Mitek Systems receives Staff Listing Determination notice from Nasdaq

Mitek Systems reported that it received a Staff Delisting Determination from the Listing Qualifications Department of The Nasdaq Stock Market LLC notifying the company that it was not in compliance with Nasdaq’s continued listing requirements under the Nasdaq Listing Rule 5250(c) as a result of its failure to file its Annual Report on Form 10-K for the fiscal year ended September 30, 2023 in a timely manner, which serves as a basis for delisting the company’s securities from Nasdaq. As previously disclosed, the company is subject to a Mandatory Panel Monitor until November 6, 2024, which requires the Nasdaq Staff to promptly issue a delisting determination in the event that the company fails to maintain compliance with the Rule. As the company noted in its press release dated December 7, 2023, as a result of delays in filing its Quarterly Reports on Form 10-Q for fiscal 2023, the company was late in starting its year-end audit for fiscal 2023, and therefore is delayed in filing its Form 10-K, which was due December 14, 2023.