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Formulaire S-3 MITEK SYSTEMS INC – Bien choisir son serveur d impression

Le 21 décembre 2019 - 9 minutes de lecture


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Tel que déposé auprès de la Securities and Exchange Commission le 20 décembre 2019

Numéro d'enregistrement 333-

ÉTATS UNIS

COMMISSION DE SÉCURITÉ ET D'ECHANGES

Washington, D.C.20549

___________________________

Formulaire S-3

DÉCLARATION D'INSCRIPTION

EN DESSOUS DE

LA LOI SUR LES VALEURS MOBILIÈRES DE 1933

___________________________

MITEK SYSTEMS, INC.

(Nom exact du déclarant tel que spécifié dans sa charte)

___________________________

Delaware

87-0418827
(État ou autre juridiction de
constitution ou organisation)
(Employeur I.R.S.
Numéro d'identification)

600, rue B, bureau 100

San Diego, CA 92101

(619) 269-6800

(Adresse, y compris le code postal, et numéro de téléphone, y compris l'indicatif régional, des principaux bureaux exécutifs de la personne inscrite)

___________________________

Scipio Maximus Carnecchia

Directeur Général

Mitek Systems, Inc.

600, rue B, bureau 100

San Diego, Californie 92101

(619) 269-6800

(Nom, adresse, y compris le code postal et numéro de téléphone, y compris l'indicatif régional, de l'agent pour le service)

___________________________

Copies à:

Carl Sanchez, Esq.

Paul Hastings LLP

4747, promenade Executive, 12e étage

San Diego, CA 92121

(858) 458-3000

De temps en temps après la date d'entrée en vigueur de la présente déclaration d'enregistrement.

(Date approximative du début de la vente proposée au public)

___________________________


Si les seuls titres inscrits sur ce formulaire sont offerts dans le cadre de plans de réinvestissement des dividendes ou des intérêts, veuillez cocher la case suivante. o

Si l'un des titres inscrits sur ce formulaire doit être proposé de manière retardée ou continue conformément à la règle 415 de la Securities Act of 1933, à l'exception des titres offerts uniquement dans le cadre de plans de dividendes ou de réinvestissement des intérêts, cochez la case suivante. X

Si ce formulaire est déposé pour enregistrer des titres supplémentaires pour une offre conformément à la règle 462 (b) en vertu de la Securities Act, veuillez cocher la case suivante et indiquer le numéro de déclaration d'enregistrement de la Securities Act de la déclaration d'enregistrement effective antérieure pour la même offre. o

Si ce formulaire est une modification post-effective déposée conformément à la règle 462 (c) en vertu de la Securities Act, cochez la case suivante et indiquez le numéro de déclaration d'enregistrement de la Securities Act de la déclaration d'enregistrement effective antérieure pour la même offre. o

Si ce formulaire est une déclaration d'enregistrement conformément à l'instruction générale I.D. ou une modification postérieure à celle-ci qui entrera en vigueur lors du dépôt auprès de la Commission conformément à la règle 462 (e) en vertu de la Loi sur les valeurs mobilières, cochez la case suivante. o

Si ce formulaire est une modification post-effective d'une déclaration d'enregistrement déposée conformément à l'instruction générale I.D. déposée pour enregistrer des titres supplémentaires ou des catégories supplémentaires de titres conformément à la règle 413b) en vertu de la Loi sur les valeurs mobilières, cochez la case suivante. o

Indiquez par coche si le déclarant est un grand déposant accéléré, un déposant accéléré, un déposant non accéléré, une petite société déclarante ou une société en croissance émergente. Voir les définitions de «grand déposant accéléré», de «déposant accéléré», de «petite société déclarante» et de «société en croissance émergente» dans la règle 12b-2 de la Loi sur l'échange.

Grand filer accéléré o

Filer accéléré X

Filer non accéléré o

Petite entreprise déclarante o

Entreprise en croissance émergente o

S'il s'agit d'une société en croissance émergente, indiquez par une coche si la personne inscrite a choisi de ne pas utiliser la période de transition prolongée pour se conformer aux normes de comptabilité financière nouvelles ou révisées prévues en vertu de l'article 7 (a) (2) (B) du Securities Act . o

___________________________


CALCUL DES FRAIS D'INSCRIPTION

Titre de chaque classe de
titres à enregistrer
Montant à
enregistré (1)
Maximum proposé
prix d'offre par unité (2)
Maximum proposé
prix d'offre global
Quantité de
frais d'inscription

Actions ordinaires, valeur nominale 0,001 $ par action, y compris les droits connexes d'achat d'actions privilégiées de série B (3)

Actions privilégiées, valeur nominale 0,001 $ par action

Titres de créance

Mandats

Unités

Total

100 000 000 $ 12980 $ (4) (5)

(1) Il y a enregistrement ci-dessous d'un tel nombre indéterminé d'actions ordinaires et d'actions privilégiées, d'un tel montant indéterminé en principal de titres de créance, d'un tel nombre indéterminé de bons de souscription pour acheter des actions ordinaires, des actions privilégiées et / ou des titres de créance et un nombre indéterminé d'unités comme peut être vendu par l'inscrit de temps à autre, qui, ensemble, auront un prix d'offre initial global ne dépassant pas 100 000 000 $. Si des titres de créance sont émis avec une décote d’émission initiale, le prix d’offre de ces titres de créance doit être supérieur au capital à l’échéance, de sorte que le prix d’offre total ne doit pas dépasser 100 000 000 $, moins le montant total en dollars de tous les titres. précédemment délivré en vertu des présentes. Tous les titres enregistrés en vertu des présentes peuvent être vendus séparément ou en tant qu'unités avec les autres titres enregistrés en vertu des présentes. Le prix d'offre maximal proposé par part sera déterminé, de temps à autre, par l'inscrit dans le cadre de l'émission par l'inscrit des titres inscrits aux termes des présentes. Les titres inscrits aux termes des présentes comprennent également le nombre indéterminé d’actions ordinaires et d’actions privilégiées et le montant de titres de créance qui peuvent être émis lors de la conversion ou de l’échange d’actions privilégiées ou de titres de créance qui prévoient la conversion ou l’échange, lors de l’exercice de bons de souscription ou en vertu de aux dispositions antidilution de ces titres. De plus, conformément à la règle 416 en vertu de la Securities Act of 1933, telle que modifiée (la «Securities Act»), les actions inscrites au titre des présentes comprennent un nombre indéterminé d'actions ordinaires et d'actions privilégiées pouvant être émises à l'égard des actions. être enregistré en vertu des présentes en raison de fractionnements d'actions, de dividendes en actions ou d'opérations similaires.

(2) Le prix d'offre global maximal proposé par catégorie de titres sera déterminé de temps à autre par l'inscrit dans le cadre de l'émission par l'inscrit des titres inscrits aux termes des présentes et n'est pas précisé quant à chaque catégorie de titres conformément aux instructions générales. II.D. du formulaire S-3 en vertu de la Loi sur les valeurs mobilières.

(3) Chaque action ordinaire de l'inscrit inscrite aux termes des présentes, si elle est émise avant la résiliation de la convention de droits en vertu de l'article 382 de l'inscrit, en date du 23 octobre 2018, entre l'inscrit et l'agent des droits qui y est nommé, comprend les actions privilégiées participantes juniors de série B droits d’achat (les «Droits»). Avant la survenance de certains événements, les droits ne pourront être exercés ni mis en évidence séparément des actions ordinaires de l’inscrit. Les droits n’ont de valeur que dans la mesure où ils se reflètent dans le prix du marché des actions ordinaires de l’inscrit auquel ils sont attachés et ne peuvent être transférés qu’avec les actions ordinaires auxquelles ils sont attachés.

(4) Calculé conformément à la règle 457 (o) en vertu de la Securities Act.

(5) Conformément à la règle 457 (p) de la Loi sur les valeurs mobilières, l'inscrit compense les droits d'enregistrement exigibles en vertu de la présente déclaration d'enregistrement de 11 590,00 $, ce qui représente la partie des frais d'enregistrement précédemment payés à l'égard de 100 000 000 $ de titres invendus enregistrés auparavant sur la déclaration d'enregistrement sur formulaire S-3 (dossier n ° 333-215182), initialement déposée le 20/12/2016.

___________________________

L'inscrit modifie par la présente la présente déclaration d'enregistrement à la date ou aux dates qui peuvent être nécessaires pour retarder sa date d'entrée en vigueur jusqu'à ce qu'il inscrive une nouvelle modification qui stipule expressément que cette déclaration d'enregistrement prendra ensuite effet conformément à l'article 8, point a), de la Securities Act ou jusqu'à ce que la présente déclaration d'enregistrement entre en vigueur à la date fixée par la Securities and Exchange Commission, agissant en vertu de ladite section 8 (a).


Les informations contenues dans ce prospectus ne sont pas complètes et peuvent être modifiées. Nous ne pouvons pas vendre ces titres avant l'entrée en vigueur de la déclaration d'enregistrement déposée auprès de la Securities and Exchange Commission. Le présent prospectus ne constitue pas une offre de vente de ces titres et il ne sollicite pas d'offre d'achat de ces titres dans un État où l'offre ou la vente n'est pas autorisée.

SOUS RÉSERVE D'ACHÈVEMENT, DATÉ DU 20 DÉCEMBRE 2019

PROSPECTUS

mitklogo11.jpg "src =" http://www.streetinsider.com/images/secattach/20191220/16269491_mitklogo11.jpg "style =" hauteur: 76px; largeur: 229px; "/><span>®</span></div>
<p><span>Mitek Systems, Inc.</span></p>
<p><span>100 000 000 $ </span></p>
<p><span>Actions ordinaires </span></p>
<p><span>Stock préféré </span></p>
<p><span>Titres de créance </span></p>
<p><span>Mandats </span></p>
<p><span>Unités </span></p>
<p><span> </span></p>
<p><span>___________________________</span></p>
<p><span>Nous pouvons offrir et vendre, de temps à autre, en une ou plusieurs offres, jusqu'à 100 000 000 $ au total de toute combinaison des titres identifiés ci-dessus, individuellement ou en combinaison avec d'autres titres identifiés ci-dessus. Nous pouvons également offrir des actions ordinaires ou des actions privilégiées lors de la conversion des titres de créance, des actions ordinaires lors de la conversion des actions privilégiées ou des actions ordinaires, des actions privilégiées ou des titres de créance lors de l'exercice des bons de souscription. </span></p>
<p><span>Chaque fois que nous proposons et vendons des titres, nous fournirons un supplément au présent prospectus qui contient des informations spécifiques sur l'offre et les montants, prix et conditions des titres. Nous pouvons également autoriser qu'un ou plusieurs prospectus écrits gratuits vous soient fournis dans le cadre de ces offres. Le supplément de prospectus et tout prospectus écrit gratuit connexe peuvent également ajouter, mettre à jour ou modifier les informations contenues dans le présent prospectus concernant cette offre. Vous devez lire attentivement le présent prospectus et le supplément de prospectus applicable et tout prospectus écrit gratuit connexe, ainsi que tous les documents intégrés par renvoi, avant d'investir dans l'un de nos titres.</span></p>
<p><span>Les titres offerts par le présent prospectus peuvent être vendus directement par nous à des investisseurs, par l'entremise d'agents désignés de temps à autre ou à ou par l'intermédiaire de preneurs fermes ou de courtiers, de façon continue ou différée. Pour plus d'informations sur les méthodes de vente, vous devez vous référer à la section intitulée «Plan de Distribution» du présent prospectus. Si des agents ou des preneurs fermes participent à la vente de titres à l'égard desquels le présent prospectus est remis, les noms de ces agents ou preneurs fermes et les frais, commissions, escomptes et options de surallocation applicables seront indiqués dans un prospectus. supplément. Le prix au public de ces titres et le produit net que nous prévoyons recevoir de cette vente seront également indiqués dans un supplément de prospectus. </span></p>
<p><span>Investir dans nos titres comporte un degré de risque élevé. Vous devez examiner attentivement les risques et les incertitudes décrits à la rubrique «Facteurs de risque» à la page 7 du présent prospectus et contenus dans le supplément de prospectus applicable et tout prospectus écrit gratuit connexe, et sous des rubriques similaires dans les autres documents qui sont intégrés par renvoi dans ce prospectus. </span></p>
<p><span>Ce prospectus ne peut être utilisé pour conclure une vente de titres sauf s'il est accompagné d'un supplément de prospectus. </span></p>
<hr style=

Nos actions ordinaires sont négociées sur le marché des capitaux du Nasdaq sous le symbole commercial «MITK». Le 18 décembre 2019, le dernier prix de vente déclaré de nos actions ordinaires sur le marché des capitaux du Nasdaq était de 7,42 $. Le supplément de prospectus applicable contiendra, le cas échéant, des informations sur toute autre cotation, le cas échéant, sur le marché des capitaux du Nasdaq ou sur tout marché de valeurs mobilières ou tout autre échange de titres, le cas échéant, couvert par le supplément de prospectus applicable.

___________________________

Ni la Securities and Exchange Commission, ni aucune commission des valeurs mobilières de l'État n'a approuvé ou désapprouvé ces titres ni transmis l'exactitude ou l'adéquation de ce prospectus. Toute déclaration contraire est une infraction pénale.

___________________________

La date de ce prospectus est le 20 décembre 2019.


