Company: CTLPP
Filing Date: 2025-07-24
Form Type: DEFM14A
Source: 0001140361-25-027048
Chunk: 95

Company: CANTALOUPE, INC.
Filing Date: 2025-07-24
Form: DEFM14A
Chunk 95
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x to 19.0x. J.P. Morgan then applied such reference range to Cantaloupe’s projected adjusted EBITDA for the next 12 months as of March 31, 2025 provided in the Management Projections. The analysis indicated a range of implied equity value per share of common stock (rounded to the nearest $0.25) of approximately $9.00 to $15.25, which J.P. Morgan compared 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. Discounted Cash Flow Analysis . J.P. Morgan conducted a discounted cash flow analysis for the purpose of determining an implied fully diluted equity value per share for common stock. J.P. Morgan calculated the unlevered free cash flows that Cantaloupe is expected to generate during the last quarter of Cantaloupe’s fiscal year 2025 and Cantaloupe’s fiscal year 2026 through 2028 based on the Management Projections, as discussed more fully in the section of this proxy statement titled “The Merger—Management Projections ” beginning on page 50of this proxy statement, which were discussed with, and approved by, the Board for use by J.P. Morgan in connection with its financial analyses. J.P. Morgan also calculated a range of terminal values for Cantaloupe at the end of this period by applying terminal growth rates ranging from 2.5% to 3.5%, based on guidance provided by Cantaloupe’s management, to estimates of terminal unlevered free cash flows for Cantaloupe at the end of fiscal year 2028, as provided in the Management Projections. J.P. Morgan then discounted the unlevered free cash flow estimates and the range of terminal values to present value as of March 31, 2025 using a range of discount rates from 9.25% to 10.75%, which range was chosen by J.P. Morgan based upon an analysis of the weighted average cost of capital of Cantaloupe. The present values of the unlevered free cash flow estimates and the range of terminal values were then adjusted for Cantaloupe’s net operating losses, as provided by Cantaloupe’s management, discounted to present value as of March 31, 2025 using a range of discount rates from 9.25% to 10.