---
schema_version: "secwatch.filing_event.v1"
accession: "0000807863-24-000017"
form_type: "8-K"
ticker: "MITK"
cik: "0000807863"
company_name: "MITEK SYSTEMS INC"
filed_at: "2024-02-14T23:59:59+00:00"
generated_at: "2026-06-06T02:52:25.482562+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Mitek secures $35M revolver; Nasdaq issues additional delisting notice for late 10-Q filing

## Summary
- Received additional Nasdaq Staff Determination for failure to file Dec 31, 2023 10-Q; hearing set for March 19, 2024 with stay in place.
- Entered $35M revolving credit facility with Silicon Valley Bank; Bank may increase by $15M at its discretion.
- Credit facility expires in 3 years or 90 days after maturity of 2026 Convertible Notes if outstanding.
- Company remains delinquent on FY 2023 10-K (Sep 30, 2023); intends to file both forms promptly.
- Borrowings bear interest at term SOFR plus margin or WSJ prime plus margin, adjusted by leverage ratio.

## SEC filing metadata
- accession: 0000807863-24-000017
- form_type: 8-K
- ticker: MITK
- cik: 0000807863
- company_name: MITEK SYSTEMS INC
- filed_at: 2024-02-14T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/807863/000080786324000017/0000807863-24-000017-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/807863/000080786324000017/mitk-20240213.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000807863-24-000017
- JSON: https://secwatch.observer/filing/0000807863-24-000017.json
- Plain text: https://secwatch.observer/filing/0000807863-24-000017.txt

## Key facts
- Debt Financings
  MITEK SYSTEMS INC incurred revolving credit of $35,000,000 with Silicon Valley Bank, a division of First-Citizens Bank & Trust Company at variable rate equal to (a) term SOFR plus a specified margin or (b) WSJ prime pl maturing three year anniversary of the Closing Date.
  - Instrument: revolving credit
  - Principal: $35,000,000
  - Counterparty: Silicon Valley Bank, a division of First-Citizens Bank & Trust Company
  - Rate: variable rate equal to (a) term SOFR plus a specified margin or (b) WSJ prime pl
  - Maturity: three year anniversary of the Closing Date
  - Event: incurrence
  source text: defined herein shall have the meanings ascribed to them in the Credit Agreement. The Credit Agreement provides for a revolving line of credit whereby Borrower may borrow up to $35,000,000 (the “Revolving Line”) with an additional $15,000,000 to be advanced under the Revolving Line at the sole discretion of the Bank. The Revolving Line is secured on a first priority
  evidence_url: https://www.sec.gov/Archives/edgar/data/807863/000080786324000017/0000807863-24-000017-index.htm
- Material Agreements
  MITEK SYSTEMS INC entered into Loan and Security Agreement with Silicon Valley Bank, a division of First-Citizens Bank & Trust Company valued at $35,000,000 (effective 2024-02-13).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Silicon Valley Bank, a division of First-Citizens Bank & Trust Company
  - Value: $35,000,000
  - Effective: 2024-02-13
  source text: On February 13, 2024 (the “Closing Date”), Mitek Systems, Inc. (the “Company”), A2iA Corp., and ID R&D, Inc. (jointly and severally, individually and collectively, “Borrower”) entered into a Loan and Security Agreement (the “Credit Agreement”) with Silicon Valley Bank, a division of First-Citizens Bank & Trust Company (the “Bank”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/807863/000080786324000017/0000807863-24-000017-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.