TABLE DES MATIÈRES


À PROPOS DE CE PROSPECTUS

Ce prospectus fait partie d'une déclaration d'enregistrement sur formulaire S-3 que nous avons déposée auprès de la Securities and Exchange Commission (la «SEC») en utilisant un processus d'enregistrement «en rayon». Dans le cadre de ce processus d'enregistrement préalable, nous pouvons offrir des actions de nos actions ordinaires et privilégiées, diverses séries de titres de créance et / ou des bons de souscription pour acheter ces titres, individuellement ou en unités, en une ou plusieurs offres, jusqu'à un total montant de 100 000 000 $. Ce prospectus vous fournit une description générale des titres que nous pouvons offrir. Chaque fois que nous proposons un type ou une série de titres aux termes du présent prospectus, nous fournirons un supplément de prospectus qui contiendra des informations plus précises sur les modalités de ces titres. Nous pouvons également autoriser la fourniture d'un ou de plusieurs prospectus écrits gratuits contenant des informations importantes relatives à ces offres. Nous pouvons également ajouter, mettre à jour ou modifier dans le supplément de prospectus (et dans tout prospectus écrit gratuit que nous pouvons autoriser à vous fournir) toute information contenue dans ce prospectus ou dans les documents que nous avons incorporés par référence dans le présent document. prospectus. Nous vous invitons à lire attentivement le présent prospectus, tout supplément de prospectus applicable et tout prospectus écrit gratuit, ainsi que les informations incorporées ici par référence, comme décrit à la rubrique «Où vous pouvez trouver des informations supplémentaires», avant d'acheter les titres offerts .

CE PROSPECTUS NE PEUT PAS ÊTRE UTILISÉ POUR CONSOMMER UNE VENTE DE TITRES À MOINS QU'IL SOIT ACCOMPAGNÉ D'UN SUPPLÉMENT DE PROSPECTUS.

Vous ne devez vous fier qu'aux informations que nous avons fournies ou incorporées par référence dans le présent prospectus, à tout supplément de prospectus applicable et à tout prospectus écrit gratuit que nous pouvons autoriser à vous fournir. Nous n'avons autorisé personne à vous fournir des informations différentes. Aucun courtier, vendeur ou autre personne n'est autorisé à fournir des informations ou à représenter quoi que ce soit non contenu dans le présent prospectus, tout supplément de prospectus applicable ou tout prospectus écrit gratuit que nous pouvons autoriser à vous fournir. Vous ne devez pas vous fier à toute information ou représentation non autorisée. Ce prospectus est une offre de vente uniquement des titres offerts par les présentes, mais uniquement dans des circonstances et dans des juridictions où il est légal de le faire. Vous devez supposer que les informations contenues dans ce prospectus, tout supplément de prospectus applicable ou tout prospectus écrit gratuit ne sont exactes qu'à la date figurant au début du document et que toute information que nous avons incorporée par référence n'est exacte qu'à la date de le document incorporé par renvoi, quel que soit le moment de la livraison du présent prospectus, de tout supplément de prospectus applicable ou de tout prospectus écrit gratuit connexe, ou de toute vente d'un titre. Notre entreprise, notre situation financière, nos résultats d'exploitation et nos perspectives peuvent avoir changé depuis ces dates.

Ce prospectus contient des résumés de certaines dispositions contenues dans certains des documents décrits ici, mais il est fait référence aux documents réels pour des informations complètes. Tous les résumés sont qualifiés dans leur intégralité par les documents réels. Des copies de certains des documents mentionnés dans les présentes ont été déposées, seront déposées ou seront incorporées par renvoi en tant que pièces jointes à la déclaration d'enregistrement dont le présent prospectus fait partie, et vous pouvez obtenir des copies de ces documents comme décrit ci-dessous à la rubrique "Où trouver des informations supplémentaires."


SOMMAIRE

Ce résumé met en évidence certaines informations contenues ailleurs dans le présent prospectus ou incorporées par référence dans le présent prospectus. Parce qu'il ne s'agit que d'un résumé, il ne contient pas toutes les informations que vous devez prendre en compte avant d'investir dans nos actions ordinaires, actions privilégiées, titres de créance, bons de souscription ou parts, et il est qualifié dans son intégralité par, et doit être lu conjointement avec, les informations plus détaillées incluses ailleurs dans le présent prospectus. Avant de décider d'acheter des actions ordinaires ou privilégiées, ou de nos titres de créance, bons de souscription ou parts, vous devez lire attentivement le présent prospectus, le supplément de prospectus applicable et tout prospectus écrit connexe, y compris les risques d'investissement dans nos titres mentionnés à la rubrique «Facteurs de risque» figurant dans le supplément de prospectus applicable et dans tout prospectus en écriture libre connexe, et sous des rubriques similaires dans les autres documents qui sont intégrés par renvoi dans le présent prospectus. Vous devez également lire attentivement les informations incorporées par référence dans le présent prospectus, y compris nos états financiers, et les pièces jointes à la déclaration d'enregistrement dont ce prospectus fait partie. Sauf indication contraire du contexte, les termes «Mitek», «la Société», «nous», «nos» et «nos» dans le présent prospectus font référence à Mitek Systems, Inc.

Notre affaire

Mitek est l'un des principaux innovateurs de solutions de capture d'images mobiles et de vérification d'identité numérique. Nous sommes une société de développement de logiciels avec une expertise en vision par ordinateur, en intelligence artificielle et en apprentissage automatique. Nous desservons actuellement plus de 6 500 organisations de services financiers et les plus grandes marques de marché et de technologies financières («fintech») à travers le monde. Nos solutions sont intégrées dans des applications mobiles et des navigateurs natifs pour faciliter de meilleures expériences utilisateur en ligne, la détection et la réduction des fraudes et des transactions conformes.

La solution Mobile Deposit® de Mitek est utilisée aujourd'hui par des millions de consommateurs aux États-Unis («États-Unis») et au Canada pour le dépôt par chèque mobile. Mobile Deposit® permet aux particuliers et aux entreprises de déposer des chèques à distance à l'aide de leur smartphone ou tablette équipé d'une caméra. Notre solution Mobile Deposit® est intégrée aux applications bancaires numériques des institutions financières utilisées par les consommateurs et a désormais traité plus de trois milliards de dépôts par chèque. Mitek a commencé à vendre Mobile Deposit® au début de 2008 et a reçu son premier brevet délivré pour ce produit en août 2010.

Mobile Verify® de Mitek vérifie l'identité d'un utilisateur en ligne, permettant aux organisations de créer des communautés numériques plus sûres. La numérisation d'un document d'identité permet à une entreprise de vérifier l'identité de la personne avec laquelle elle fait affaire, de se conformer aux exigences réglementaires gouvernementales croissantes en matière de lutte contre le blanchiment d'argent («AML») et de connaître votre client («KYC»), et d'améliorer l'expérience client globale pour l'intégration numérique. Pour être sûr que la personne qui soumet le document d'identité est bien la personne qu'elle prétend être, la comparaison des visages mobiles de Mitek fournit une couche supplémentaire de vérification en ligne et compare le visage sur le document d'identité soumis avec la photo selfie en direct de l'utilisateur.

La combinaison du processus de capture de documents d'identité et d'extraction de données permet à l'organisation de préremplir l'application de l'utilisateur final, avec beaucoup moins de touches, réduisant ainsi les erreurs de saisie et améliorant à la fois l'efficacité opérationnelle et l'expérience client. Aujourd'hui, les secteurs verticaux des services financiers (banques, coopératives de crédit, prêteurs, processeurs de paiement, émetteurs de cartes, sociétés de technologies financières, etc.) représentent le plus grand pourcentage d'utilisation de nos solutions, mais il y a une adoption accélérée par les marchés, l'économie du partage et les secteurs de l'hôtellerie . Mitek utilise l'intelligence artificielle et l'apprentissage automatique pour améliorer constamment les performances des produits de Mobile Verify® telles que la vitesse et la précision des approbations de documents d'identification. Le cœur de notre expérience utilisateur est piloté par Mitek MiSnap ™, la technologie de capture d'image de pointe, qui est intégrée dans nos gammes de produits. Il offre une expérience utilisateur simple, intuitive et supérieure, rendant les transactions numériques plus rapides, plus précises et plus faciles pour le consommateur. Mobile Fill® automatise le pré-remplissage des applications de tout formulaire avec les données utilisateur en prenant simplement une photo du permis de conduire ou d'un autre document d'identité utilisateur similaire.

CheckReader permet aux institutions financières d'extraire automatiquement les données d'une image de chèque reçue sur n'importe quel canal de dépôt – succursale, guichet automatique, RDC et mobile. Grâce à la reconnaissance automatique de tous les champs des chèques, qu'ils soient manuscrits ou imprimés à la machine, CheckReader accélère le délai de dépôt pour les banques et les clients et permet aux institutions financières de se conformer aux réglementations en matière de compensation des chèques.

Nous commercialisons et vendons nos produits et services dans le monde entier par le biais d'équipes de vente directes internes situées aux États-Unis, en Europe et en Amérique latine ainsi que par des partenaires de distribution. Notre stratégie de vente de partenaires comprend des partenaires de distribution qui sont des fournisseurs de technologies de services financiers et des fournisseurs de vérification d'identité. Ces partenaires intègrent nos produits dans leurs solutions pour répondre aux besoins de leurs clients.

Présentation des produits et des technologies

La technologie

Au cours de l'exercice clos le 30 septembre 2019, nous avions un secteur opérationnel: le développement, la vente et le service de nos solutions logicielles propriétaires liées à la capture d'images mobiles et à la vérification d'identité.


Nos solutions technologiques numériques sont fournies en deux parties: (i) un kit de développement logiciel («SDK») pour la capture d'image mobile et (ii) une plate-forme logicielle qui utilise l'intelligence artificielle et l'apprentissage automatique pour classer et extraire des données afin de permettre le dépôt de chèques mobile ainsi que faciliter l'authentification des documents d'identité, y compris les passeports, les cartes d'identité et les permis de conduire à l'aide d'un appareil photo équipé.

Notre technologie utilise des algorithmes brevetés qui analysent les images de documents d'identité de plusieurs façons. Il s'agit notamment de l'analyse de la qualité de l'image, de la réparation et de l'optimisation de l'image, de l'identification et de la classification des documents, de l'extraction des données et des authentificateurs.

Des produits

Mobile Deposit®

Mitek a inventé le dépôt mobile® pour permettre aux particuliers et aux entreprises de déposer des chèques à distance à l'aide de leur smartphone ou tablette équipé d'un appareil photo.

Mobile Deposit® est utilisé par les applications bancaires mobiles des banques de détail. Au 30 septembre 2019, plus de 6500 institutions financières américaines avaient signé des accords pour déployer Mobile Deposit®.

Le processus Mobile Deposit® permet aux consommateurs de prendre des photos du recto et du verso d'un chèque, puis de déposer le chèque à distance auprès de leur banque participante en soumettant les images par voie électronique. Mitek offre une expérience utilisateur simple et facile avec notre capture automatique mobile exclusive qui aide les utilisateurs à capturer une image utilisable d'un chèque en tenant leur appareil mobile sur le chèque. Nous avons commencé à vendre Mobile Deposit® au début de 2008.

Mobile Verify®

Mobile Verify® est une solution de vérification d'identité qui peut être intégrée dans des applications mobiles, des sites Web mobiles et des applications de bureau. Mobile Verify® combine une expérience optimale de capture d'image avec notre technologie de pointe d'authentification de documents – aidant nos clients à valider que le document d'identité présenté dans une transaction numérique est authentique et inchangé. En ajoutant une deuxième couche pour la vérification d'identité, Mobile Verify® lie le portrait extrait du document d'identité avec un selfie de son présentateur en faisant une comparaison de visage biométrique.

Le moteur de vérification d'identité Mobile Verify® est une architecture multiplateforme modulaire, basée sur l'apprentissage automatique et des algorithmes avancés de vision par ordinateur. Afin d'atteindre les taux de précision les plus élevés, la technologie de Mitek a été conçue pour vérifier l'authenticité d'un document d'identité selon l'approche systématique suivante:

Capture de documents guidée, permettant aux utilisateurs de prendre une photo de qualité pour un traitement optimal;

Les algorithmes de vision par ordinateur de classification des documents reconnaissent et classifient des milliers de documents d'identité divers permettant une extraction fiable des données;

Extraction de données qui va au-delà de l'OCR traditionnelle pour déconstruire le document et analyser le contenu de chaque champ; et

L'évaluation des éléments d'authenticité utilise une combinaison de techniques d'apprentissage automatique et d'algorithmes de vision par ordinateur uniques pour aider à déterminer l'authenticité d'un document en évaluant plusieurs éléments dans le document.

Mobile Fill®

Mobile Fill®, qui comprend la capture automatique d'images, minimise le nombre de clics et accélère le remplissage du formulaire. En quelques secondes, et juste en prenant une photo, les prospects peuvent remplir des formulaires de demande et devenir rapidement des utilisateurs approuvés. Les organisations peuvent utiliser Mobile Fill® à diverses fins, notamment pour rationaliser le processus d'ouverture d'un compte de chèques, d'épargne ou de carte de crédit, payer une facture, activer une offre «Échanger et économiser», et plus encore. Mobile Fill® est disponible pour les applications natives et les applications de navigateur.

Mobile Docs ™

Mobile Docs ™ est une solution de numérisation mobile de documents. Il permet aux consommateurs de prendre des photos de documents, ce qui donne des images de qualité scanner. Mobile Docs ™ est utilisé pour soumettre les documents de fin requis pour l'ouverture de compte numérique, le prêt et d'autres cas d'utilisation où des pièces justificatives sont requises dans un flux de travail.

CheckReader

CheckReader ™ permet aux institutions financières d'extraire automatiquement les données des chèques une fois qu'ils ont été numérisés ou photographiés par l'application. Facilement intégré dans des applications mobiles et basées sur des serveurs offrant des capacités de prétraitement et de reconnaissance automatique des images, CheckReader ™ permet la reconnaissance automatique de tous les champs des chèques et des documents de paiement génériques, qu'ils soient manuscrits ou imprimés à la machine. CheckReader ™ est utilisé comme composant central dans une large gamme d'applications de traitement des chèques; y compris les guichets automatiques, les processus centralisés et d'arrière-guichet, les envois de fonds, les commerçants et les applications de fraude. CheckReader ™ est déployé dans huit des dix premières banques américaines, 90% des banques françaises et brésiliennes et 100% des banques britanniques.


XE ™

XE est alimenté par un moteur de réseau de neurones récurrent et offre des niveaux de précision considérablement plus élevés pour le traitement des images de contrôle. La technologie est conçue pour localiser et extraire des champs clés sur des chèques tels que le montant (montant de courtoisie et montant légal), la date et le nom du bénéficiaire, que les données soient manuscrites, imprimées à la machine ou manuscrites. Avec une analyse de la qualité d'image et une analyse de la convivialité de l'image intégrées, la boîte à outils garantit également que le chèque satisfait à la compensation des chèques pour le 21st Exigences de la Century Act et autres normes industrielles et réglementaires.

