By Sheri Kasprzak
Atlanta, Feb. 23 - Mitek Systems Inc. said it has arranged a private placement of stock for up to $1.5 million.
The company plans to sell up to 2,142,856 shares at $0.70 each to John H. Harland Co.
Harland will also receive warrants for up to 321,428 shares at $0.70 each.
The offer is expected to close in two tranches, the first of which will include 1,071,428 shares for $750,000 in proceeds. In the first closing, Harland will receive 160,714 warrants.
The second round will close Aug. 31. The second round is contingent upon Mitek amending its certificate of incorporation to increase the number of authorized shares of its common stock.
Harland announced earlier that it was partnering with Mitek to introduce self-authenticating checks to prevent check fraud.
Based in Poway, Calif., Mitek produces software used by financial institutions to detect forgeries.
| Issuer: | Mitek Systems Inc.
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| Issue: | Stock
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| Amount: | $1.5 million (maximum)
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| Shares: | 2,142,856
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| Price: | $0.70
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| Warrants: | For up to 321,428 shares
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| Warrant strike price: | $0.70
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| Investors: | John H. Harland Co.
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| Pricing date: | Feb. 23
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| Stock price: | $0.55 at close Feb. 23
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