Company: CTLPP
Filing Date: 2025-07-24
Form Type: DEFM14A
Source: 0001140361-25-027048
Chunk: 94

Company: CANTALOUPE, INC.
Filing Date: 2025-07-24
Form: DEFM14A
Chunk 94
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| FV/2026E uFCF Multiple        |     | $5.50 – $10.50       |

J.P. Morgan compared these ranges to (i) the unaffected share price of common stock of $8.37 on May 30, 2025 and (ii) the merger consideration of $11.20 per share of common stock.

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TABLE OF CONTENTS

Selected Transactions Analysis . Using publicly available information, J.P. Morgan examined selected public transactions involving businesses which J.P. Morgan judged to be similar to Cantaloupe’s business (or aspects thereof). The following transactions were selected by J.P. Morgan as relevant to the evaluation of the proposed Merger:

| Announcement Date 
 April 17, 2025    
 April 1, 2024     |     | Acquiror                         
 Global Payments Inc.             
 Advent International             |     | Target                
 Worldpay              
 Nuvei Corporation     |
|:------------------|:----|:---------------------------------|:----|:----------------------|
| June 9, 2023      |     | Brookfield Asset Management Ltd. |     | Network International |
| March 15, 2023    |     | Sixth Street and BGH Capital     |     | Pushpay Holdings Ltd  |
| January 9, 2023   |     | Nuvei Corporation                |     | Paya Holdings Inc.    |
| August 1, 2022    |     | Global Payments Inc.             |     | EVO Payments, Inc.    |

None of the selected transactions reviewed was identical to the proposed Merger. However, the selected transactions were chosen because certain aspects of the transactions, for purposes of J.P. Morgan’s analysis, may be considered similar to the proposed Merger. The analyses necessarily involve complex considerations and judgments concerning differences in financial and operational characteristics of the companies involved and other factors that could affect the transactions differently than they would affect the proposed Merger. Using publicly available information, J.P. Morgan calculated, for each selected transaction, the multiple of the target company’s FV implied in the relevant transaction to the target company’s estimated EBITDA for the next 12 months starting as of the date of announcement of the applicable transaction (which we refer to as the “FV/NTM EBITDA Multiple”). Based on the results of this analysis, J.P. Morgan selected a FV/NTM EBITDA Multiple reference range for Cantaloupe of 11.5