ID_CLOUD ™

ID_CLOUD ™ est une solution de vérification d'identité entièrement automatisée qui peut être intégrée dans une application client pour lire et valider instantanément des documents d'identité. La technologie automatisée ID_CLOUD ™ permet aux entreprises mondiales d'améliorer leur technologie d'acquisition de clients tout en répondant aux exigences AML de manière sûre et rentable. Cette solution est disponible dans le cloud, via des sites Web mobiles et des applications de bureau. De plus, une version d'ID_CLOUD ™ est disponible et fonctionne localement sur un bureau connecté à un scanner matériel propriétaire pour lire et valider les documents d'identité.

Ventes et marketing

Nous tirons principalement des revenus de la vente de licences (à nos produits sur site et de logiciels transactionnels en tant que service («SaaS»)) et des frais de transaction pour utiliser nos Mobile Deposit®, Mobile Verify®, Mobile Fill®, Mobile Docs ™, CheckReader ™ et ID_CLOUD ™, et dans une moindre mesure en fournissant des services de maintenance et professionnels pour les produits que nous proposons. Les revenus que nous tirons de la vente de ces licences proviennent à la fois de la vente à nos partenaires distributeurs de licences pour vendre les applications que nous proposons ainsi que de la vente directe de licences et de services aux clients.

Nous avons un groupe de marketing interne qui élabore des stratégies de marketing d'entreprise et numérique. L'équipe interne exécute ces stratégies avec l'aide de ressources externes selon les besoins pour soutenir les ventes directes et les efforts de vente des partenaires de distribution.

Pour l'exercice clos le 30 septembre 2019, nous avons tiré des revenus de 22,8 millions de dollars de deux clients, ces clients représentant respectivement 17% et 10% de nos revenus totaux. Pour l'exercice clos le 30 septembre 2018, nous avons tiré des revenus de 20,0 millions de dollars de deux clients, ces clients représentant respectivement 22% et 10% de nos revenus totaux. Pour l'exercice clos le 30 septembre 2017, nous avons généré des revenus de 10,4 millions de dollars auprès d'un client, ces clients représentant 23% des revenus totaux de la Société.

Les revenus de dépôts ont représenté environ 67%, 65% et 71% des revenus totaux de la Société pour les exercices clos les 30 septembre 2019, 2018 et 2017, respectivement. Les revenus de la vérification d'identité ont représenté environ 33%, 35% et 29% des revenus totaux de la Société pour les exercices clos les 30 septembre 2019, 2018 et 2017, respectivement. Les revenus provenant des ventes internationales ont représenté environ 31%, 27% et 14% des revenus totaux de la Société pour les exercices clos les 30 septembre 2019, 2018 et 2017, respectivement.

Propriété intellectuelle

Notre succès dépend en grande partie de notre technologie propriétaire. Nous essayons de protéger nos droits de propriété intellectuelle principalement par une combinaison de brevets, droits d'auteur, marques de commerce, secrets commerciaux, accords de non-divulgation des employés et des tiers, et d'autres mesures. Nous croyons que des facteurs tels que les compétences technologiques et créatives de notre personnel, le développement de nouveaux produits, les améliorations fréquentes des produits, la reconnaissance des noms et la maintenance fiable des produits sont essentiels pour établir et maintenir une position de leader technologique. Rien ne garantit que nos moyens de protéger nos droits de propriété aux États-Unis ou à l'étranger seront adéquats. Nous cherchons à protéger nos logiciels, notre documentation et nos autres documents écrits en vertu des lois sur les secrets commerciaux et les droits d'auteur, qui n'offrent qu'une protection limitée. De plus, rien ne garantit que nos brevets offriront une quelconque protection ou qu'ils ne seront pas contestés, invalidés ou contournés. Si nous ne sommes pas en mesure de protéger notre propriété intellectuelle, ou si nous enfreignons les droits de propriété intellectuelle d'un tiers, nos résultats d'exploitation pourraient être affectés négativement.

Au 30 septembre 2019, l'Office américain des brevets et des marques nous avait délivré 57 brevets et nous avions déposé 25 brevets nationaux et internationaux supplémentaires. Nous avons 38 marques déposées et continuerons d'évaluer l'enregistrement de marques supplémentaires, le cas échéant. Nous revendiquons la protection de droit commun pour, et pouvons chercher à enregistrer, d'autres marques. De plus, nous concluons généralement des accords de confidentialité avec nos employés.

Opportunités, défis et risques du marché

Nous pensons que les institutions financières, les fintechs et d'autres sociétés considèrent nos solutions brevetées comme un moyen de fournir une expérience client numérique supérieure pour répondre aux demandes croissantes de confiance et de commodité des consommateurs en ligne et, en même temps, les aider à répondre aux exigences réglementaires. La valeur de la transformation numérique pour nos clients est une possible augmentation du chiffre d'affaires et une réduction des coûts de vente et de service. À mesure que l'utilisation des nouvelles technologies augmente, les fraudes et cyberattaques associées augmentent également. The negative outcomes of fraud and cyber-attacks encompass financial losses, brand damage, and loss of loyal customers. We predict growth in both our deposits and identity verification products based on current trends in payments, online lending, more stringent regulations, growing usage of sharing apps and online marketplaces, and the ever-increasing demand for digital services.


Factors adversely affecting the pricing of, or demand for, our digital solutions, such as competition from other products or technologies, any decline in the demand for digital transactions, or negative publicity or obsolescence of the software environments in which our products operate, could result in lower revenues or gross margins. Further, because substantially all of our revenues are from a few types of technology, our product concentration may make us especially vulnerable to market demand and competition from other technologies, which could reduce our revenues.

The sales cycle for our software and services can be lengthy and the implementation cycles for our software and services by our channel partners and customers can also be lengthy, often as long as six months and sometimes longer for larger customers. If implementation of our products by our channel partners and customers is delayed or otherwise not completed, our business, financial condition, and results of operations may be adversely affected.

Revenues related to most of our on-premise licenses for mobile products are required to be recognized up front upon satisfaction of all applicable revenue recognition criteria. Revenue related to our SaaS products is recognized ratably over the life of the contract or as transactions are used depending on the contract criteria. The recognition of future revenues from these licenses is dependent upon a number of factors, including, but not limited to, the term of our license agreements, the timing of implementation of our products by our channel partners and customers, and the timing of any re-orders of additional licenses and/or license renewals by our channel partners and customers.

During each of the last few years, sales of licenses to one or more channel partners have comprised a significant part of our revenue each year. This is attributable to the timing of renewals or purchases of licenses and does not represent a dependence on any single channel partner. If we were to lose a channel partner relationship, we do not believe such a loss would adversely affect our operations because either we or another channel partner could sell our products to the end-users that had purchased products from the channel partner we lost. However, in that case, we or another channel partner must establish a relationship with the end-users, which could take time to develop, if it develops at all.

We have a growing number of competitors in the mobile image capture and identity verification industry, many of which have greater financial, technical, marketing, and other resources. However, we believe our patented mobile image capture and identity verification technology, our growing portfolio of products and geographic coverage for the financial services industry, and our market expertise gives us a distinct competitive advantage. To remain competitive, we must continue to offer products that are attractive to the consumer as well as being secure, accurate, and convenient. To help us remain competitive, we intend to further strengthen performance of our portfolio of products through research and development as well as partnering with other technology providers.

Concurrence

The market for our products and solutions is intensely competitive, subject to rapid change, and significantly affected by new product introductions and other market activities of industry participants. We face direct and indirect competition from a broad range of competitors who offer a variety of products and solutions to our current and potential customers. Our principal competition comes from: (i) customer-developed solutions; (ii) companies offering alternative methods of identity verification; and (iii) companies offering competing technologies capable of mobile remote deposit capture or authenticating identity documents and facial photo comparison.

It is also possible that we will face competition from new industry participants or alternative technologies. Moreover, as the market for automated document processing, image recognition and authentication, check imaging, and fraud detection software develops, a number of companies with significantly greater resources than we have could attempt to enter or increase their presence in our industry, either independently or by acquiring or forming strategic alliances with our competitors, or otherwise increase their focus on the industry. In addition, current and potential competitors have established or may establish cooperative relationships among themselves or with third parties to increase the ability of their products to address the needs of our current and potential customers.

Our products are compliant with Service-Oriented Architecture standards and compete, to various degrees, with products produced by a number of substantial competitors. Competition among product providers in this market generally focuses on price, accuracy, reliability, global coverage, and technical support. We believe our primary competitive advantages in this market are: (i) our mobile auto image capture user experience used by millions of consumers; (ii) our patented science; (iii) scalability; and (iv) an architectural software design that allows our products to be more readily modified, improved with added functionality, and configured for new products, thereby allowing our software to be easily upgraded.

Increased competition may result in price reductions, reduced gross margins, and loss of market share, any of which could have a material adverse effect on our business, operating results, and financial condition.

Research and Development

We develop software products internally and also purchase or license rights to third-party intellectual property. We believe that our future success depends in part on our ability to maintain and improve our core technologies, enhance our existing products, and develop new products that meet an expanding range of customer requirements.


Internal research and development allows us to maintain closer technical control over our products and gives us the ability to determine which modifications and enhancements are most important and when they should be implemented to ensure the proper functioning and improved performance of our products. We intend to expand our existing product offerings and introduce new mobile image capture and digital identity verification capabilities that meet a broader set of needs of our customers. We intend to continue to support the major industry standard operating environments.

Our research and development organization includes software engineers and scientists, many of whom have advanced degrees, as well as additional personnel in quality assurance and related disciplines. All our scientists and software engineers are involved in product development.

The development team includes specialists in artificial intelligence, computer vision, software engineering, user interface design, product documentation, and quality assurance. The team is responsible for maintaining and enhancing the performance, quality, and utility of all of our products. In addition to research and development, our engineering staff provides customer technical support on an as-needed basis.

Our research and development expenses for the fiscal years ended September 30, 2019, 2018, and 2017 were $19.0 million, $15.7 million, and $10.4 million, respectively. We expect research and development expenses during fiscal year 2020 to increase as compared with those incurred in fiscal year 2019 as we continue our new product research and development efforts.

Employees and Labor Relations

As of September 30, 2019, we had 284 employees, 133 in the U.S. and 151 internationally, 272 of which are full time. Our total employee base consists of 146 sales and marketing, professional services, and document review employees, 92 research and development and support employees, and 46 employees in executive, finance, network administration, and other capacities. In addition, we engaged various consultants in the areas of research and development, product development, finance, and marketing during fiscal year 2019. We have never had a work stoppage and none of our employees are represented by a labor organization. Substantially all of our employees, other than certain number of our executive officers and employees with customary employment arrangements within Europe, are at will employees, which means that each employee can terminate his or her relationship with us and we can terminate our relationship with him or her at any time. We offer industry competitive wages and benefits and are committed to maintaining a workplace environment that promotes employee productivity and satisfaction. We consider our relations with our employees to be good.

Corporate Information

We were incorporated in the state of Delaware on May 29, 1986. Our executive offices are located at 600 B Street, Suite 100, San Diego, CA 92101, and our telephone number is (619) 269-6800. We maintain an Internet website at www.miteksystems.com. We have included our website address in this prospectus solely as an inactive textual reference. We do not incorporate the information on, or accessible through, our website into this prospectus, and you should not consider any information on or accessible through, our website as part of this prospectus.


RISK FACTORS

Investing in our securities involves a high degree of risk. You should carefully review the risks and uncertainties described under the heading “Risk Factors” contained in the applicable prospectus supplement and any related free writing prospectus, and under similar headings in the other documents, including our most recent annual report on Form 10-K, any subsequent quarterly reports on Form 10-Q, any subsequent current reports on Form 8-K, and the other information contained in this prospectus, as updated by our subsequent filings under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), each of which is incorporated by reference into this prospectus. Our business, financial condition or results of operations could be materially adversely affected by any of these risks. The occurrence of any of these risks might cause you to lose all or part of your investment in the offered securities. Additional risks not presently known to us or that we currently believe are immaterial may also significantly impair our business operations and financial condition.


CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This prospectus and the documents incorporated herein by reference contain “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially and adversely from those expressed or implied by such forward-looking statements. The forward-looking statements are contained principally in Summary – “Our Business” but appear throughout this prospectus and the documents incorporated herein by reference. Forward-looking statements may include, but are not limited to, statements relating to our outlook or expectations for earnings, revenues, expenses, asset quality or other future financial or business performance, strategies, or expectations, or the impact of legal, regulatory or supervisory matters on our business, results of operations or financial condition. Specifically, forward-looking statements may include statements relating to our future business prospects, revenue, income and financial condition, as well as statements regarding our intended uses of the proceeds from the sale of the securities offered by us under this prospectus.

Forward-looking statements can be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “target,” or similar expressions. Forward-looking statements reflect our judgment based on currently available information and involve a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. In addition to those factors discussed under the heading “Risk Factors” contained in the applicable prospectus supplement and any related free writing prospectus, and under similar headings in the other documents we file with the SEC, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q, as updated by our subsequent filings under the Exchange Act, important factors could cause actual results to differ materially from our expectations. These factors include, but are not limited to:

adverse economic conditions;

general decreases in demand for our products and services;

changes in timing of introducing new products into the market;

intense competition (including entry of new competitors), including among competitors with substantially greater resources than us;

increased or adverse federal, state, and local government regulation;

inadequate capital;

unexpected costs;

revenues and net income lower than anticipated;

litigation;

the possible fluctuation and volatility of operating results and financial conditions;

inability to carry out our marketing and sales plans; et

the loss of key employees and executives.

