Company: CTLPP
Filing Date: 2025-07-24
Form Type: DEFM14A
Source: 0001140361-25-027048
Chunk: 62

Company: CANTALOUPE, INC.
Filing Date: 2025-07-24
Form: DEFM14A
Chunk 62
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, Party D and seven other potential financial acquirors (two of which we refer to as “Party E” and “Party F”) and Party C and one other potential strategic acquiror, to gauge their interest in a potential transaction with Cantaloupe.

On February 6, 2025, after the conclusion of trading hours, Cantaloupe reported the results of its fiscal quarter ended December 31, 2024. The closing price for shares of common stock on February 7, 2025, the first trading day following Cantaloupe’s earnings release, was $9.84, which represented a 13.5% increase to the closing price for shares of common stock of $8.67 on February 6, 2025.

On February 11, 2025, Party A verbally indicated to representatives of J.P. Morgan a preliminary non-binding proposal to acquire 100% of Cantaloupe’s common stock for between $10.00 and $10.50 per share in cash (which we refer to as the “February 11 Party A Proposal”), which proposal, at $10.00 per share of common stock, represented a 0.7% premium to the closing price for shares of common stock of $9.93 on February 10, 2025, the last trading day prior to the February 11 Party A Proposal. Party A did not subsequently provide a written offer to the Board.

On February 22, 2025, a financial acquiror (which we refer to as “Party G”) sent Mr. Venkatesan a letter containing a preliminary non-binding proposal to acquire 100% of Cantaloupe’s common stock for $11.50 per share in cash (which we refer to as the “February 22 Party G Proposal”), which proposal represented a 9.0% premium to the closing price for shares of common stock of $10.55 on February 21, 2025, the last trading day prior to the February 22 Party G Proposal. The offer letter stated that the February 22 Party G Proposal was subject to a number of contingencies, including completing due diligence, and stated that the proposal assumed that key members of Cantaloupe’s management would remain in place after the consummation of the potential transaction.

On February 23, 2025, J.P. Morgan provided a relationship disclosure letter to the Board, which provided disclosures regarding J.P. Morgan and its affiliates’ commercial