Mitek Announces Extension of Nasdaq Stay and Hearing Date
January 17 2024 - 5:48PM
Business Wire
Nasdaq panel maintains status quo of the
Company’s securities pending hearing
Mitek Systems, Inc. (NASDAQ: MITK, www.miteksystems.com, "Mitek”
or the “Company”), a global leader in digital identity and fraud
prevention, today announced that on January 17, 2024, the Company
was notified by the Nasdaq Hearings Panel (the “Panel”) that the
Panel has granted the Company’s request to extend the automatic
stay of suspension of the Company's common stock from The Nasdaq
Stock Market LLC (“Nasdaq”) pending the Company’s hearing before
the Panel scheduled for March 19, 2024, and a final determination
regarding the Company’s listing status.
As previously reported, the Company is subject to a Mandatory
Panel Monitor for a period of one year, or until November 6, 2024,
which requires the Nasdaq Listing Qualifications Department to
promptly issue a delisting determination in the event that the
Company fails to maintain compliance with Nasdaq Listing Rule
5250(c). As previously disclosed on December 18, 2023, the Company
intended to appeal a determination by the Nasdaq Listing
Qualifications Department to delist the Company’s securities due to
the Company’s failure to timely file its Annual Report on Form 10-K
for the period ended September 30, 2023 (the "Form 10-K") with the
Securities and Exchange Commission. On December 26, 2023 the
Company timely requested a hearing before the Panel and requested
that the automatic stay of suspension be extended through the
completion of the hearings process and the expiration of any
additional extension period granted by the Panel following the
hearing.
While the Company intends to file its Form 10-K as quickly as
possible to regain compliance, it currently anticipates that, as a
result of the Company's previously delayed filings, it will be
delayed in filing its Quarterly Report on Form 10-Q for the period
ended December 31, 2023 which is due on February 9, 2024 and which
cannot be completed and filed until the Form 10-K has been
filed.
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 with
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.
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 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 its Annual
Report on Form 10-K for the period ended September 30, 2023 and its
Quarterly Report Form 10-Q for the period ended December 31, 2023
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/20240117992011/en/
Investor Contact: Todd Kehrli or Jim Byers MKR Investor
Relations, Inc. mitk@mkr-group.com
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