All forward-looking statements included in this prospectus, any applicable prospectus supplement or in any document incorporated by reference into this prospectus speak only as of the date of this prospectus, the prospectus supplement or the document incorporated by reference, as the case may be, and you are cautioned not to place undue reliance on any such forward-looking statements. Except as required by law, we undertake no obligation to publicly update or release any revisions to these forward-looking statements to reflect any events or circumstances that arise after the date of this prospectus or to reflect the occurrence of unanticipated events. The above list is not intended to be exhaustive and there may be other factors that could preclude us from realizing the predictions made in the forward-looking statements. We operate in a continually changing business environment and new factors emerge from time to time. We cannot predict such factors or assess the impact, if any, of such factors on our financial position or results of operations. You should carefully read both this prospectus, the applicable prospectus supplement and any related free writing prospectus, together with the information incorporated herein by reference as described under the heading “Where You Can Find Additional Information,” completely and with the understanding that our actual future results may be materially different from what we expect.


THE SECURITIES WE MAY OFFER

We may offer shares of our common stock and preferred stock, various series of debt securities and/or warrants to purchase any of such securities, either individually or in units, with a total value of up to $100,000,000, from time to time under this prospectus at prices and on terms to be determined by market conditions at the time of any offering. This prospectus provides you with a general description of the securities we may so offer. Each time we offer a type or series of securities under this prospectus, the terms of such securities may differ from the terms we have summarized below and we will provide a prospectus supplement that will describe the specific amounts, prices and other important terms of the securities, including, to the extent applicable:

• designation or classification;

• aggregate principal amount or aggregate offering price;

• maturity, if applicable;

• original issue discount, if any;

• rates and times of payment of interest or dividends, if any;

• redemption, conversion, exercise, exchange or sinking fund terms, if any;

• ranking;

• restrictive covenants, if any;

• voting or other rights, if any;

• conversion prices, if any; et

• important U.S. federal income tax considerations.

The prospectus supplement and any related free writing prospectus that we may authorize to be provided to you may also add to or update the information contained in this prospectus or in documents we have incorporated by reference. However, no prospectus supplement or free writing prospectus will offer a security that is not registered and described in this prospectus at the time of the effectiveness of the registration statement of which this prospectus is a part.

THIS PROSPECTUS MAY NOT BE USED TO CONSUMMATE A SALE OF SECURITIES UNLESS IT IS ACCOMPANIED BY A PROSPECTUS SUPPLEMENT.

We may sell the securities directly to investors or to or through agents, underwriters or dealers. We, and our agents or underwriters, reserve the right to accept or reject all or part of any proposed purchase of securities. If we do offer securities to or through agents or underwriters, we will include in the applicable prospectus supplement:

• the names of those agents or underwriters;

• applicable fees, discounts and commissions to be paid to them;

• details regarding over-allotment options, if any; et

• the net proceeds to us.

Common Stock. We may issue shares of our common stock from time to time. The holders of common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders and do not have cumulative voting rights. Subject to the rights of any outstanding shares of our preferred stock, shares of common stock are entitled to participate equally in dividends when and as dividends may be declared by our board of directors out of funds legally available for the payment of dividends. In the event of our voluntary or involuntary liquidation, dissolution or winding up, the prior rights of our creditors and the liquidation preference of any preferred stock then outstanding must first be satisfied.

The holders of common stock will then be entitled to receive $0.46 per share of common stock outstanding, as adjusted for any stock splits, dividends or combinations, or if the remaining assets available for distribution are insufficient to satisfy such payment, such remaining assets are distributed ratably among the holders of common stock in proportion to the amount of common stock held by each such holder. After initial distribution is made to the holders of preferred stock and common stock as described above, the remaining assets available for distribution are distributed among the holders of Class A Preferred Stock and common stock on a pro rata basis, assuming conversion of all Class A Preferred Stock to shares of common stock at the then effective conversion rate.

Preferred Stock. We may issue shares of our preferred stock from time to time, in one or more series. Under our restated certificate of incorporation, our board of directors has the authority, without further action by stockholders, to designate up to


1,000,000 shares of preferred stock in one or more series and to fix the rights, preferences, privileges, qualifications and restrictions granted to or imposed upon the preferred stock, including dividend rights, conversion rights, voting rights, rights and terms of redemption, liquidation preferences and sinking fund terms, any or all of which may be greater than the rights of our common stock. As of December 18, 2019, 327,025 shares of preferred stock have been designated Class A Preferred Stock and no shares of Class A Preferred Stock are outstanding. As of December 18, 2019, 60,000 shares of preferred stock have been designated as Series B Junior Participating Preferred Stock and no shares of Series B Junior Participating Preferred Stock are outstanding.

If we sell any series of preferred stock under this prospectus, we will fix the designations, powers, preferences and rights of such series of preferred stock, as well as the qualifications, limitations or restrictions thereon, in the certificate of designation relating to that series. We will file as an exhibit to the registration statement of which this prospectus is a part, or will incorporate by reference from reports that we file with the SEC, the form of any certificate of designation that describes the terms of the series of preferred stock we are offering before the issuance of the related series of preferred stock. We urge you to read the applicable prospectus supplement (and any free writing prospectus that we may authorize to be provided to you) related to the series of preferred stock being offered, as well as the complete certificate of designation that contains the terms of the applicable series of preferred stock.

Debt Securities. We may issue debt securities from time to time, in one or more series, as either senior secured, senior unsecured or subordinated debt or as senior secured, senior unsecured or subordinated convertible debt. The subordinated debt securities will be subordinate and junior in right of payment, to the extent and in the manner described in the instrument governing the debt, to all of our senior debt. Convertible debt securities will be convertible into or exchangeable for our common stock or our other securities. Conversion may be mandatory or at your option and would be at prescribed conversion rates.

The debt securities will be issued under one or more indentures, which are contracts between us and a national banking association or other eligible party, as trustee. In this prospectus, we have summarized certain general features of the debt securities. We urge you, however, to read the applicable prospectus supplement (and any free writing prospectus that we may authorize to be provided to you) related to the series of debt securities being offered, as well as the complete indentures that contain the terms of the debt securities. Forms of indentures have been filed as exhibits to the registration statement of which this prospectus is a part, and supplemental indentures and forms of debt securities containing the terms of the debt securities being offered will be filed as exhibits to the registration statement of which this prospectus is a part or will be incorporated by reference from reports that we file with the SEC.

Warrants. We may issue warrants for the purchase of common stock, preferred stock and/or debt securities in one or more series. We may issue warrants independently or together with common stock, preferred stock and/or debt securities, and the warrants may be attached to or separate from these securities. In this prospectus, we have summarized certain general features of the warrants. We urge you, however, to read the applicable prospectus supplement (and any free writing prospectus that we may authorize to be provided to you) related to the particular series of warrants being offered, as well as the complete warrant agreements and warrant certificates that contain the terms of the warrants. We will file as an exhibit to the registration statement of which this prospectus is a part, or will incorporate by reference from reports that we file with the SEC, forms of the warrant agreements and forms of warrant certificates containing the terms of the warrants being offered.

We will evidence each series of warrants by warrant certificates that we will issue. Warrants may be issued under an applicable warrant agreement that we enter into with a warrant agent. We will indicate the name and address of the warrant agent, if applicable, in the prospectus supplement relating to the particular series of warrants being offered.

Unités. We may issue, in one or more series, units consisting of common stock, preferred stock, debt securities and/or warrants for the purchase of common stock, preferred stock and/or debt securities in any combination. In this prospectus, we have summarized certain general features of the units. We urge you, however, to read the applicable prospectus supplement (and any free writing prospectus that we may authorize to be provided to you) related to the series of units being offered, as well as the complete unit agreement, if any, that contains the terms of the units. We will file as exhibits to the registration statement of which this prospectus is a part, or will incorporate by reference from reports that we file with the SEC, the form of unit agreement, if any, and any supplemental agreements that describe the terms of the series of units we are offering before the issuance of the related series of units.

We may evidence each series of units by unit certificates. Units may also be issued under a unit agreement that we enter into with a unit agent. We will indicate the name and address of the unit agent, if applicable, in the prospectus supplement relating to the particular series of units being offered.


USE OF PROCEEDS

Except as described in any prospectus supplement or in any related free writing prospectus that we may authorize to be provided to you, we currently intend to use the net proceeds from the sale of the securities offered by us pursuant to this prospectus for general corporate purposes, including, among other things, working capital requirements and potential repayment of indebtedness that may be outstanding at the time of any offering under this prospectus. We may also use a portion of the net proceeds to acquire or invest in businesses, services, technologies, product candidates or other intellectual property that are complementary to our own, although we have no present commitments or agreements to do so. As of the date of this prospectus, we cannot specify with certainty all of the particular uses of the proceeds from this offering. Accordingly, we will retain broad discretion over the use of such proceeds. Pending the uses described herein, we expect to invest the net proceeds in demand deposit accounts or short-term, investment-grade securities.


DESCRIPTION OF CAPITAL STOCK

The following information describes our common stock and preferred stock, as well as certain provisions of our restated certificate of incorporation and our second amended and restated bylaws. This description is only a summary. You should also refer to text of our restated certificate of incorporation and our second amended and restated bylaws, which have been filed with the SEC as exhibits to our registration statement, of which this prospectus forms a part.

Authorized and Outstanding Capital Stock

Our authorized capital stock consists of 60,000,000 shares of common stock, par value $0.001 per share, and 1,000,000 shares of preferred stock, par value $0.001 per share, issuable in one or more series designated by Mitek’s board of directors, of which 327,025 shares have been designated Class A Preferred Stock and 60,000 shares have been designated as Series B Junior Participating Preferred Stock. As of December 18, 2019, there were 40,864,686 shares of common stock and no shares of Class A Preferred Stock or Series B Junior Participating Preferred Stock outstanding.

Common Stock

The holders of our common stock have one vote per share. Holders of common stock are not entitled to vote cumulatively for the election of directors. Generally, all matters to be voted on by stockholders must be approved by a majority, or, in the case of election of directors, by a plurality, of the votes cast at a meeting at which a quorum is present, voting together as a single class, subject to any voting rights granted to holders of any then outstanding preferred stock. Shares of common stock are entitled to participate equally in dividends when and as dividends may be declared by our board of directors out of funds legally available for the payment of dividends. In the event of our voluntary or involuntary liquidation, dissolution or winding up, the prior rights of our creditors and the liquidation preference of any preferred stock then outstanding must first be satisfied. The holders of common stock will then be entitled to receive $0.46 per share of common stock outstanding, as adjusted for any stock splits, dividends or combinations, or if the remaining assets available for distribution are insufficient to satisfy such payment, such remaining assets are distributed ratably among the holders of common stock in proportion to the amount of common stock held by each such holder. After initial distribution is made to the holders of preferred stock and common stock as described above, the remaining assets available for distribution are distributed among the holders of Class A Preferred Stock and common stock on a pro rata basis, assuming conversion of all Class A Preferred Stock to shares of common stock at the then effective conversion rate. No shares of common stock are subject to redemption or have redemptive rights to purchase additional shares of common stock.

Each share of our common stock includes Series B Junior Participating Preferred Stock purchase rights (the “Rights”) pursuant to our Section 382 Rights Agreement, dated October 23, 2018, between the Company and the rights agent named therein, as amended (the “Rights Agreement”). Prior to the occurrence of certain events, the Rights will not be exercisable or evidenced separately from our common stock. The Rights have no value except as reflected in the market price of the shares of the common stock to which they are attached, and can be transferred only with the shares of common stock to which they are attached.

Our common stock is listed on the Nasdaq Capital Market under the symbol “MITK”.

Preferred Stock

Our restated certificate of incorporation provides that we may issue shares of preferred stock from time to time in one or more series. Our board of directors is authorized to fix the voting rights, if any, designations, powers, preferences, qualifications, limitations and restrictions thereof, applicable to the shares of each series of preferred stock. The board of directors may, without stockholder approval, issue preferred stock with voting and other rights that could adversely affect the voting power and other rights of the holders of our common stock and could have anti-takeover effects, including preferred stock or rights to acquire preferred stock in connection with implementing a stockholder rights plan. The ability of the board of directors to issue preferred stock without stockholder approval could have the effect of delaying, deferring or preventing a change of control or the removal of our existing management.

Class A Preferred Stock

There are currently no shares of Class A Preferred Stock issued and outstanding.

Series B Junior Participating Preferred Stock

The Series B Junior Participating Preferred Stock is reserved for issuance in connection with the Rights outstanding under our Rights Agreement. The Series B Junior Participating Preferred Stock will not be redeemable at the option of the holder thereof. Each share of Series B Junior Participating Preferred Stock will be entitled to receive quarterly dividends when and if declared by our board of directors, out of funds legally available for such purpose, equal to 1,000 times the aggregate of all dividends declared per share of our common stock since the immediately preceding quarterly dividend payment date. In the event of our liquidation, the holders of Series B Junior Participating Preferred Stock will be entitled to an aggregate payment equal to 1,000 times the payment made per


share of our common stock, plus accrued and unpaid dividends. Each share of Series B Junior Participating Preferred Stock shall be entitled to 1,000 votes, voting together with the shares of our common stock, on any matter submitted to a vote of our stockholders. In the event of any merger, consolidation or other transaction in which shares of our common stock are exchanged, each share of Series B Junior Participating Preferred Stock will be exchanged for 1,000 times the amount of consideration into which each share of our common stock is exchanged. Because of the nature of the Series B Junior Participating Preferred Stock dividend, liquidation and voting rights, the value of one one-thousandth share of Series B Junior Participating Preferred Stock purchasable upon the exercise of each Right should approximate the value of one share of our common stock. The Series B Junior Participating Preferred Stock ranks junior to any other series of our preferred stock.

There are currently no shares of Series B Junior Participating Preferred Stock issued and outstanding.

Anti-Takeover Provisions

The Delaware General Corporation Law (“DGCL”), our restated certificate of incorporation and our second amended and restated bylaws contain provisions that could discourage or make more difficult a change in control of Mitek, including an acquisition of Mitek by means of a tender offer, a proxy contest and removal of our incumbent officers and directors, without the support of our board of directors. However, we expect these provisions to encourage persons seeking to acquire control of the Company to first negotiate with our board of directors. We believe that the benefits provided by our ability to negotiate with the proponent of an unfriendly or unsolicited proposal outweigh the disadvantages of discouraging these proposals. We believe the negotiation of an unfriendly or unsolicited proposal could result in an improvement of its terms. A summary of these provisions follows.

