MITEK SYSTEMS INC 8-K

What Happened

• Mitek Systems, Inc. announced it borrowed $50,000,000 on January 21, 2026 under its delayed-draw term loan facility established by the Loan and Security Agreement dated February 13, 2024 (amended May 7, 2025) with Silicon Valley Bank (a division of First-Citizens Bank & Trust Company).
• The company says the proceeds will provide additional liquidity and preserve financial flexibility in advance of the company’s 0.750% Convertible Senior Notes due February 1, 2026, including potential repayment of those notes and payment of related fees and expenses.
• The term loan carries a variable interest rate: either term SOFR plus a margin or WSJ prime plus a margin, with the rate adjusted based on Mitek’s net leverage ratio.

Key Details

• Amount drawn: $50,000,000 on January 21, 2026.
• Purpose: liquidity and potential repayment of 0.750% Convertible Senior Notes due February 1, 2026.
• Lender/Agreement: Loan and Security Agreement (Feb 13, 2024), amended May 7, 2025; lender noted as Silicon Valley Bank, a division of First-Citizens Bank & Trust Company.
• Interest terms: variable — term SOFR + margin or WSJ prime + margin, adjusted by net leverage ratio. For full terms see Note 8 “Debt” in Mitek’s Form 10‑K filed Dec 11, 2025.

Why It Matters

• This borrowing is a near-term liquidity action tied to the upcoming Feb 1, 2026 maturity of Mitek’s convertible notes — it reduces near-term refinancing risk and gives the company options for repayment.
• It increases the company’s outstanding debt and subjects interest costs to variable rates tied to SOFR or prime and the company’s leverage, which could affect future interest expense and cash flow.
• Investors should review the company’s Dec 11, 2025 Form 10‑K (Note 8, “Debt”) and monitor how the company resolves the convertible notes at maturity, as outcomes could affect equity dilution, leverage, and cash position.