Mitek Systems Navigates Credit Facility and Compliance Challenges

Mitek Systems Inc (MITK) has released an update.

Mitek Systems, Inc. secured a $35 million credit facility with an option for an additional $15 million from Silicon Valley Bank, with the agreement secured by the company’s assets and subject to standard financial covenants. The credit will support working capital and general business purposes, with interest rates tied to SOFR or the WSJ prime rate plus a margin. Concurrently, Mitek faces compliance issues with Nasdaq due to delayed filing of financial reports, risking delisting, but is taking steps to rectify this and has been granted an extension through a scheduled hearing.

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