Statutory Business Combination Provision

We are subject to Section 203 of the DGCL, which, subject to certain exceptions, prohibits a Delaware corporation from engaging in any “business combination” with an “interested stockholder” for a period of three years following the time that such stockholder became an interested stockholder, unless:

• the board of directors of the corporation approves either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder, prior to the time the interested stockholder attained that status;

• upon the closing of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding, for purposes of determining the number of shares outstanding, those shares owned by persons who are directors and also officers and by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; ou

• at or subsequent to such time, the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock that is not owned by the interested stockholder.

With certain exceptions, an “interested stockholder” is a person or group who or which owns 15% or more of the corporation’s outstanding voting stock (including any rights to acquire stock pursuant to an option, warrant, agreement, arrangement or understanding, or upon the exercise of conversion or exchange rights, and stock with respect to which the person has voting rights only), or is an affiliate or associate of the corporation and was the owner of 15% or more of such voting stock at any time within the previous three years.

In general, Section 203 defines a business combination to include:

• any merger or consolidation involving the corporation and the interested stockholder;

• any sale, transfer, pledge or other disposition of 10% or more of the assets of the corporation involving the interested stockholder;

• subject to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder;

• any transaction involving the corporation that has the effect of increasing the proportionate share of the stock or any class or series of the corporation beneficially owned by the interested stockholder; ou

• the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation.

A Delaware corporation may “opt out” of this provision with an express provision in its original certificate of incorporation or an express provision in its amended and restated certificate of incorporation or bylaws resulting from a stockholders’ amendment approved by at least a majority of the outstanding voting shares. However, Mitek has not “opted out” of this provision. Section 203


could prohibit or delay mergers or other takeover or change-in-control attempts and, accordingly, may discourage attempts to acquire Mitek.

Size of the Board and Vacancies

Our second amended and restated bylaws provide that the number of directors shall be not less than three (3) nor more than nine (9). Within the limits specified in our second amended and restated bylaws, the exact number of directors is determined by resolution of the board of directors. Our board of directors has the right to fill any vacancies resulting from death, resignation, disqualification or removal, as well as any newly created directorships arising from an increase in the size of the board; provided, toutefois, that if at the time of filling any vacancy or any newly created directorship, the directors then in office constitute less than a majority of the whole board of directors (as constituted immediately prior to any such increase), the Delaware Court of Chancery may, upon application of any stockholder or stockholders holding at least ten percent (10%) of the total number of then outstanding shares having the right to vote for such directors, summarily order an election to be held to fill any such vacancies or newly created directorships or to replace the directors chosen by the directors then in office.

Amendment of Charter Provisions

The affirmative vote of the holders of at least a majority of the voting power of all then outstanding shares of our voting stock, voting together as a single class, is required to, among other things, amend, alter, change or repeal certain provisions of our restated certificate of incorporation; provided, toutefois, that in addition to the foregoing vote, the affirmative vote of the holders of at least 66 2/3% of the shares of Class A Preferred Stock then outstanding is required to (i) alter or change the rights, preferences or privileges of the shares of such series of Class A Preferred Stock so as to affect adversely the shares; (ii) reduce the number of authorized shares of the preferred stock below the number of shares then outstanding or increase the number of shares of the Class A Preferred Stock or (iii) create any new class or series of stock (A) having a preference over or being in parity with such series of Class A Preferred Stock with respect to dividends or upon liquidation or (B) having rights similar to any of the rights of such series of Class A Preferred Stock under Section 8 of the Certificate of Designation of Preferences of Preferred Stock. There are currently no shares of Class A Preferred Stock issued and outstanding.

Our second amended and restated bylaws may only be amended (or new bylaws adopted) by our board of directors or the affirmative vote of the holders of at least a majority of the voting power of all then outstanding shares of our voting stock.

Rights Agreement Provisions

On October 23, 2018, the Company entered into the Rights Agreement. In connection with the Rights Agreement, our board of directors authorized and declared a dividend distribution of one Right for each share of our common stock outstanding and has authorized the issuance of one Right with respect to each share of our common stock that is issued and becomes outstanding until the earlier of the Distribution Date and the Expiration Date (each as defined in the Rights Agreement). Prior to exercise, the Rights do not give their holders any rights as stockholders of the Company, including any dividend, voting or liquidation rights. The Rights trade only with the shares of our common stock to which they are attached. A complete description and terms of the Rights are set forth in the Rights Agreement.

The Rights are not exercisable until the Distribution Date. Until the Distribution Date, the Rights will be transferred with and only with our common stock. Upon the Distribution Date, the Rights may be transferred separately from the our common stock, and each Right, other than Rights held by an Acquiring Person (as defined below), will entitle its holder to purchase from the Company one one-thousandth of a share of Series B Junior Participating Preferred Stock, at a purchase price of $35.00 per one one-thousandth of a share of Series B Junior Participating Preferred Stock, subject to adjustment (the “Purchase Price”). An “Acquiring Person” is any person or group of affiliated or associated persons that has acquired or has the ability to acquire direct or indirect beneficial ownership of 4.9% or more of the our common stock then-outstanding, subject to certain exceptions.

If any person becomes an Acquiring Person, each holder of Rights (other than Rights owned by an Acquiring Person, which shall have become void), will thereafter have the right to receive, upon exercise thereof, that number shares of our common stock having a market value equal to two times the Purchase Price.

If, at any time after a person becomes an Acquiring Person, the Company is acquired in a merger or other business combination transaction or 50% or more of its consolidated assets or earning power are sold, proper provision will be made so that each holder of a Right will thereafter have the right to receive, upon the exercise thereof at the then-current purchase price of the Right, that number of shares of common stock of the acquiring company which at the time of such transaction will have a market value equal to two times the Purchase Price.


At any time after any person becomes an Acquiring Person and prior to the acquisition by any person or group of a majority of our common stock then-outstanding, our board of directors may exchange the Rights (other than Rights owned by an Acquiring Person, which shall have become void), at an exchange ratio of one share of our common stock per Right, subject to adjustment.

The Rights will expire on the earliest of (i) the close of business on October 23, 2021, (ii) the time at which the Rights are redeemed, and (iii) the time at which the Rights are exchanged.

At any time before any person becomes an Acquiring Person, our board of directors may redeem the Rights in whole, but not in part. Immediately upon any redemption of the Rights, the right to exercise the Rights will terminate.

The terms of the Rights Agreement may be amended by our board of directors without the consent of the holders of the Rights. However, from and after such time as any person becomes an Acquiring Person, the Rights Agreement may not be amended or supplemented in any manner which would adversely affect the interests of the holders of Rights (other than Rights which have become null and void).

The Rights have anti-takeover effects. If the Rights are exercised, shares of Series B Junior Participating Preferred Stock will be issued, which will cause significant dilution to an Acquiring Person that attempts to acquire us on terms not approved by our board of directors. The Rights should not interfere with any merger or other business combination approved by our board of directors since the Rights may be amended to permit such acquisition or redeemed by us at $0.0001 per Right at any time prior to the time that a person or group becomes an Acquiring Person.

Transfer Agent and Registrar

The transfer agent and registrar for our common stock is Computershare. Its address is 250 Royall Street, Canton, MA 02021 and its telephone number is (877) 290-2245. The transfer agent for any series of preferred stock that we may offer under this prospectus will be named and described in the prospectus supplement for that series.


DESCRIPTION OF DEBT SECURITIES

We may issue debt securities, in one or more series, as either senior or subordinated debt or as senior or subordinated convertible debt. While the terms we have summarized below will apply generally to any debt securities that we may offer under this prospectus, we will describe the particular terms of any debt securities that we may offer in more detail in the applicable prospectus supplement. The terms of any debt securities offered under a prospectus supplement may differ from the terms described below. Unless the context requires otherwise, whenever we refer to the indentures, we also are referring to any supplemental indentures that specify the terms of a particular series of debt securities.

We will issue the senior debt securities under the senior indenture that we will enter into with the trustee named in the senior indenture. We will issue the subordinated debt securities under the subordinated indenture that we will enter into with the trustee named in the subordinated indenture. The indentures will be qualified under the Trust Indenture Act of 1939, as applicable (the “Trust Indenture Act”). We use the term “debenture trustee” to refer to either the trustee under the senior indenture or the trustee under the subordinated indenture, as applicable. We have filed forms of indentures as exhibits to the registration statement of which this prospectus is a part, and supplemental indentures and forms of debt securities containing the terms of the debt securities being offered will be filed as exhibits to the registration statement of which this prospectus is a part or will be incorporated by reference from reports that we file with the SEC.

The following summaries of material provisions of the senior debt securities, the subordinated debt securities and the indentures are subject to, and qualified in their entirety by reference to, all of the provisions of the indenture applicable to a particular series of debt securities. We urge you to read the applicable prospectus supplements and any related free writing prospectuses related to the debt securities that we may offer under this prospectus, as well as the complete indentures that contain the terms of the debt securities. Except as we may otherwise indicate, the terms of the senior indenture and the subordinated indenture are identical.

Général

We will describe in the applicable prospectus supplement the terms of the series of debt securities being offered, including:

• the title;

• the principal amount being offered, and if a series, the total amount authorized and the total amount outstanding;

• any limit on the amount that may be issued;

• whether or not we will issue the series of debt securities in global form, the terms and who the depositary will be;

• the maturity date;

• whether and under what circumstances, if any, we will pay additional amounts on any debt securities held by a person who is not a U.S. person for tax purposes, and whether we can redeem the debt securities if we have to pay such additional amounts;

• the annual interest rate, which may be fixed or variable, or the method for determining the rate and the date interest will begin to accrue, the dates interest will be payable and the regular record dates for interest payment dates or the method for determining such dates;

• whether or not the debt securities will be secured or unsecured, and the terms of any secured debt;

• the terms of the subordination of any series of subordinated debt;

• the place where payments will be payable;

• restrictions on transfer, sale or other assignment, if any;

• our right, if any, to defer payment of interest and the maximum length of any such deferral period;

• the date, if any, after which, and the price at which, we may, at our option, redeem the series of debt securities pursuant to any optional or provisional redemption provisions and the terms of those redemption provisions;

• the date, if any, on which, and the price at which we are obligated, pursuant to any mandatory sinking fund or analogous fund provisions or otherwise, to redeem, or at the holder’s option to purchase, the series of debt securities and the currency or currency unit in which the debt securities are payable;

• whether the indenture will restrict our ability and/or the ability of our subsidiaries to:

• incur additional indebtedness;

• issue additional securities;


• create liens;

• pay dividends and make distributions in respect of our capital stock and/or the capital stock of our subsidiaries;

• redeem capital stock;

• make investments or other restricted payments;

• sell, transfer or otherwise dispose of assets;

• enter into sale-leaseback transactions;

• engage in transactions with stockholders and affiliates;

• issue or sell stock of our subsidiaries; ou

• effect a consolidation or merger;

• whether the indenture will require us to maintain any interest coverage, fixed charge, cash flow-based, asset-based or other financial ratios;

• information describing any book-entry features;

• provisions for a sinking fund purchase or other analogous fund, if any;

• the applicability of the provisions in the indenture on discharge;

• whether the debt securities are to be offered at a price such that they will be deemed to be offered at an “original issue discount” as defined in paragraph (a) of Section 1273 of the Internal Revenue Code;

• the denominations in which we will issue the series of debt securities, if other than denominations of $1,000 and any integral multiple thereof;

• the currency of payment of debt securities if other than U.S. dollars and the manner of determining the equivalent amount in U.S. dollars;

• any other specific terms, preferences, rights or limitations of, or restrictions on, the debt securities, including any additional events of default or covenants provided with respect to the debt securities, and any terms that may be required by us or advisable under applicable laws or regulations; et

• any other terms which shall not be inconsistent with the indentures.

The notes may be issued as original issue discount securities. An original issue discount security is a note, including any zero-coupon note, which:

• is issued at a price lower than the amount payable upon its stated maturity; et

• provides that upon redemption or acceleration of the maturity, an amount less than the amount payable upon the stated maturity shall become due and payable.

U.S. federal income tax consequences applicable to notes sold at an original issue discount will be described in the applicable prospectus supplement. In addition, U.S. federal income tax or other consequences applicable to any notes which are denominated in a currency or currency unit other than U.S. dollars may be described in the applicable prospectus supplement.

Under the indentures, we will have the ability, in addition to the ability to issue notes with terms different from those of notes previously issued, without the consent of the holders, to reopen a previous issue of a series of notes and issue additional notes of that series, unless the reopening was restricted when the series was created, in an aggregate principal amount determined by us.

Conversion or Exchange Rights

We will set forth in the prospectus supplement the terms on which a series of debt securities may be convertible into or exchangeable for our common stock or our other securities. We will include provisions as to whether conversion or exchange is mandatory, at the option of the holder or at our option. We may include provisions pursuant to which the number of shares of our common stock or our other securities that the holders of the series of debt securities receive would be subject to adjustment.

Consolidation, Merger or Sale

Unless we provide otherwise in the prospectus supplement applicable to a particular series of debt securities, the indentures will not contain any covenant that restricts our ability to merge or consolidate, or sell, convey, transfer or otherwise dispose of all or substantially all of our assets. However, any successor to or acquiror of such assets must assume all of our obligations under the


indentures or the debt securities, as appropriate. If the debt securities are convertible into or exchangeable for our other securities or securities of other entities, the person with whom we consolidate or merge or to whom we sell all of our property must make provisions for the conversion of the debt securities into securities that the holders of the debt securities would have received if they had converted the debt securities before the consolidation, merger or sale.

