Blue Grotto Capital Amends Mitek Systems (MITK) Stake

TL;DR

**Blue Grotto Capital updated its passive stake in Mitek Systems, signaling a potential shift in its investment.**

AI Summary

Blue Grotto Capital, LLC, an investment firm based in Atlanta, GA, filed an amended Schedule 13G/A on February 13, 2024, indicating a change in their beneficial ownership of Mitek Systems, Inc. (MITK) common stock as of December 31, 2023. This filing, an amendment to a previous disclosure, signals that Blue Grotto Capital continues to hold a significant, though potentially altered, passive stake in Mitek Systems. For investors, this matters because large institutional holdings can influence stock stability and signal confidence (or lack thereof) in the company's future prospects.

Why It Matters

This filing updates the public on a significant institutional investor's position in Mitek Systems, which can impact investor sentiment and the stock's perceived stability.

Risk Assessment

Risk Level: low — This is a routine amendment to a passive investment filing, indicating no immediate high-risk actions or significant changes in company control.

Analyst Insight

Investors should monitor future 13G/A filings from Blue Grotto Capital for Mitek Systems to track any further changes in their ownership percentage, which could signal a shift in their conviction about the company's prospects.

Key Players & Entities

• Blue Grotto Capital, LLC (company) — the reporting person and institutional investor
• Mitek Systems, Inc. (company) — the subject company whose securities are being reported
• Delaware (company) — place of organization for Blue Grotto Capital, LLC
• December 31, 2023 (date) — date of event requiring the filing
• February 13, 2024 (date) — date the SC 13G/A was filed

Forward-Looking Statements

• Blue Grotto Capital will maintain a passive investment strategy in Mitek Systems. (Blue Grotto Capital, LLC) — high confidence, target: Next 12 months

FAQ

Key Financial Figures

• $0.001 — ame of Issuer) Common Stock, par value $0.001 per share (Title of Class Securities)

Filing Documents

• form_sc13ga-mitek.htm (SC 13G/A) — 63KB
• 0001011438-24-000176.txt ( ) — 64KB

From the Filing

SC 13G/A 1 form_sc13ga-mitek.htm UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 2)* MITEK SYSTEMS, INC. (Name of Issuer) Common Stock, par value $0.001 per share (Title of Class Securities) 606710200 (CUSIP Number) December 31, 2023 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: Rule 13d-1(b) Rule 13d-1(c) Rule 13d-1(d) *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosure provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). CUSIP No. 606710200 SCHEDULE 13G 1 NAME OF REPORTING PERSONS. Blue Grotto Capital, LLC 2 Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [X] 3 SEC Use Only 4 Citizenship or Place of Organization Delaware NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5 Sole Voting Power 3,436,070 6 Shared Voting Power 0 7 Sole Dispositive Power 3,436,070 8 Shared Dispositive Power 0 9 Aggregate Amount Beneficially Owned by Each Reporting Person 3,436,070 10 Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) 11 Percent of Class Represented by Amount in Row (9) 7.5% (1) 12 Type of Reporting Person (See Instructions) IA (1) Calculation of the foregoing percentage is based on 45,589,575 shares of common stock of Mitek Systems, Inc. (the "Issuer") outstanding as of September 30, 2023, as disclosed in the Issuer's Form 10-Q filed with the Securities and Exchange Commission ("SEC") on October 26, 2023. CUSIP No. 606710200 SCHEDULE 13G 1 NAME OF REPORTING PERSONS. Benjamin M. Gordon 2 Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [X] 3 SEC Use Only 4 Citizenship or Place of Organization United States NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5 Sole Voting Power 3,436,070 6 Shared Voting Power 0 7 Sole Dispositive Power 3,436,070 8 Shared Dispositive Power 0 9 Aggregate Amount Beneficially Owned by Each Reporting Person 3,436,070 10 Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) 11 Percent of Class Represented by Amount in Row (9) 7.5% (1) 12 Type of Reporting Person (See Instructions) IN (1) Calculation of the foregoing percentage is based on 45,589,575 shares of common stock of the Issuer outstanding as of September 30, 2023, as disclosed in the Issuer's Form 10-Q filed with the SEC on October 26, 2023. Schedule 13G Item 1. (a) Name of Issuer Mitek Systems, Inc. (the "Issuer") (b) Address of Issuer's Principal Executive Offices 600 B Street, Suite 100, San Diego, CA 92101 Item 2. (a) Name of Person Filing This Schedule 13G is being filed jointly on behalf of: (i) Blue Grotto Capital, LLC, a Delaware limited liability company (the "Investment Manager"), and (ii) Benjamin M. Gordon, a United States citizen and the Managing Member of the Investment Manager (the "Managing Member" and, collectively with the Investment Manager, the "Reporting Persons"). (b) Address of Principal Business office or, if None, Residence The business address of each of the Reporting Persons is 2000 Riveredge Parkway, Suite 500, Atlanta, GA 30328. (c) Citizenship: The Investment Manager is a Delaware limited liability company and the Managing Member is a United States citizen. (d) Title of Class Securities: Common Stock, par value $0.001 per share ("Common Stock") (e) CUSIP Number: 606710200 Item 3. If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a: (a) Broker or dealer registered under section 15 of the Act (15 U.S.C. 78c). (b) Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c). (c) Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c). (d) Investment company registered under section 8 of the Investment Company Act (15 U.S.C. 80a-8). (e) An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E). (f) An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F). (g) A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G). (h) A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813). (i) A church plan that is excluded from the

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