Mitek Systems (MITK) Announces $15M Share Buyback

Mitek (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.

“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.”

The 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.

You May Also Be Interested In

• Cosmos Health buyback reaches 4.36 million shares at ~$901,000 spent
• EdgeMode receives non-binding offer for 300 MW Spain data center project
• BioMarin completes acquisition of Amicus Therapeutics