Mitek Announces Receipt of Notice from Nasdaq
February 13 2024 - 8:20PM
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 an additional Staff
Determination (the “Staff Determination”) from the Listing
Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”)
notifying the Company that the Company is not in compliance with
Nasdaq Listing Rule 5250(c)(1) (the “Rule”), as a result of the
Company’s failure to file its Quarterly Report on Form 10-Q for the
quarter ended December 31, 2023 (the “Form 10-Q”) in a timely
manner, which serves as an additional basis for delisting the
Company’s securities from Nasdaq. The Company remains delinquent in
filing its Form 10-K for the year ended September 30, 2023 (the
“Form 10-K”). The Rule requires listed companies to timely file all
required periodic reports with the Securities and Exchange
Commission (the “SEC”). The Company previously reported in Forms
12b-25 filed with the SEC on December 15, 2023 and February 9,
2024, that the Company was unable to file the Form 10-K and Form
10-Q within the prescribed time period without unreasonable effort
or expense.
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 Staff to promptly issue a delisting
determination in the event that the Company fails to maintain
compliance with the Rule. 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 the Form
10-K with the SEC. On December 26, 2023, the Company timely
requested a hearing before the Nasdaq Hearings Panel (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. The hearing is scheduled for March 19, 2024 and the
request for the automatic stay of suspension was granted.
In response to the Staff Determination, the Company intends to
file the Form 10-K and Form 10-Q 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 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/20240213053151/en/
Investor Contact: Todd Kehrli or Jim Byers MKR Investor
Relations, Inc. mitk@mkr-group.com
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