Mitek Systems Launches Fresh Stock Issue

Mitek Systems is hoping to widen its capital base. The company announced it is floating nearly 2.86 million shares of its common stock in an underwritten public flotation, at a price of $5.25 per share. Additionally, the company's underwriters have been granted a 30-day option to purchase up to 428,571 shares to cover overallotments, if any.

Mitek Systems said it plans to use its share of the anticipated $15 million in proceeds from the issue for "general corporate purposes, including working capital requirements."

William Blair & Company is the sole underwriter of the offering, which is expected to close "on or about" June 28.

Currently, Mitek Systems has just over 27 million shares outstanding, and its stock trades at $5.49 per share.

The article Mitek Systems Launches Fresh Stock Issue originally appeared on Fool.com.

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