Mitek Systems Faces Nasdaq Delisting Risk Over Delayed Financial Filings

TL;DR

**MITK is late on financial filings, risking Nasdaq delisting.**

AI Summary

Mitek Systems, Inc. (MITK) filed an 8-K on January 17, 2024, to report that it has not yet filed its Annual Report on Form 10-K for the fiscal year ended September 30, 2023, and its Quarterly Report on Form 10-Q for the quarter ended December 31, 2023. This delay means the company is not in compliance with Nasdaq's continued listing rules, specifically Listing Rule 5250(c)(1), which requires timely filing of all required periodic financial reports. This matters to investors because continued non-compliance could lead to the delisting of MITK's Common Stock from The Nasdaq Capital Market, making it harder to trade and potentially impacting its stock price.

Why It Matters

Failure to file financial reports on time can lead to delisting from Nasdaq, which would significantly reduce the stock's liquidity and investor confidence.

Risk Assessment

Risk Level: high — The company's failure to file required financial reports on time directly threatens its listing on Nasdaq, a serious risk for investors.

Analyst Insight

A smart investor would closely monitor Mitek Systems' progress in filing its overdue financial reports and consider the increased risk of delisting before making any investment decisions. This situation warrants caution.

Key Players & Entities

• Mitek Systems, Inc. (company) — the registrant filing the 8-K
• Nasdaq (company) — the exchange where MITK is listed and facing delisting
• January 17, 2024 (date) — date of the 8-K filing
• September 30, 2023 (date) — fiscal year-end for the delayed 10-K
• December 31, 2023 (date) — quarter-end for the delayed 10-Q
• Listing Rule 5250(c)(1) (other) — the Nasdaq rule Mitek is not satisfying

Forward-Looking Statements

• Mitek Systems, Inc. will receive a formal delisting notice from Nasdaq if the overdue filings are not submitted promptly. (Mitek Systems, Inc.) — high confidence, target: Q1 2024
• MITK's stock price will experience increased volatility and potential downward pressure until the financial reports are filed. (MITK) — medium confidence, target: Q1 2024

FAQ

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share MITK The NASDAQ Capital Marke

Filing Documents

• mitk-20240117.htm (8-K) — 31KB
• mitk-20240117xex991xpressr.htm (EX-99.1) — 10KB
• 0000807863-24-000011.txt ( ) — 167KB
• mitk-20240117.xsd (EX-101.SCH) — 2KB
• mitk-20240117_lab.xml (EX-101.LAB) — 23KB
• mitk-20240117_pre.xml (EX-101.PRE) — 12KB
• mitk-20240117_htm.xml (XML) — 3KB

01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On January 17, 2024 , Mitek Systems, Inc. (the "Company") received a notice (the "Notice") from the Nasdaq Hearings Panel (the "Panel") notifying the Company 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.

01 Other Events

Item 8.01 Other Events. On January 17, 2024 , the Company issued a press release announcing its receipt of the Notice. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 99.1 Press Release issued by Mitek Systems, Inc. on January 17, 2024 104 Cover Page Interactive Data File, formatting Inline Extensible Business Reporting Language (iXBRL)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Mitek Systems, Inc. January 17, 2024 By: /s/ David Lyle David Lyle Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR