SAN DIEGO – (COMMERCIAL THREAD) – Mitek (NASDAQ: MITK), a global leader in mobile capture and digital identity verification solutions, today announced that its board of directors has authorized a share buyback program of up to 15 million dollars of its outstanding common shares. The company intends to fund share buybacks from available cash and cash generated from operations. As at March 31, 2021, the Company had cash and investments of approximately $ 219.5 million and approximately 43.1 million common shares outstanding.
Today’s announcement reflects our confidence in Mitek’s business and the successful execution of our multi-year growth strategy, said Max Carnecchia, CEO of Mitek. Our ability to generate profitable year-over-year growth allows us to invest in the business and begin returning capital to our shareholders. This buyback program also allows us to offset the dilutive impact of our recent acquisition of ID R&D.
The share buyback program is effective immediately and will expire on June 30, 2022. Purchases under the share buyback program may be made from time to time in the open market, through block trading. , 10b5-1 plans or privately negotiated transactions in accordance with applicable laws. , rules and regulations. The timing and actual number of shares repurchased will depend on a variety of factors, including price, market conditions, and business and regulatory requirements. The share repurchase program does not commit the company to repurchase common shares and it may be modified, suspended or discontinued at any time without notice at the discretion of Miteks.
Mitek (NASDAQ: MITK) is a global leader in mobile capture and digital identity verification, based on the latest advancements in computer vision and artificial intelligence. Miteks’ identity verification solutions enable organizations to verify an individual’s identity during digital transactions to reduce risk and meet regulatory requirements, while increasing revenues from digital channels. Over 7,500 organizations use Mitek to deliver the confidence and convenience of mobile check depositing, opening new accounts and more. Mitek is based in San Diego, California, with offices in the United States and Europe. Learn more about www.miteksystems.com.
Notice Regarding Forward-Looking Statements
Statements in this press release regarding the intentions, hopes, beliefs, expectations or predictions of the company or management, including, but not limited to, statements relating to the purchase by the Company’s common stock are forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, risks relating to price and volume changes and the volatility of the Company’s common shares; adverse developments affecting one or both of the pricing and trading of publicly traded securities, including securities listed on the NASDAQ stock exchange; and unforeseen or unforeseen or alternative requirements with respect to the capital investments of the Company. Additional risks and uncertainties facing the Company are contained from time to time in documents filed by the Company with the United States Securities and Exchange Commission (SEC), including, but not limited to, the report. company annual report on Form 10-K for the fiscal year ended September 30, 2020, and its quarterly reports on Form 10-Q and current reports on Form 8-K, which you can obtain free of charge from the company’s website. the SEC at www.sec.gov. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company disclaims any intention or obligation to update, modify or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable laws. applicable securities.
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