Why Mitek Systems Stock Plummeted Today

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Shares of Mitek Systems (NASDAQ: MITK) have plummeted today, down by 12% as of 11 a.m. EST, after the company announced a proposed private offering of convertible senior notes. The company is looking to raise $125 million in fresh capital.

Mitek is offering $125 million in convertible senior notes that will come due in 2026. The deal is a private offering to qualified institutional investors and is not open to public investors. The tech company, which provides digital identity solutions designed to combat fraud, will also grant the investors an option buy an additional $18.75 million of the paper.

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