Press release
Mitek Announces $15 Million Share Repurchase Program
SAN DIEGO--(BUSINESS WIRE)-- Mitek (NASDAQ: MITK), a global leader in mobile capture and digital identity verification solutions, today announced that its
About this update from Mitek Systems, Inc.
[{"type":"text","content":" SAN DIEGO--(BUSINESS WIRE)--\nMitek (NASDAQ: MITK), a global leader in mobile capture and digital identity verification solutions, today announced that its Board of Directors authorized a share repurchase program for up to $15 million of its outstanding common stock. The company intends to fund the share repurchases from cash on hand and cash generated from operations. As of March 31, 2021, the Company had cash and investments of approximately $219.5 million and approximately 43.1 million shares of common stock outstanding.\n\n“Today’s announcement reflects our confidence in the Mitek business and successful execution of our multi-year growth strategy,” said Max Carnecchia, Mitek CEO. “Our ability to deliver profitable growth year over year enables us to invest in the business and begin returning capital to our shareholders. This repurchase program also allows us to offset the dilutive impact of our recent acquisition of ID R&D.”\n\nThe stock repurchase program is effective immediately and will expire June 30, 2022. Purchases under the share repurchase program may be made from time to time in the open market, through block trades, 10b5-1 plans or privately negotiated transactions in accordance with applicable laws, rules and regulations. The timing and actual number of the shares repurchased will depend on a variety of factors including price, market conditions and corporate and regulatory requirements. The share repurchase program does not commit the company to repurchase shares of its common stock and it may be amended, suspended or discontinued at any time without prior notice at Mitek’s discretion.\n\nAbout Mitek\n\nMitek (NASDAQ: MITK) is a global leader in mobile capture and digital identity verification built on the latest advancements in computer vision and artificial intelligence. Mitek’s identity verification solutions enable organizations to verify an individual’s identity during digital transactions to reduce risk and meet regulatory requirements, while increasing revenue from digital channels. More than 7,500 organizations use Mitek to enable trust and convenience for mobile check deposit, new account opening and more. Mitek is based in San Diego, Calif., with offices across the U.S. and Europe. Learn more at www.miteksystems.com.\n\nNotice Regarding Forward-Looking Statements \n\nStatements contained in this news ...