Nasdaq Hearings Panel Grants Mitek’s Request for Continued Listing Pending Compliance with Filing Requirement
April 03 2024 - 6:10PM
Business Wire
Mitek Systems, Inc. (Nasdaq: MITK, www.miteksystems.com, “Mitek”
or the “Company”), a global leader in digital identity and digital
fraud prevention, today reported that on April 1, 2024, the Company
received a decision from the Nasdaq Hearings Panel (the “Panel”)
granting the Company’s request for continued listing on the Nasdaq
Capital Market, subject to the Company filing its Quarterly Report
on Form 10-Q for the quarter ended December 31, 2023 (“Q1 Form
10-Q”), on or before April 15, 2024, which will bring the Company
into compliance with the Nasdaq Listing Rule 5250(c)(1) (the
“Listing Rule”), and certain other conditions.
As previously disclosed, the Company received a delisting
determination (the “Notice”) from the Listing Qualifications
Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”)
notifying the Company that the Staff initiated a process to delist
the Company’s securities from Nasdaq as a result of the Company not
being in compliance with the Listing Rule, which requires listed
companies to timely file all required periodic financial reports
with the Securities and Exchange Commission (the “SEC”), due to the
Company’s failure to timely file its Annual Report on Form 10-K for
the fiscal year ended September 30, 2023 (the “Form 10-K”). The
Company subsequently did not timely file the Q1 Form 10-Q because
the Q1 Form 10-Q could not be prepared until the Form 10-K was
filed.
The Company attended the previously announced and scheduled
March 19, 2024 hearing before the Panel and requested the continued
listing of its securities on the Nasdaq Capital Market pending its
return to compliance with the Listing Rule.
The Company filed its Form 10-K on March 19, 2024, and intends
to file the Q1 Form 10-Q as promptly as possible in order to regain
compliance with the Listing Rule.
Notwithstanding the foregoing, there can be no assurance that
the Company will be able to meet this deadline or ultimately regain
compliance with all applicable requirements for continued
listing.
About Mitek Systems, Inc.
Mitek (NASDAQ: MITK) is a global leader in digital access,
founded 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. Trusted by 99% of U.S. banks for
mobile check deposits and 7,900 of the world’s largest
organizations, Mitek helps companies reduce risk and meet
regulatory requirements. Learn more at www.miteksystems.com.
[(MITK-F)]
Follow Mitek on LinkedIn, Twitter 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's listing status and
the Company’s filing of the Q1 Form 10-Q 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 SEC,
including, but not limited to, the Company’s Annual Report on Form
10-K for the fiscal year ended September 30, 2023, as filed with
the SEC on March 19, 2024 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/20240403650980/en/
Investor Contact: Todd Kehrli or Jim Byers MKR Investor
Relations, Inc. mitk@mkr-group.com
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