Results
Mitek Systems Inc.
01/22/2026 | Press release | Distributed by Public on 01/22/2026 16:28
Financial Obligation (Form 8-K)
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On January 21, 2026, Mitek Systems, Inc. (the "Company") borrowed $50,000,000 under its delayed draw term loan facility established under that certain Loan and Security Agreement, dated February 13, 2024, by and among the Company, A2iA Corp., ID R&D, Inc. and Silicon Valley Bank, a division of First-Citizens Bank & Trust Company, as amended by that certain First Amendment to Loan and Security Agreement, dated May 7, 2025 (collectively, the "Credit Agreement"). The Company plans to use the proceeds to provide additional liquidity and preserve financial flexibility in anticipation of the maturity of the Company's 0.750% Convertible Senior Notes due February 1, 2026, including the potential repayment of such notes at maturity and payment of customary fees and expenses in connection therewith. The term loan bears interest at a variable rate equal to (a) term SOFR plus a specified margin or (b) WSJ prime plus a specified margin, in each case which will be adjusted based on the Company's net leverage ratio.
For a description of the material terms of the Credit Agreement, refer to Note 8 "Debt" to the consolidated financial statements included in Item 8 of Part II of the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on December 11, 2025, which is incorporated by reference.
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