Events of Default Under the Indentures

Unless we provide otherwise in the prospectus supplement applicable to a particular series of debt securities, the following are events of default under the indentures with respect to any series of debt securities that we may issue:

• if we fail to pay interest when due and payable and our failure continues for 90 days and the time for payment has not been extended or deferred;

• if we fail to pay the principal, premium or sinking fund payment, if any, when due and payable and the time for payment has not been extended or delayed;

• if we fail to observe or perform any other covenant contained in the debt securities or the indentures, other than a covenant specifically relating to another series of debt securities, and our failure continues for 90 days after we receive notice from the debenture trustee or holders of at least 25% in aggregate principal amount of the outstanding debt securities of the applicable series;

• if specified events of bankruptcy, insolvency or reorganization occur; et

• any other event of default described in the applicable prospectus supplement.

If an event of default with respect to debt securities of any series occurs and is continuing, other than an event of default specified in the second to last bullet point above, the debenture trustee or the holders of at least 25% in aggregate principal amount of the outstanding debt securities of that series, by notice to us in writing, and to the debenture trustee if notice is given by such holders, may declare the unpaid principal of, premium, if any, and accrued interest, if any, due and payable immediately. If an event of default results from the occurrence of a specified event of bankruptcy, insolvency or reorganization with respect to the Company, the principal amount of and accrued interest, if any, of each issue of debt securities then outstanding shall be due and payable without any notice or other action on the part of the debenture trustee or any holder.

The holders of a majority in principal amount of the outstanding debt securities of an affected series may waive any default or event of default with respect to the series and its consequences, except defaults or events of default regarding payment of principal, premium, if any, or interest, unless we have cured the default or event of default in accordance with the indenture. Any such waiver shall cure the default or event of default.

Subject to the terms of the applicable indenture, if an event of default under an indenture shall occur and be continuing, the debenture trustee will be under no obligation to exercise any of its rights or powers under such indenture at the request or direction of any of the holders of the applicable series of debt securities, unless such holders have offered the debenture trustee reasonable indemnity. The holders of a majority in principal amount of the outstanding debt securities of any series will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the debenture trustee, or exercising any trust or power conferred on the debenture trustee, with respect to the debt securities of that series, provided that:

• the direction so given by the holders is not in conflict with any law or the applicable indenture; et

• subject to its duties under the Trust Indenture Act, the debenture trustee need not take any action that might involve it in personal liability or might be unduly prejudicial to the holders not involved in the proceeding.

A holder of the debt securities of any series will have the right to institute a proceeding under an indenture or to appoint a receiver or trustee, or to seek other remedies only if:

• the holder has given written notice to the debenture trustee of a continuing event of default with respect to that series;

• the holders of at least 25% in aggregate principal amount of the outstanding debt securities of that series have made written request, and such holders have offered reasonable indemnity to the debenture trustee to institute the proceeding as trustee; et

• the debenture trustee does not institute the proceeding, and does not receive from the holders of a majority in aggregate principal amount of the outstanding debt securities of that series other conflicting directions within 60 days after the notice, request and offer.

These limitations do not apply to a suit instituted by a holder of debt securities if we default in the payment of the principal, premium, if any, or accrued interest on, the debt securities.


We will periodically file statements with the debenture trustee regarding our compliance with specified covenants in the indentures.

Modification of Indenture; Waiver

We and the debenture trustee may change an indenture without the consent of any holders with respect to specific matters:

• to fix any ambiguity, defect or inconsistency in the indenture;

• to comply with the provisions described above under the heading “Description of Debt Securities—Consolidation, Merger or Sale;”

• to comply with any requirements of the SEC in connection with the qualification of any indenture under the Trust Indenture Act;

• to add to, delete from or revise the conditions, limitations, and restrictions on the authorized amount, terms, or purposes of issue, authentication and delivery of debt securities, as set forth in such indenture;

• to provide for the issuance of and establish the form and terms and conditions of the debt securities of any series as provided under the heading “Description of Debt Securities—General” to establish the form of any certifications required to be furnished pursuant to the terms of an indenture or any series of debt securities, or to add to the rights of the holders of any series of debt securities;

• to evidence and provide for the acceptance of appointment hereunder by a successor trustee;

• to provide for uncertificated debt securities in addition to or in place of certificated debt securities and to make all appropriate changes for such purpose;

• to add to our covenants such new covenants, restrictions, conditions or provisions for the protection of the holders, and to make the occurrence, or the occurrence and the continuance, of a default in any such additional covenants, restrictions, conditions or provisions an event of default; ou

• to change anything that does not materially adversely affect the interests of any holder of debt securities of any series; provided that any amendment made solely to conform the provisions of the indenture to the corresponding description of the debt securities contained in the applicable prospectus or prospectus supplement shall be deemed not to adversely affect the interests of the holders of such debt securities.

In addition, under the indentures, the rights of holders of a series of debt securities may be changed by us and the debenture trustee with the written consent of the holders of at least a majority in aggregate principal amount of the outstanding debt securities of each series that is affected. However, unless we provide otherwise in the prospectus supplement applicable to a particular series of debt securities, we and the debenture trustee may make the following changes only with the consent of each holder of any outstanding debt securities affected:

• extending the fixed maturity of the series of debt securities;

• reducing the principal amount, reducing the rate of or extending the time of payment of interest, or reducing any premium payable upon the redemption of any debt securities;

• reducing the percentage of debt securities, the holders of which are required to consent to any amendment, supplement, modification or waiver of the applicable indenture or notes or for waiver of compliance with certain provisions of the applicable indenture or for waiver of certain defaults;

• changing any of our obligations to pay additional amounts;

• reducing the amount of principal of an original issue discount security or any other note payable upon acceleration of the maturity thereof;

• changing the currency in which any note or any premium or interest is payable;

• impairing the right to enforce any payment on or with respect to any note;

• adversely changing the right to convert or exchange, including decreasing the conversion rate or increasing the conversion price of, such note, if applicable;

• in the case of the subordinated indenture, modifying the subordination provisions in a manner adverse to the holders of the subordinated notes;

• if the notes are secured, changing the terms and conditions pursuant to which the notes are secured in a manner adverse to the holders of the secured notes;


• reducing the requirements contained in the applicable indenture for quorum or voting;

• changing any of our obligations to maintain an office or agency in the places and for the purposes required by the indentures; ou

• modifying any of the above provisions set forth in this paragraph.

Discharge

Each indenture provides that we can elect to be discharged from our obligations with respect to one or more series of debt securities, except for specified obligations, including obligations to:

• register the transfer or exchange of debt securities of the series;

• replace stolen, lost or mutilated debt securities of the series;

• maintain paying agencies;

• hold monies for payment in trust;

• recover excess money held by the debenture trustee;

• compensate and indemnify the debenture trustee; et

• appoint any successor trustee.

In order to exercise our rights to be discharged, we must deposit with the debenture trustee money or government obligations sufficient to pay all the principal of, the premium, if any, and interest on, the debt securities of the series on the dates payments are due.

Form, Exchange and Transfer

We will issue the debt securities of each series only in fully registered form without coupons and, unless we provide otherwise in the applicable prospectus supplement, in denominations of $1,000 and any integral multiple thereof. The indentures provide that we may issue debt securities of a series in temporary or permanent global form and as book-entry securities that will be deposited with, or on behalf of, The Depository Trust Company (“DTC”) or another depositary named by us and identified in a prospectus supplement with respect to that series. See the section entitled “Legal Ownership of Securities” for a further description of the terms relating to any book-entry securities.

At the option of the holder, subject to the terms of the indentures and the limitations applicable to global securities described in the applicable prospectus supplement, the holder of the debt securities of any series can exchange the debt securities for other debt securities of the same series, in any authorized denomination and of like tenor and aggregate principal amount.

Subject to the terms of the indentures and the limitations applicable to global securities set forth in the applicable prospectus supplement, holders of the debt securities may present the debt securities for exchange or for registration of transfer, duly endorsed or with the form of transfer endorsed thereon duly executed if so required by us or the security registrar, at the office of the security registrar or at the office of any transfer agent designated by us for this purpose. Unless otherwise provided in the debt securities that the holder presents for transfer or exchange, we will impose no service charge for any registration of transfer or exchange, but we may require payment of any taxes or other governmental charges.

We will name in the applicable prospectus supplement the security registrar, and any transfer agent in addition to the security registrar, that we initially designate for any debt securities. We may at any time designate additional transfer agents or rescind the designation of any transfer agent or approve a change in the office through which any transfer agent acts, except that we will be required to maintain a transfer agent in each place of payment for the debt securities of each series.

If we elect to redeem the debt securities of any series, we will not be required to:

• issue, register the transfer of, or exchange any debt securities of that series during a period beginning at the opening of business 15 days before the day of mailing of a notice of redemption of any debt securities that may be selected for redemption and ending at the close of business on the day of the mailing; ou

• register the transfer of or exchange any debt securities so selected for redemption, in whole or in part, except the unredeemed portion of any debt securities we are redeeming in part.


Information Concerning the Debenture Trustee

The debenture trustee, other than during the occurrence and continuance of an event of default under an indenture, undertakes to perform only those duties as are specifically set forth in the applicable indenture. Upon an event of default under an indenture, the debenture trustee must use the same degree of care as a prudent person would exercise or use in the conduct of his or her own affairs. Subject to this provision, the debenture trustee is under no obligation to exercise any of the powers given to it by the indentures at the request of any holder of debt securities unless it is offered reasonable security and indemnity against the costs, expenses and liabilities that it might incur.

Payment and Paying Agents

Unless we otherwise indicate in the applicable prospectus supplement, we will make payment of the interest on any debt securities on any interest payment date to the person in whose name the debt securities, or one or more predecessor securities, are registered at the close of business on the regular record date for the interest.

We will pay principal of, and any premium and interest on, the debt securities of a particular series at the office of the paying agent(s) designated by us, except that unless we otherwise indicate in the applicable prospectus supplement, we will make interest payments by check that we will mail to the holder or by wire transfer to certain holders. Unless we otherwise indicate in the applicable prospectus supplement, we will designate the corporate trust office of the debenture trustee in the City of New York as our sole paying agent for payments with respect to debt securities of each series. We will name in the applicable prospectus supplement any other paying agents that we initially designate for the debt securities of a particular series. We will maintain a paying agent in each place of payment for the debt securities of a particular series.

All money we pay to a paying agent or the debenture trustee for the payment of the principal of, or any premium or interest on, any debt securities that remains unclaimed at the end of two years after such principal, premium or interest has become due and payable will be repaid to us, and the holder of the debt security thereafter may look only to us for payment thereof.

Governing Law

The indentures and the debt securities will be governed by and construed in accordance with the laws of the State of New York, except to the extent that the Trust Indenture Act is applicable.

Subordination of Subordinated Debt Securities

The subordinated debt securities will be unsecured and will be subordinate and junior in priority of payment to certain of our other indebtedness to the extent described in a prospectus supplement. The subordinated indenture does not limit the amount of subordinated debt securities that we may issue, nor does it limit us from issuing any other secured or unsecured debt.


DESCRIPTION OF WARRANTS

We may issue warrants for the purchase of common stock, preferred stock and/or debt securities in one or more series. We may issue warrants independently or together with common stock, preferred stock and/or debt securities, and the warrants may be attached to or separate from these securities. While the terms summarized below will apply generally to any warrants that we may offer, we will describe the particular terms of any series of warrants in more detail in the applicable prospectus supplement. The terms of any warrants offered under a prospectus supplement may differ from the terms described below.

We will file as exhibits to the registration statement of which this prospectus is a part, or will incorporate by reference from reports that we file with the SEC, the form of warrant agreement, including a form of warrant certificate, that describes the terms of the particular series of warrants we are offering before the issuance of the related series of warrants. The following summaries of material provisions of the warrants and the warrant agreements are subject to, and qualified in their entirety by reference to, all the provisions of the warrant agreement and warrant certificate applicable to the particular series of warrants that we may offer under this prospectus. We urge you to read the applicable prospectus supplements related to the particular series of warrants that we may offer under this prospectus, as well as any related free writing prospectuses, and the complete warrant agreements and warrant certificates that contain the terms of the warrants.

Général

We will describe in the applicable prospectus supplement the terms of the series of warrants being offered, including:

• the offering price and aggregate number of warrants offered;

• the currency for which the warrants may be purchased;

• if applicable, the designation and terms of the securities with which the warrants are issued and the number of warrants issued with each such security or each principal amount of such security;

• if applicable, the date on and after which the warrants and the related securities will be separately transferable;

• in the case of warrants to purchase debt securities, the principal amount of debt securities purchasable upon exercise of one warrant and the price at which, and currency in which, this principal amount of debt securities may be purchased upon such exercise;

• in the case of warrants to purchase common stock or preferred stock, the number of shares of common stock or preferred stock, as the case may be, purchasable upon the exercise of one warrant and the price at which these shares may be purchased upon such exercise;

• the effect of any merger, consolidation, sale or other disposition of our business on the warrant agreements and the warrants;

• the terms of any rights to redeem or call the warrants;

• any provisions for changes to or adjustments in the exercise price or number of securities issuable upon exercise of the warrants;

• the dates on which the right to exercise the warrants will commence and expire;

• the manner in which the warrant agreements and warrants may be modified;

• a discussion of any material or special U.S. federal income tax consequences of holding or exercising the warrants;

• the terms of the securities issuable upon exercise of the warrants; et

• any other specific terms, preferences, rights or limitations of or restrictions on the warrants.

Unless we otherwise indicate in the applicable prospectus supplement, before exercising their warrants, holders of warrants will not have any of the rights of holders of the securities purchasable upon such exercise, including:

• in the case of warrants to purchase debt securities, the right to receive payments of principal of, or premium, if any, or interest on the debt securities purchasable upon exercise or to enforce covenants in the applicable indenture; ou

• in the case of warrants to purchase common stock or preferred stock, the right to receive dividends, if any, or payments upon our liquidation, dissolution or winding up or to exercise voting rights, if any.

Exercise of Warrants

Each warrant will entitle the holder to purchase the securities that we specify in the applicable prospectus supplement at the exercise price that we describe in the applicable prospectus supplement. Holders of the warrants may exercise the warrants at any time


up to the specified time on the expiration date that we set forth in the applicable prospectus supplement. After the specified time on the expiration date, unexercised warrants will become void.

