Mitek Announces Receipt of Notice from Nasdaq
December 18 2023 - 5:19PM
Business Wire
Mitek Systems, Inc. (Nasdaq: MITK, www.miteksystems.com, “Mitek”
or the “Company”), a global leader in digital identity and fraud
prevention, today reported that it received a Staff Delisting
Determination (the “Staff Determination”) from the Listing
Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”)
notifying the Company that it was not in compliance with Nasdaq’s
continued listing requirements under the Nasdaq Listing Rule
5250(c) (the “Rule”) as a result of its failure to file its Annual
Report on Form 10-K for the fiscal year ended September 30, 2023
(the "Form 10-K") in a timely manner, which serves as a basis for
delisting the Company's securities from Nasdaq.
As previously disclosed, the Company is subject to a Mandatory
Panel Monitor until November 6, 2024, which requires the Nasdaq
Staff to promptly issue a delisting determination in the event that
the Company fails to maintain compliance with the Rule.
As the Company noted in its press release dated December 7,
2023, as a result of delays in filing its Quarterly Reports on Form
10-Q for fiscal 2023 (all of which are now on file), the Company
was late in starting its year-end audit for fiscal 2023, and
therefore is delayed in filing its Form 10-K, which was due
December 14, 2023.
The Company intends to timely request a hearing before the
Nasdaq Hearings Panel (the “Panel”). The Company has the
opportunity to request a new hearing with the Hearings Panel (the
“Panel”), by 4:00 p.m. Eastern Time on December 26, 2023, which it
intends to do. The hearing request will automatically stay any
trading suspension or delisting action for 22 calendar days from
the date of the notice of non-compliance; pursuant to the Nasdaq
Listing Rules, if a deadline falls on a weekend or federal holiday
(i.e. Christmas), it is automatically extended to the next business
day. Notwithstanding, Nasdaq has a procedure that allows the
Company to request an extension of the stay through the hearing
date, and the Company plans to make such request. However, there
can be no assurance that the Panel will grant the Company’s request
for a stay pending the hearing process or any further extension
following the hearing. The Company has developed a detailed plan to
present to the Panel in an effort to regain compliance with the
Rule and obtain an extended stay.
The Company intends to file the Form 10-K as promptly as
possible in order to regain compliance with the Rule.
About Mitek Systems, Inc.
Mitek (NASDAQ: MITK) is a global leader in digital identity and
digital fraud prevention, with technology to bridge the physical
and digital worlds. Mitek’s advanced identity verification
technologies and global platform make digital access faster and
more secure than ever, providing companies new levels of control,
deployment ease and operation, while protecting the entire customer
journey. More than 7,800 organizations use Mitek to enable trust
and convenience for mobile check deposit, new account opening and
more. Learn more at www.miteksystems.com.
Follow Mitek on LinkedIn, X and YouTube, and
read Mitek’s latest blog posts here
Notice Regarding Forward-Looking Statements
Statements contained in this news release relating to the
Company or its management’s intentions, hopes, beliefs,
expectations or predictions of the future, including, but not
limited to, statements relating to the Company or its management’s
intentions, hopes, beliefs, expectations or predictions of the
future, including, but not limited to, statements relating to the
filing of the Form 10-K and its ability to regain compliance with
the Nasdaq continued listing standards, the Company’s intent to
timely request a hearing before the Nasdaq Hearings Panel and to
request a stay of delisting constitute forward looking statements.
Such forward-looking statements are subject to a number of risks
and uncertainties, including, but not limited to, risks related to
the Company’s ability to withstand negative conditions in the
global economy, a lack of demand for or market acceptance of the
Company’s products, the impact of the Company’s acquisition of
HooYu Ltd. including any operational or cultural difficulties
associated with the integration of the businesses of Mitek and
HooYu Ltd., the Company’s ability to continue to develop, produce
and introduce innovative new products in a timely manner, the
Company’s ability to capitalize on a growing market, quarterly
variations in revenue, the profitability of certain sectors of the
Company, the performance of the Company’s growth initiatives, the
outcome of any pending or threatened litigation, and the timing of
the implementation and launch of the Company’s products by the
Company’s signed customers.
Additional risks and uncertainties faced by the Company are
contained from time to time in the Company’s filings with the U.S.
Securities and Exchange Commission (SEC), including, but not
limited to, the Company’s Annual Report on Form 10-K for the fiscal
year ended September 30, 2022, as filed with the SEC on July 31,
2023 and its quarterly reports on Form 10-Q and current reports on
Form 8-K, which you may obtain for free on the SEC’s website at
www.sec.gov. Collectively, these risks and uncertainties could
cause the Company’s actual results to differ materially from those
projected in its forward-looking statements and you are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date hereof. The Company disclaims any
intention or obligation to update, amend or clarify these
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20231218439984/en/
Investor Contact: Todd Kehrli or Jim Byers MKR Investor
Relations, Inc. mitk@mkr-group.com
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