Mitek Systems (NASDAQ:MITK) 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.
Fool contributor Eric Volkman has no position in Mitek Systems. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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