UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
USA TECHNOLOGIES, INC.
----------------------
(Name of Issuer)
Common Stock
------------
(Title of Class of Securities)
90328S500
---------
(CUSIP Number)
January 1, 2009
---------------
(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).
-------------------------- ----------------------
CUSIP No. 90328S500 13G Page 2 of 12 Pages
-------------------------- ----------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Advisors, L.P.
---------- ---------------------------------------------------------------------
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
----- ----------------------------------------------------
6 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 1,950,426* (see Item 4)
BY EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
1,950,426* (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,950,426* (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)
12.8%* (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 2 of 12
-------------------------- ----------------------
CUSIP No. 90328S500 13G Page 3 of 12 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
----- ----------------------------------------------------
6 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 0 (see Item 4)
BY EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
0 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0 (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)
0% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 3 of 12
-------------------------- ----------------------
CUSIP No. 90328S500 13G Page 4 of 12 Pages
-------------------------- ----------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Mangement, 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
----- ----------------------------------------------------
6 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 0 (see Item 4)
BY EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
0 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0 (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)
0% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 4 of 12
-------------------------- ----------------------
CUSIP No. 90328S500 13G Page 5 of 12 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
----- ----------------------------------------------------
6 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 1,950,426* (see Item 4)
BY EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
1,950,426* (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,950,426* (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)
12.8%* (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 5 of 12
-------------------------- ----------------------
CUSIP No. 90328S500 13G Page 6 of 12 Pages
-------------------------- ----------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Advisors, Inc.
---------- ---------------------------------------------------------------------
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
----- ----------------------------------------------------
6 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 1,950,426* (see Item 4)
BY EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
1,950,426* (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,950,426* (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)
12.8%* (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
CO
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 6 of 12
-------------------------- ----------------------
CUSIP No. 90328S500 13G Page 7 of 12 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
----- ----------------------------------------------------
6 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 1,950,426* (see Item 4)
BY EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
1,950,426* (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,950,426* (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)
12.8%* (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 7 of 12
EXPLANATORY NOTE
As of January 1, 2009, each of S.A.C. Capital Advisors, LLC ("SAC Capital
Advisors") and S.A.C. Capital Management, LLC ("SAC Capital Management" and,
together with SAC Capital Advisors, the "Predecessor Advisors") assigned to
S.A.C. Capital Advisors, L.P. ("SAC Capital Advisors LP") all of its rights and
responsibilities under its investment management agreements with certain private
investment funds. This Schedule 13G reflects the replacement of the Predecessor
Advisors with SAC Capital Advisors LP as a reporting person.
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, PA 19355
Items 2(a) Name of Person Filing:
---------------------
This statement is filed by: (i) SAC Capital Advisors LP with
respect to Shares of the Issuer beneficially owned by S.A.C.
Capital Associates, LLC ("SAC Capital Associates"); (ii)
S.A.C. Capital Advisors; (iii) S.A.C. Capital Management;
(iv) SAC Capital Associates with respect to shares
beneficially owned by it; (v) S.A.C. Capital Advisors, Inc.
("SAC Capital Advisors Inc.") with respect to Shares
beneficially owned by SAC Capital Advisors LP and SAC
Capital Associates; and (vi) Steven A. Cohen with respect to
Shares beneficially owned by SAC Capital Advisors LP, SAC
Capital Advisors Inc. and SAC Capital Associates.
SAC Capital Advisors LP, SAC Capital Advisors, SAC Capital
Management, SAC Capital Associates, SAC Capital Advisors
Inc. 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 Act.
Item 2(b) Address of Principal Business Office:
------------------------------------
The address of the principal business office of (i) SAC
Capital Advisors LP, SAC Capital Advisors, SAC Capital
Advisors Inc. and Mr. Cohen is 72 Cummings Point Road,
Stamford, Connecticut 06902; (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 LP is a Delaware limited partnership.
SAC Capital Advisors and SAC Capital Management are Delaware
limited
Page 8 of 12
liability companies. SAC Capital Advisors Inc. is a Delaware
corporation. 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
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 October 17, 2008 as
reported on the Issuer's quarterly report on Form 10-Q filed
with the Securities and Exchange Commission by the Issuer
for the quarterly period ended September 30, 2008.
As of the close of business on January 5, 2009:
1. S.A.C. Capital Advisors, L.P.
(a) Amount beneficially owned: 1,950,426*
(b) Percent of class: 12.8%*
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 1,950,426*
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
1,950,426*
2. S.A.C. Capital Advisors, LLC
(a) Amount beneficially owned: -0-
(b) Percent of class: 0%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: -0-
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
-0-
3. S.A.C. Capital Management, LLC
(a) Amount beneficially owned: -0-
(b) Percent of class: 0%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: -0-
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
-0-
4. S.A.C. Capital Associates, LLC
(a) Amount beneficially owned: 1,950,426*
Page 9 of 12
(b) Percent of class: 12.8%*
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 1,950,426*
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
1,950,426*
5. S.A.C. Capital Advisors, Inc.
(a) Amount beneficially owned: 1,950,426*
(b) Percent of class: 12.8%*
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 1,950,426*
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
1,950,426*
6. Steven A. Cohen
(a) Amount beneficially owned: 1,950,426*
(b) Percent of class: 12.8%*
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 1,950,426*
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
1,950,426*
* The Shares reported in this Schedule 13G do not include
833,333 Shares issuable upon exercise of warrants held by
SAC Capital Associates. 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 warrants (the "Blocker").
If the Blocker were not in place, as of the date hereof, SAC
Capital Associates may be deemed to own 2,783,759 Shares
(representing 1,950,426 Shares and warrants exercisable for
833,333 Shares).
SAC Capital Advisors LP, SAC Capital Advisors Inc. and Mr.
Cohen own directly no Shares. Pursuant to an investment
management agreement, SAC Capital Advisors LP maintains
investment and voting power with respect to the securities
held by SAC Capital Associates. SAC Capital Advisors Inc. is
the general partner of SAC Capital Advisors LP. Mr. Cohen
controls SAC Capital Advisors Inc. By reason of the
provisions of Rule 13d-3 of the Securities Exchange Act of
1934, as amended, each of SAC Capital Advisors LP, SAC
Capital Advisors Inc. and Mr. Cohen may be deemed to
beneficially own 1,950,426* Shares (constituting
approximately 12.8%* of the Shares outstanding). Each of SAC
Capital Advisors LP, SAC Capital Advisors Inc. and Mr. Cohen
disclaim beneficial ownership of any of the securities
covered by this statement.
Page 10 of 12
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
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 11 of 12
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: January 8, 2009
S.A.C. CAPITAL ADVISORS, L.P.
By: /s/ Peter Nussbaum
-------------------------------
Name: Peter Nussbaum
Title: Authorized Person
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
S.A.C. CAPITAL ADVISORS, INC.
By: /s/ Peter Nussbaum
-------------------------------
Name: Peter Nussbaum
Title: Authorized Person
STEVEN A. COHEN
By: /s/ Peter Nussbaum
-------------------------------
Name: Peter Nussbaum
Title: Authorized Person
Page 12 of 12