By Devika Patel
Knoxville, Tenn., Dec. 16 - Mitek Systems Inc. raised $1 million in a private placement of 5% senior secured convertible debentures on Dec. 10, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
Craig-Hallum Capital Group LLC was the agent.
The debentures, due Dec. 10, 2011, are convertible into common shares at an initial conversion price of $0.75 per share. They are redeemable at par plus interest, and the company may force conversion under certain conditions.
The debentures were accompanied by five-year warrants for 334,167 shares, which are exercisable at $0.91 per share.
Based in Poway, Calif., Mitek produces software used by financial institutions to detect forgeries.
| Issuer: | Mitek Systems Inc.
|
| Issue: | Senior secured convertible debentures
|
| Amount: | $1 million
|
| Maturity: | Dec. 10, 2011
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Conversion price: | $0.75
|
| Warrants: | For 334,167 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.91
|
| Agent: | Craig-Hallum Capital Group LLC
|
| Settlement date: | Dec. 10
|
| Stock symbol: | OTCBB: MITK
|
| Stock price: | $0.88 at close Dec. 10
|
| Market capitalization: | $15.1 million
|
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