Mitek Systems discloses listing non-compliance notice from Nasdaq

Mitek Systems reported that on June 13, 2023, it received a Staff Delisting Determination from the Listing Qualifications Department of The Nasdaq Stock Market LLC notifying the Company that the Nasdaq Listing Qualifications Department has initiated a process to delist the Company’s securities from Nasdaq as a result of the Company’s not being in compliance with Nasdaq Listing Rule 5250(c)(1) , which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission. The Company had previously received an exception from Nasdaq to allow the Company until June 12, 2023 to regain compliance the Listing Rule. The Notice was issued because the Company has not filed its Form 10-K for the fiscal year ended September 30, 2022 and its Quarterly Reports on Form 10-Q for the quarters ended December 31, 2022 and March 31, 2023 in a timely manner and did not meet the terms of the exception by the Compliance Deadline. Provided that the Company requests a hearing before an independent Nasdaq Hearings Panel by no later than 4:00 p.m. Eastern Time on June 20, 2023, the Notice will not immediately result in the suspension of trading or delisting of the Company’s securities.