associates; (iii) SAC
Capital Associates with respect to Shares beneficially owned
by it; and (iv) Steven A. Cohen with respect to Shares
beneficially owned by SAC Capital Advisors, SAC Capital
Management and SAC Capital Associates.
SAC Capital Advisors, SAC Capital Management, SAC Capital
Associates and Steven A. Cohen have entered into a Joint
Filing Agreement, a copy of which is filed with this
Schedule 13G as Exhibit 99.1, pursuant to which they have
agreed to file this Schedule 13G jointly in accordance with
the provisions of Rule 13d-1(k) of the Securities Exchange
Act of 1934, as amended.
Item 2(b) Address of Principal Business Office:
------------------------------------
The address of the principal business office of (i) SAC
Capital Advisors and Mr. Cohen is 72 Cummings Point Road,
Stamford, Connecticut 06902, and (ii) SAC Capital Management
is 540 Madison Avenue, New York, New York 10022, and (iii)
SAC Capital Associates is P.O. Box 58, Victoria House, The
Valley, Anguilla, British West Indies.
Item 2(c) Citizenship:
-----------
SAC Capital Advisors and SAC Capital Management are Delaware
limited liability companies. SAC Capital Associates is an
Anguillan limited liability company. Mr. Cohen is a United
States citizen.
Item 2(d) Title of Class of Securities:
----------------------------
Common Stock, no par value
Page 6 of 10
Item 2(e) CUSIP Number:
------------
90328S500
Item 3 Not Applicable
Item 4 Ownership:
---------
The percentages used herein are calculated based upon the
Shares issued and outstanding as of March 14, 2007 as
reported on exhibit 4.1, Securities Purchase Agreement,
attached to the Issuer's 8-K filed with the Securities and
Exchange Commission on March 15, 2007.
As of the close of business on March 14, 2007:
1. S.A.C. Capital Advisors, LLC
(a) Amount beneficially owned: 1,666,667*
(b) Percent of class: 15.2%*
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 1,666,667*
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
1,666,667*
2. S.A.C. Capital Management, LLC
(a) Amount beneficially owned: 1,666,667*
(b) Percent of class: 15.2%*
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 1,666,667*
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
1,666,667*
3. S.A.C. Capital Associates, LLC
(a) Amount beneficially owned: 1,666,667*
(b) Percent of class: 15.2%*
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 1,666,667*
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
1,666,667*
4. Steven A. Cohen
(a) Amount beneficially owned: 1,666,667*
(b) Percent of class: 15.2%*
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 1,666,667*
(iii) Sole power to dispose or direct the disposition: -0-
Page 7 of 10
(iv) Shared power to dispose or direct the disposition:
1,666,667*
*Pursuant to a Securities Purchase Agreement by and between
SAC Capital Associates and the Issuer on March 14, 2007, SAC
Capital Associates purchased 1,666,667 Shares and warrants
to purchase 833,333 Shares. The Shares reported in this
Schedule 13G do not include 833,333 Shares issuable upon
exercise of warrants. The warrants contain certain
restrictions on their exercise, including an issuance
limitation prohibiting the holder and its affiliates from
exercising the warrants to the extent that such exercise
would result in the beneficial ownership by such holder and
its affiliates of more than 9.99% of the number of Shares
outstanding immediately after giving effect to the issuance
of shares upon exercise of the warrant (the "Blocker").
If the Blocker were not in place, as of the date hereof, SAC
Capital Associates may be deemed to own 2,500,000 Shares
(representing 1,666,667 Shares and warrants exercisable for
833,333 Shares).
SAC Capital Advisors, SAC Capital Management and Mr. Cohen
own directly no Shares. Pursuant to investment management
agreements, each of SAC Capital Advisors and SAC Capital
Management share all investment and voting power with
respect to the securities held by SAC Capital Associates.
Mr. Cohen controls each of SAC Capital Advisors and SAC
Capital Management. By reason of the provisions of Rule
13d-3 of the Securities Exchange Act of 1934, as amended,
each of SAC Capital Advisors, SAC Capital Management and Mr.
Cohen may be deemed to own beneficially 1,666,667* Shares
constituting approximately 15.2%* of the Shares outstanding.
Each of SAC Capital Advisors, SAC Capital Management and Mr.
Cohen disclaim beneficial ownership of any of the securities
covered by this statement.
Item 5 Ownership of Five Percent or Less of a Class:
--------------------------------------------
If this statement is being filed to report the fact that as
of the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following. [ ]
Item 6 Ownership of More than Five Percent on Behalf of Another
--------------------------------------------------------
Person:
------
Not Applicable
Page 8 of 10
Item 7 Identification and Classification of the
----------------------------------------
Subsidiary Which Acquired the Security Being
--------------------------------------------
Reported on By the Parent Holding Company:
-----------------------------------------
Not Applicable
Item 8 Identification and Classification of Members
--------------------------------------------
of the Group:
------------
Not Applicable
Item 9 Notice of Dissolution of Group:
------------------------------
Not Applicable
Item 10 Certification:
-------------
By signing below the signatory certifies that, to the best of his knowledge
and belief, the securities referred to above were not acquired and are not held
for the purpose of or with the effect of changing or influencing the control of
the issuer of the securities and were not acquired and are not held in
connection with or as a participant in any transaction having that purpose or
effect.
Page 9 of 10
SIGNATURE
---------
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: March 22, 2007
S.A.C. CAPITAL ADVISORS, LLC
By: /s/ Peter Nussbaum
----------------------------
Name: Peter Nussbaum
Title: Authorized Person
S.A.C. CAPITAL MANAGEMENT, LLC
By: /s/ Peter Nussbaum
----------------------------
Name: Peter Nussbaum
Title: Authorized Person
S.A.C. CAPITAL ASSOCIATES, LLC
By: /s/ Peter Nussbaum
----------------------------
Name: Peter Nussbaum
Title: Authorized Person
STEVEN A. COHEN
By: /s/ Peter Nussbaum
----------------------------
Name: Peter Nussbaum
Title: Authorized Person
Page 10 of 10