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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Why Mitek Systems Stock Plummeted Today