Company: CTLPP
Filing Date: 2025-07-24
Form Type: DEFM14A
Source: 0001140361-25-027048
Chunk: 92

Company: CANTALOUPE, INC.
Filing Date: 2025-07-24
Form: DEFM14A
Chunk 92
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 banking practice, J.P. Morgan employed generally accepted valuation methodologies in rendering its opinion to the Board on June 15, 2025 and in the financial analyses presented to the Board on such date in connection with the rendering of such opinion. The following is a summary of the material financial analyses utilized by J.P. Morgan in connection with rendering its opinion to the Board and does not purport to be a complete description of the analyses or data presented by J.P. Morgan. Some of the summaries of the financial analyses include information presented in tabular format. The tables are not intended to stand alone, and in order to more fully understand the financial analyses used by J.P. Morgan, the tables must be read together with the full text of each summary. Considering the data set forth below without considering the full narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of J.P. Morgan’s analyses.

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TABLE OF CONTENTS

Public Trading Multiples . Using publicly available information, J.P. Morgan compared selected financial data of Cantaloupe with similar data for selected publicly traded companies engaged in businesses that J.P. Morgan judged to be sufficiently analogous to Cantaloupe (or aspects thereof). The companies selected by J.P. Morgan were as follows:

| • | ACI Worldwide, Inc. |

| • | Block, Inc. |

| • | EverCommerce Inc. |

| • | Flywire Corporation |

| • | i3 Verticals, Inc. |

| • | Lightspeed Commerce Inc. |

| • | Nayax Ltd. |

| • | PAR Technology Corporation |

| • | Paymentus Holdings, Inc. |

| • | Repay Holdings Corporation |

| • | Shift4 Payments, Inc. |

| • | Toast, Inc. |

These companies were selected by J.P. Morgan, among other reasons, because they are publicly traded companies with operations and businesses that, for purposes of J.P. Morgan’s analysis, J.P. Morgan considered to be similar to those of Cantaloupe. However, certain of these companies may have characteristics that are materially different from those of Cantaloupe. 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 selected companies differently than they would affect Cantaloupe. Using publicly available information, J.P. Morgan calculated, for each selected company, (i) the multiple of the firm value