secwatch.observer — SEC 8-K summary
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Issuer:     MITEK SYSTEMS INC (MITK)
CIK:        0000807863
Form:       8-K
Filed at:   2024-02-14T23:59:59+00:00
Accession:  0000807863-24-000017
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 1.01, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/807863/000080786324000017/0000807863-24-000017-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/807863/000080786324000017/mitk-20240213.htm
  HTML page:      https://secwatch.observer/filing/0000807863-24-000017

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