William Blair acts as agent to deal for financing growth strategy
By Susanna Moon
Chicago, May 9 - Mitek Systems Inc. closed a private placement of 2,857,143 common shares at $5.25 per share for proceeds of $15 million on May 6, according to an 8-K filing with the Securities and Exchange Commission.
The company entered into the purchase agreement on May 5.
The purchase price reflects a 7.08% discount to the May 6 closing price.
The private placement was led by some institutional investors, including Weintraub Capital Management and Philadelphia Financial, according to a company press release.
Proceeds will be used to fund working capital as a part of the company's growth strategy.
William Blair & Co., LLC is the placement agent.
Mitek said it plans to file to list its shares on Nasdaq.
Mitek produces software used by financial institutions to detect forgeries and is based in Poway, Calif.
| Issuer: | Mitek Systems Inc.
|
| Issue: | Common stock
|
| Amount: | $15 million
|
| Shares: | 2,857,143
|
| Price: | $5.25
|
| Warrants: | No
|
| Investors: | Weintraub Capital Management and Philadelphia Financial
|
| Agent: | William Blair & Co., LLC
|
| Settlement date: | May 6
|
| Stock symbol: | OTCBB: MITK
|
| Stock price: | $5.65 at close May 6
|
| Market capitalization: | $115.87 million
|
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