Mitek Systems receives noncompliance notice from Nasdaq

Mitek Systems reported that on August 14, 2023, it received a notice 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 Nasdaq Listing Rule 5250(c)(1) as a result of its failure to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 in a timely manner and that such matter serves as an additional basis for delisting the company’s securities from Nasdaq. The Rule requires listed companies to timely file all required periodic reports with the Securities and Exchange Commission. The company previously reported in its Form 12b-25 filed with the SEC on August 10, 2023 that the company was unable to file its Q3 Form 10-Q, May 10, 2023 that the company was unable to file its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023 and February 10, 2023 that the Company was unable to file its Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2022, in each case within the prescribed time period without unreasonable effort or expense. On June 20, 2023 the company timely requested a hearing before the Nasdaq Hearings Panel to appeal a determination by the Nasdaq Listing Qualifications Department to delist the company’s securities due to the company’s failure to timely file its Annual Report on Form 10-K for the period ended September 30, 2022 and its Q1 Form 10-Q and Q2 Form 10-Q, with the Securities and Exchange Commission and requested that the automatic stay of suspension be extended through the completion of the hearings process and the expiration of any additional extension period granted by the Panel following the hearing.