Mitek Announces Receipt of Notice from Nasdaq

Rhea-AI Summary

Mitek Systems, Inc. (NASDAQ: MITK) received a Nasdaq compliance notice on August 11, 2022, due to its failure to timely file its Quarterly Report on Form 10-Q for the period ending June 30, 2022. Mitek has 60 days to present a plan to regain compliance, with a potential extension of up to 180 days if accepted. The company aims to file the Form 10-Q promptly to address this issue. Failure to meet deadlines could result in further action from Nasdaq regarding its listing status.

Positive

• The company plans to file the Form 10-Q as promptly as possible to regain compliance with Nasdaq.
• Mitek is recognized as a global leader in digital identity and fraud prevention technologies.

Negative

• Non-compliance with Nasdaq's continued listing requirements may lead to further scrutiny or potential delisting if not resolved.
• Failure to submit the Form 10-Q by October 10, 2022, could invoke severe regulatory consequences.

SAN DIEGO--(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 it received a notice (the “Notice) on August 11, 2022 from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) advising the Company that it was not in compliance with Nasdaq’s continued listing requirements under the Nasdaq Listing Rule 5250(c)(1) (the “Rule”) as a result of its failure to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 (the “Form 10-Q”) in a timely manner.

Under Nasdaq rules, the Company has 60 calendar days from receipt of the Notice or until October 10, 2022, to submit a plan to regain compliance with the Rule. If Nasdaq accepts the Company’s plan, then Nasdaq may grant an exception of up to 180 calendar days from the due date of the Form 10-Q, or until February 6, 2023, to regain compliance.

In response to the Notice, the Company intends to file the Form 10-Q as promptly as possible in order to regain compliance with the Rule. However, if the Company does not submit the Form 10-Q by October 10, 2022, the Company will submit a plan by such date to Nasdaq that outlines, as definitively as possible, the steps the Company will take to promptly file the Form 10-Q.

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 7,500 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, 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 filing of the Form 10-Q and its ability to regain compliance with the Nasdaq continued listing standards 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 file the Form 10-Q and the Company’s ability to regain compliance with the Nasdaq continued listing standards.

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, 2021, as filed with the SEC on December 13, 2021 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220817005689/en/

Investor Contact:

Todd Kehrli or Jim Byers

MKR Investor Relations, Inc.

mitk@mkr-group.com

Source: Mitek Systems, Inc.

FAQ

What compliance issue did Mitek Systems (MITK) face?

Mitek Systems received a notice from Nasdaq for failing to file its Quarterly Report on Form 10-Q for the quarter ending June 30, 2022.

What steps is Mitek Systems (MITK) taking to regain compliance?

Mitek intends to file the Form 10-Q promptly and will submit a compliance plan to Nasdaq by October 10, 2022, if necessary.

What is the deadline for Mitek Systems (MITK) to address the Nasdaq compliance notice?

Mitek has until October 10, 2022, to file the Form 10-Q or submit a compliance plan to Nasdaq.

What could happen if Mitek Systems (MITK) fails to regain compliance?

If Mitek does not resolve the compliance issue, it may face delisting from Nasdaq.