Holders of the warrants may exercise the warrants by delivering the warrant certificate representing the warrants to be exercised together with specified information, and paying the required amount to the warrant agent or the Company, as applicable, in immediately available funds, as provided in the applicable prospectus supplement. We will set forth on the reverse side of the warrant certificate and in the applicable prospectus supplement the information that the holder of the warrant will be required to deliver to the warrant agent upon exercise.

Upon receipt of the required payment and the warrant certificate properly completed and duly executed at the corporate trust office of the warrant agent or any other office indicated in the applicable prospectus supplement, we will issue and deliver the securities purchasable upon such exercise. If fewer than all of the warrants represented by the warrant certificate are exercised, then we will issue a new warrant certificate for the remaining amount of warrants. If we so indicate in the applicable prospectus supplement, holders of the warrants may surrender securities as all or part of the exercise price for warrants.

Governing Law

Unless we provide otherwise in the applicable prospectus supplement, the warrants and warrant agreements will be governed by and construed in accordance with the laws of the State of New York.

Enforceability of Rights by Holders of Warrants

Each warrant agent, if any, will act solely as our agent under the applicable warrant agreement and will not assume any obligation or relationship of agency or trust with any holder of any warrant. A single bank or trust company may act as warrant agent for more than one issue of warrants. A warrant agent will have no duty or responsibility in case of any default by us under the applicable warrant agreement or warrant, including any duty or responsibility to initiate any proceedings at law or otherwise, or to make any demand upon us. Any holder of a warrant may, without the consent of the related warrant agent or the holder of any other warrant, enforce by appropriate legal action its right to exercise, and receive the securities purchasable upon exercise of, its warrants.


DESCRIPTION OF UNITS

We may issue, in one more series, units consisting of common stock, preferred stock, debt securities and/or warrants for the purchase of common stock, preferred stock and/or debt securities in any combination. While the terms we have summarized below will apply generally to any units that we may offer under this prospectus, we will describe the particular terms of any series of units in more detail in the applicable prospectus supplement. The terms of any units offered under a prospectus supplement may differ from the terms described below.

We will file as exhibits to the registration statement of which this prospectus is a part, or will incorporate by reference from reports that we file with the SEC, the form of unit agreement, if any, that describes the terms of the series of units we are offering, and any supplemental agreements, before the issuance of the related series of units. The following summaries of material terms and provisions of the units are subject to, and qualified in their entirety by reference to, all the provisions of the unit agreement, if any, and any supplemental agreements applicable to a particular series of units, if any. We urge you to read the applicable prospectus supplements related to the particular series of units that we may offer under this prospectus, as well as any related free writing prospectuses and the complete unit agreement, if any, and any supplemental agreements that contain the terms of the units.

Général

Each unit will be issued so that the holder of the unit is also the holder of each security included in the unit. Thus, the holder of a unit will have the rights and obligations of a holder of each included security. The unit agreement under which a unit is issued, if any, may provide that the securities included in the unit may not be held or transferred separately, at any time or at any time before a specified date.

We will describe in the applicable prospectus supplement the terms of the series of units being offered, including:

• the designation and terms of the units and of the securities comprising the units, including whether and under what circumstances those securities may be held or transferred separately;

• any provisions of any governing unit agreement that differ from those described below; et

• any provisions for the issuance, payment, settlement, transfer or exchange of the units or of the securities comprising the units.

The provisions described in this section, as well as those described under the headings “Description of Capital Stock,” “Description of Debt Securities” and “Description of Warrants” will apply to each unit and to any common stock, preferred stock, debt security or warrant included in each unit, respectively.

Issuance in Series

We may issue units in such amounts and in such numerous distinct series as we determine.

Enforceability of Rights by Holders of Units

Each unit agent, if any, will act solely as our agent under the applicable unit agreement and will not assume any obligation or relationship of agency or trust with any holder of any unit. A single bank or trust company may act as unit agent for more than one series of units. A unit agent will have no duty or responsibility in case of any default by us under the applicable unit agreement, if any, or unit, including any duty or responsibility to initiate any proceedings at law or otherwise, or to make any demand upon us. Any holder of a unit may, without the consent of the related unit agent, if any, or the holder of any other unit, enforce by appropriate legal action its rights as a holder under any security included in the unit.

Titre

We, and any unit agent and any of their agents, may treat the registered holder of any unit certificate as an absolute owner of the units evidenced by that certificate for any purpose and as the person entitled to exercise the rights attaching to the units so requested, despite any notice to the contrary. See the section entitled “Legal Ownership of Securities” below.


LEGAL OWNERSHIP OF SECURITIES

We can issue securities in registered form or in the form of one or more global securities. We describe global securities in greater detail below. We refer to those persons who have securities registered in their own names on the books that we or any applicable trustee, depositary or warrant agent maintain for this purpose as the “holders” of those securities. These persons are the legal holders of the securities. We refer to those persons who, indirectly through others, own beneficial interests in securities that are not registered in their own names, as “indirect holders” of those securities. As we discuss below, indirect holders are not legal holders, and investors in securities issued in book-entry form or in street name will be indirect holders.

Book-Entry Holders

We may issue securities in book-entry form only, as we will specify in the applicable prospectus supplement. This means securities may be represented by one or more global securities registered in the name of a financial institution that holds them as depositary on behalf of other financial institutions that participate in the depositary’s book-entry system. These participating institutions, which are referred to as participants, in turn, hold beneficial interests in the securities on behalf of themselves or their customers.

Only the person in whose name a security is registered is recognized as the holder of that security. Securities issued in global form will be registered in the name of the depositary or its participants. Consequently, for securities issued in global form, we will recognize only the depositary as the holder of the securities, and we will make all payments on the securities to the depositary. The depositary passes along the payments it receives to its participants, which in turn pass the payments along to their customers who are the beneficial owners. The depositary and its participants do so under agreements they have made with one another or with their customers; they are not obligated to do so under the terms of the securities.

As a result, investors in a book-entry security will not own securities directly. Instead, they will own beneficial interests in a global security, through a bank, broker or other financial institution that participates in the depositary’s book-entry system or holds an interest through a participant. As long as the securities are issued in global form, investors will be indirect holders, and not legal holders, of the securities.

Street Name Holders

We may terminate a global security or issue securities in non-global form. In these cases, investors may choose to hold their securities in their own names or in “street name.” Securities held by an investor in street name would be registered in the name of a bank, broker or other financial institution that the investor chooses, and the investor would hold only a beneficial interest in those securities through an account he or she maintains at that institution.

For securities held in street name, we will recognize only the intermediary banks, brokers and other financial institutions in whose names the securities are registered as the holders of those securities, and we will make all payments on those securities to them. These institutions pass along the payments they receive to their customers who are the beneficial owners, but only because they agree to do so in their customer agreements or because they are legally required to do so. Investors who hold securities in street name will be indirect holders, not legal holders, of those securities.

Legal Holders

Our obligations, as well as the obligations of any applicable trustee and of any third parties employed by us or a trustee, run only to the legal holders of the securities. We do not have obligations to investors who hold beneficial interests in global securities, in street name or by any other indirect means. This will be the case whether an investor chooses to be an indirect holder of a security or has no choice because we are issuing the securities only in global form.

For example, once we make a payment or give a notice to the legal holder, we have no further responsibility for the payment or notice even if that legal holder is required, under agreements with depositary participants or customers or by law, to pass such payment or notice along to the indirect holders but does not do so. Similarly, we may want to obtain the approval of the legal holders to amend an indenture, to relieve us of the consequences of a default or of our obligation to comply with a particular provision of the indenture or for other purposes. In such an event, we would seek approval only from the legal holders, and not the indirect holders, of the securities. Whether and how the legal holders contact the indirect holders is up to the legal holders.

Special Considerations For Indirect Holders

If you hold securities through a bank, broker or other financial institution, either in book-entry form or in street name, you should check with your own institution to find out:

• how it handles securities payments and notices;


• whether it imposes fees or charges;

• how it would handle a request for the holders’ consent, if ever required;

• whether and how you can instruct it to send you securities registered in your own name so you can be a legal holder, if that is permitted in the future;

• how it would exercise rights under the securities if there were a default or other event triggering the need for holders to act to protect their interests; et

• if the securities are in book-entry form, how the depositary’s rules and procedures will affect these matters.

Global Securities

A global security is a security that represents one or any other number of individual securities held by a depositary. Generally, all securities represented by the same global securities will have the same terms.

Each security issued in book-entry form will be represented by a global security that we deposit with and register in the name of a financial institution or its nominee that we select. The financial institution that we select for this purpose is called the depositary. Unless we specify otherwise in the applicable prospectus supplement, DTC, New York, New York, will be the depositary for all securities issued in book-entry form.

A global security may not be transferred to or registered in the name of anyone other than the depositary, its nominee or a successor depositary, unless special termination situations arise. We describe those situations below under “Special Situations When a Global Security Will Be Terminated.” As a result of these arrangements, the depositary, or its nominee, will be the sole registered owner and holder of all securities represented by a global security, and investors will be permitted to own only beneficial interests in a global security. Beneficial interests must be held by means of an account with a broker, bank or other financial institution that in turn has an account with the depositary or with another institution that does. Thus, an investor whose security is represented by a global security will not be a legal holder of the security, but only an indirect holder of a beneficial interest in the global security.

If the prospectus supplement for a particular security indicates that the security will be issued in global form only, then the security will be represented by a global security at all times unless and until the global security is terminated. If termination occurs, we may issue the securities through another book-entry clearing system or decide that the securities may no longer be held through any book-entry clearing system.

Special Considerations For Global Securities

The rights of an indirect holder relating to a global security will be governed by the account rules of the investor’s financial institution and of the depositary, as well as general laws relating to securities transfers. We do not recognize an indirect holder as a legal holder of securities and instead deal only with the depositary that holds the global security.

If securities are issued only in the form of a global security, an investor should be aware of the following:

• an investor cannot cause the securities to be registered in his or her name, and cannot obtain non-global certificates for his or her interest in the securities, except in the special situations we describe below;

• an investor will be an indirect holder and must look to his or her own bank or broker for payments on the securities and protection of his or her legal rights relating to the securities, as we describe above;

• an investor may not be able to sell interests in the securities to some insurance companies and to other institutions that are required by law to own their securities in non-book-entry form;

• an investor may not be able to pledge his or her interest in a global security in circumstances where certificates representing the securities must be delivered to the lender or other beneficiary of the pledge in order for the pledge to be effective;

• the depositary’s policies, which may change from time to time, will govern payments, transfers, exchanges and other matters relating to an investor’s interest in a global security;

• we and any applicable trustee have no responsibility for any aspect of the depositary’s actions or for its records of ownership interests in a global security, nor do we or any applicable trustee supervise the depositary in any way;

• the depositary may, and we understand that DTC will, require that those who purchase and sell interests in a global security within its book-entry system use immediately available funds, and your broker or bank may require you to do so as well; et


• financial institutions that participate in the depositary’s book-entry system, and through which an investor holds its interest in a global security, may also have their own policies affecting payments, notices and other matters relating to the securities.

There may be more than one financial intermediary in the chain of ownership for an investor. We do not monitor and are not responsible for the actions of any of those intermediaries.

Special Situations When a Global Security Will Be Terminated

In a few special situations described below, the global security will terminate and interests in it will be exchanged for physical certificates representing those interests. After that exchange, the choice of whether to hold securities directly or in street name will be up to the investor. Investors must consult their own banks or brokers to find out how to have their interests in securities transferred to their own name, so that they will be direct holders. We have described the rights of holders and street name investors above.

Unless we provide otherwise in the applicable prospectus supplement, the global security will terminate when the following special situations occur:

• if the depositary notifies us that it is unwilling, unable or no longer qualified to continue as depositary for that global security and we do not appoint another institution to act as depositary within 90 days;

• if we notify any applicable trustee that we wish to terminate that global security; ou

• if an event of default has occurred with regard to securities represented by that global security and such event of default has not been cured or waived.

The prospectus supplement may also list additional situations for terminating a global security that would apply only to the particular series of securities covered by the applicable prospectus supplement. When a global security terminates, the depositary, and neither the Company nor any applicable trustee, is responsible for deciding the names of the institutions that will be the initial direct holders.


PLAN OF DISTRIBUTION

We may sell the securities offered by this prospectus from time to time pursuant to underwritten public offerings, negotiated transactions, block trades or a combination of these methods. We may sell such securities to or through underwriters or dealers, through agents or directly to one or more purchasers. We may distribute such securities from time to time in one or more transactions:

• at a fixed price or prices, which may be changed;

• at market prices prevailing at the time of sale;

• at prices related to such prevailing market prices; ou

• at negotiated prices.

Each time we offer and sell securities, we will provide a prospectus supplement that will describe the terms of the offering of the securities, including:

• the name or names of the underwriters, if any;

• the purchase price of the securities and the proceeds we will receive from the sale;

• any over-allotment options under which underwriters may purchase additional securities from us;

• any agency fees or underwriting discounts and other items constituting agents’ or underwriters’ compensation;

• any public offering price;

• any discounts or concessions allowed or reallowed or paid to dealers; et

• any securities exchange or market on which the securities may be listed.

Only underwriters named in the prospectus supplement applicable to such offering will be underwriters of the securities offered by such prospectus supplement.

If underwriters are used in the sale, they will acquire the securities for their own account and may resell the securities from time to time in one or more transactions at a fixed public offering price or at varying prices determined at the time of sale. The obligations of the underwriters to purchase the securities will be subject to the conditions set forth in the applicable underwriting agreement. We may offer the securities to the public through underwriting syndicates represented by managing underwriters or by underwriters without a syndicate. Subject to certain conditions, the underwriters will be obligated to purchase all of the securities offered by the prospectus supplement, other than securities covered by any over-allotment option. Any public offering price and any discounts or concessions allowed or reallowed or paid to dealers may change from time to time. We may use underwriters with whom we have a material relationship. We will describe the nature of any such relationship in the applicable prospectus supplement naming the underwriter.

