Mitek Systems, Inc (NASDAQ:MITK) shares declined by 19.33%

Boston, MA, 06/26/2013 (nysepost) – The share prices of Mitek Systems, Inc (NASDAQ:MITK) had been traded in the price range of $5.25 and $5.60 per share on Tuesday. The share price of the company had gradually declined by 19.33 percent less than the previous day. The opening price is $5.53 per share, with a net change of nearly $-1.26. The share price of Mitek Systems, Inc (NASDAQ:MITK) does not made any effect in the 52 week high value $7.71 and 52 week low value $2.05.

Mitek Systems, Inc (NASDAQ:MITK) is involved in the sale and service along with development of various software solutions related to intelligent recognition software and mobile imaging applications. Mitek Systems, Inc (NASDAQ:MITK) is applying its technology in optical character recognition, image correction and data extraction in intelligent manner for the mobile devices. Using this company’s Mobile Apps the smart phone with camera can make any users to pay bills, deposit checks, fax documents and save receipts.

The company has announced that at a purchase price of $5.25 per share the company is making an underwritten public offering of about 2.85 million shares of its common stock. The gross value from this offering is expected approximately as $15,000,000, before deducting underwriting discounts and other offering expenses as estimated. Mitek Systems, Inc (NASDAQ:MITK) has granted 30-day for an underwriter option to purchase up to an addition of 428,571 more shares of common stock to cover over allotments, if any. The offering is closing is expected on or before June 28, 2013, and sold by Mitek Systems, Inc (NASDAQ:MITK) is subject to various closing conditions. Mitek Systems, Inc (NASDAQ:MITK) expects to use general corporate purposes, and also including working capital requirements for its net proceeds.

The market capitalization value is nearly 3.83 million and institutional investors share’s value is about 29 percent. The Mitek Systems, Inc (NASDAQ: MITK) had a trading volume as 3.83 million and the average volume as 635,975 per day on Tuesday. The company presently holds outstanding share values as 27.04 million on the same day.

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Lori Simpson financial reporter NYSE post. Authors have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. This article is for information purposes only, and is neither a solicitation or recommendation to buy nor an offer to sell securities. *NYSE Post does not set price targets on securities. Never invest into a stock discussed on this website unless you can afford to lose your entire investment.