Malvern’s USA Technologies saw its shares spike after the hedge fund Hudson Executive Capital disclosed its 12 percent stake in the company, writes Jeff Blumenthal for the Philadelphia Business Journal.

Hudson Executive disclosed in a regulatory filing that it acquired the fintech company’s stock between May 8 and May 16. The hedge fund bought 4.25 million shares at a price of between $5.69 and $5.80.

The news pushed the stock of the company that focuses on cashless and mobile transactions in self-serve retail markets up by 14.6 percent to $6.76.

This was a much-needed boost for USA Technologies. The company has been trying to recover after announcing last September that it would not be filing its 2018 annual report due to some of its financial statements and related press releases not being reliable. Prior to the announcement, the company’s stock was at $15.30.

The company was also notified by Nasdaq Stock Market that it was not in compliance with the listing rule. However, USA Technologies managed to avoid being de-listed by submitting plans that earned it extensions and was most recently given until Sept. 9 to regain compliance.

Read more about USA Technologies in the Philadelphia Business Journal here.

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