We may sell securities directly or through agents we designate from time to time. We will name any agent involved in the offering and sale of securities and we will describe any commissions we will pay to the agent in the prospectus supplement. Unless the prospectus supplement states otherwise, our agent will act on a best-efforts basis for the period of its appointment.

We may authorize agents or underwriters to solicit offers from certain types of institutional investors to purchase securities from us at the public offering price set forth in the prospectus supplement pursuant to delayed delivery contracts providing for payment and delivery on a specified date in the future. We will describe the conditions to these contracts and the commissions we must pay for solicitation of these contracts in the prospectus supplement.

We may provide agents and underwriters with indemnification against civil liabilities, including liabilities under the Securities Act, or contribution with respect to payments that the agents or underwriters may make with respect to these liabilities. Agents and underwriters may engage in transactions with, or perform services for, us in the ordinary course of business.

All securities we may offer, other than common stock, will be new issues of securities with no established trading market. Any underwriters may make a market in these securities, but will not be obligated to do so and may discontinue any market making at any time without notice. We cannot guarantee the liquidity of the trading markets for any securities.

Any underwriter may engage in over-allotment, stabilizing transactions, short-covering transactions and penalty bids in accordance with Regulation M under the Exchange Act. Over-allotment involves sales in excess of the offering size, which create a short position. Stabilizing transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum price. Syndicate-covering or other short-covering transactions involve purchases of the securities, either through


exercise of the over-allotment option or in the open market after the distribution is completed, to cover short positions. Penalty bids permit the underwriters to reclaim a selling concession from a dealer when the securities originally sold by the dealer are purchased in a stabilizing or covering transaction to cover short positions. Those activities may cause the price of the securities to be higher than it would otherwise be. If commenced, the underwriters may discontinue any such activities at any time.

Any underwriters that are qualified market makers on the Nasdaq Capital Market may engage in passive market making transactions in the common stock on the Nasdaq Capital Market in accordance with Regulation M under the Exchange Act, during the business day prior to the pricing of the offering, before the commencement of offers or sales of the common stock. Passive market makers must comply with applicable volume and price limitations and must be identified as passive market makers. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for such security; if all independent bids are lowered below the passive market maker’s bid, however, the passive market maker’s bid must then be lowered when certain purchase limits are exceeded. Passive market making may stabilize the market price of the securities at a level above that which might otherwise prevail in the open market and, if commenced, may be discontinued at any time.

In compliance with guidelines of the Financial Industry Regulatory Authority (“FINRA”), the maximum consideration or discount to be received by any FINRA member or independent broker dealer may not exceed 8% of the aggregate amount of the securities offered pursuant to this prospectus and any applicable prospectus supplement.


LEGAL MATTERS

The validity of the securities being offered by this prospectus will be passed upon by Paul Hastings LLP, San Diego, California. If the securities are being distributed in an underwritten offering, certain legal matters will be passed upon for the underwriters by counsel identified in the related prospectus supplement.

EXPERTS

Mayer Hoffman McCann P.C., independent registered public accounting firm, has audited our consolidated financial statements included in our Annual Report on Form 10-K as of September 30, 2019 and 2018 and for the three years in the period ended September 30, 2019 and the effectiveness of our internal controls over financial reporting as of September 30, 2019, as set forth in their reports, which include an explanatory paragraph related to the change in the method of accounting for revenue and are incorporated by reference in this prospectus and elsewhere in the registration statement. Our financial statements are incorporated by reference in reliance upon the reports of Mayer Hoffman McCann P.C., upon the authority of said firm as experts in accounting and auditing, in giving said reports.

WHERE YOU CAN FIND ADDITIONAL INFORMATION

Available Information

We file annual, quarterly and special reports, proxy statements and other information with the SEC. The SEC maintains an Internet website at http://www.sec.gov that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC, including Mitek Systems, Inc. You may also access our reports and proxy statements free of charge at our Internet website, http://www.miteksystems.com.

This prospectus is part of a registration statement that we have filed with the SEC relating to the securities to be offered. This prospectus does not contain all of the information we have included in the registration statement and the accompanying exhibits and schedules in accordance with the rules and regulations of the SEC, and we refer you to the omitted information. The statements this prospectus makes pertaining to the content of any contract, agreement or other document that is an exhibit to the registration statement necessarily are summaries of their material provisions and do not describe all exceptions and qualifications contained in those contracts, agreements or documents. You should read those contracts, agreements or documents for information that may be important to you. The registration statement, exhibits and schedules are available at the SEC’s Internet website.

Incorporation by Reference

The rules of the SEC allow us to incorporate by reference in this prospectus the information in other documents that we file with it, which means that we can disclose important information to you by referring you to those documents that we have filed separately with the SEC. You should read the information incorporated by reference because it is an important part of this prospectus. We hereby incorporate by reference the following information or documents into this prospectus:

• our Annual Report on Form 10-K for the fiscal year ended September 30, 2019 filed with the SEC on December 6, 2019;

• our Current Report on Form 8-K filed with the SEC on November 7, 2019;

• our Current Report on Form 8-K filed with the SEC on December 20, 2019; et

• the description of our common stock, par value $0.001 per share, contained in the section entitled “Description of Capital Stock” in the prospectus included in our Registration Statement on Form SB-2 (File No. 333-07787), initially filed with the SEC on July 9, 1996, including any subsequent amendment or report filed for the purpose of amending such description.

Any information in any of the foregoing documents will automatically be deemed to be modified or superseded to the extent that information in this prospectus or in a later filed document that is incorporated or deemed to be incorporated herein by reference modifies or replaces such information.

We also incorporate by reference any future filings (other than current reports furnished under Item 2.02 or Item 7.01 of Form 8-K and exhibits filed on such form that are related to such items) made with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, including any such documents filed after the date of the initial registration statement and prior to the effectiveness of the registration statement, until we file a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold. Information in such future filings updates and supplements the information provided in this prospectus. Any statements in any such future filings will automatically be deemed to modify and supersede any


information in any document we previously filed with the SEC that is incorporated or deemed to be incorporated herein by reference to the extent that statements in the later filed document modify or replace such earlier statements.

Upon written or oral request, we will provide to you, without charge, a copy of any or all of the documents that are incorporated by reference into this prospectus but not delivered with the prospectus, including exhibits which are specifically incorporated by reference into such documents. Requests should be directed to: Mitek Systems, Inc., Attention: Investor Relations, 600 B Street, Suite 100, San Diego, CA 92101, telephone (619) 269-6800.


PART II

INFORMATION NOT REQUIRED IN THE PROSPECTUS

Item 14. Other Expenses of Issuance and Distribution.

The following table sets forth the estimated costs and expenses, other than underwriting discounts and commissions, payable by us in connection with the offering of the securities being registered. All the amounts shown are estimates, except for the SEC registration fee.

SEC Registration Fee

$ 12,980

Printing and Engraving Expenses

15 000

Legal Fees and Expenses

75,000

Accounting Fees and Expenses

8,000

Miscellaneous Expenses

5.000

Total

$ 115,980

Item 15. Indemnification of Directors and Officers.

Our restated certificate of incorporation, as amended, eliminates the personal liability of our directors for monetary damages for breach of fiduciary duties as our director to the fullest extent permitted by paragraph (7) of subsection (b) of Section 102 of the Delaware General Corporation Law (the “DGCL”), except (i) for any breach of the directors’ duty of loyalty to us or our stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) for unlawful dividends or distributions or (iv) for any transaction from which the director derived an improper personal benefit.

Our second amended and restated bylaws permit us to indemnify our directors, officers, employees and agents to the fullest extent permitted by Section 145 of the DGCL. Section 145 of the DGCL provides that a director, officer, employee or agent of a corporation who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation), by reason of the fact that such person is or was a director, officer, employee or agent of the corporation shall be indemnified and held harmless by the corporation to the fullest extent authorized by the DGCL against all expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe that the conduct was unlawful. If it is determined that the conduct of such person meets these standards, such person may be indemnified for expenses incurred and amounts paid in connection with such proceeding if actually and reasonably incurred in connection therewith.

If such a proceeding is brought by or on behalf of the corporation (i.e., a derivative suit), such person may be indemnified against all expenses, liabilities and losses (including attorneys’ fees, judgments, fines, ERISA excise taxes or penalties and amounts paid in settlement) actually and reasonably incurred by such person in connection with the defense or settlement of such proceeding if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation. There can be no indemnification with respect to any matter as to which such person is adjudged to be liable to the corporation unless and only to the extent that the Delaware Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all of the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Delaware Court of Chancery or such other court shall deem proper.

We may advance all expenses (including attorneys’ fees) actually and reasonably incurred by our officers or directors in defending a proceeding in advance of the final disposition of such proceeding upon receipt of an undertaking by or on behalf of such officer or director to repay all amounts so advanced if it is ultimately determined by final judicial decision from which there is no further right to appeal that such person is not entitled to be indemnified by us.

The indemnification rights and advancement of expenses provided in Section 145 of the DGCL are not exclusive of additional rights to indemnification for breach of fiduciary duties to us or advancement of expenses to the extent any such additional rights are authorized in our restated certificate of incorporation, and are not exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his or her official capacity and as to action in another capacity while holding such office.


We have entered into a separate Indemnification Agreement (the “Indemnification Agreement”) with each of our directors and executive officers (each, an “Indemnitee”). Under the Indemnification Agreement, each Indemnitee is entitled to be indemnified against all expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by or on behalf of such Indemnitee in connection with any claims, proceedings or other actions brought against such Indemnitee as a result of the Indemnitee’s service to us provided that the Indemnitee (i) acted in good faith; (ii) reasonably believed the action was in our best interest; and (iii) in criminal proceedings, reasonably believed his or her conduct was not unlawful. Additionally, the Indemnification Agreement entitles the Indemnitee to contribution of expenses from us in any proceeding in which we are jointly liable with such Indemnitee, but for which indemnification is not otherwise available.

The Indemnification Agreement also entitles each Indemnitee to advancement of expenses incurred by an Indemnitee in connection with any claim, proceeding or other action in advance of the final adjudication of any such claim, proceeding or other action, provided that the Indemnitee agrees to reimburse us for all such advances if it shall ultimately be determined that the Indemnitee is not entitled to indemnification.

The underwriting agreement that we might enter into (to be filed as Exhibit 1.1) will provide for indemnification by any underwriters of us, our directors, our officers who sign the registration statement and our controlling persons for certain liabilities, including certain liabilities arising under the Securities Act.


Item 16. Exhibits.

EXHIBIT INDEX

Incorporated by Reference
Exhibit
Number

Exhibit Description

Forme Filing Date/
Period End Date
Exhibit

Filed-Furnished

Herewith

1.1

Form of Underwriting Agreement#

4.1 10-K 12/05/2014 3.1
4.2 8-K 23/10/2018 3.1
4.3 8-K 11/10/2014 3.1
4.4 S-3 11/14/2011 4.3
4.5 8-K 23/10/2018 4.1
4.6 8-K 2/28/2019 4.1
4.7 S-3 12/20/2016 4.4
4.8 S-3 12/20/2016 4.5
4.9

Form of Senior Note#

4.10

Form of Subordinated Note#

4.11

Form of Specimen Preferred Stock Certificate#

4.12

Form of Certificate of Designation#

4.13

Form of Common Stock Warrant Agreement and Warrant Certificate#

4.14

Form of Preferred Stock Warrant Agreement and Warrant Certificate#

4.15

Form of Debt Securities Warrant Agreement and Warrant Certificate#

4.16

Form of Unit Agreement#

5.1 *
23.1 *
23.2 *
24.1 *
25.1

Statement of Eligibility of Trustee under the Senior Debt Indenture

25,2

Statement of Eligibility of Trustee under the Subordinated Debt Indenture

______________

# To be filed by amendment or by a report filed under the Exchange Act and incorporated herein by reference, if applicable.

† To be filed by amendment or pursuant to Trust Indenture Act Section 305(b)(2), if applicable.


Item 17. Undertakings.

The undersigned registrant hereby undertakes:

(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in the volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement; et

(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

provided, toutefois, that paragraphs (1)(i), (1)(ii) and (1)(iii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 and Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(4) That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:

(A) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; et

(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, toutefois, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.

(5) That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;


(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; et

(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

(6) That, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant’s annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering thereof.

(7) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.

(8) That, for purposes of determining any liability under the Securities Act of 1933:

(i) the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b) (1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective; et

(ii) each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(9) To file an application for the purpose of determining the eligibility of the trustee to act under subsection (a) of Section 310 of the Trust Indenture Act in accordance with the rules and regulations prescribed by the Commission under Section 305(b)(2) of the Trust Indenture Act.


SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of San Diego, State of California, on December 20, 2019.

MITEK SYSTEMS, INC.
Par:
Jeffrey C. Davison
Chief Financial Officer
(Principal Financial Officer)

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints, jointly and severally, Scipio M. Carnecchia and Jason L. Gray as his or her attorneys-in-fact, each with the power of substitution, for him or her in any and all capacities, to sign any amendments to this registration statement (including post-effective amendments), and to file the same, with all exhibits thereto, and other documents in connection therewith, with the SEC, hereby ratifying and confirming all that each of said attorneys-in-fact, or his or her substitute or substitutes, may do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, the registration statement has been signed below by the following persons in the capacities and on the dates indicated.

Signature Titre Rendez-vous amoureux

/s/ Scipio Maximus Carnecchia

Chief Executive Officer, Director 20 décembre 2019

Scipio Maximus Carnecchia

(Principal Executive Officer)

/s/ Jeffrey C. Davison

Chief Financial Officer 20 décembre 2019

Jeffrey C. Davison

(Principal Financial and Accounting Officer)

/s/ Bruce E. Hansen

Chairman of the Board of Directors 20 décembre 2019

Bruce E. Hansen

/s/ William K. Aulet

Director 20 décembre 2019

William K. Aulet

/s/ Kenneth D. Denman

Director 20 décembre 2019

Kenneth D. Denman

/s/ James C. Hale

Director 20 décembre 2019

James C. Hale

/s/ Alex W. Hart

Director 20 décembre 2019

Alex W. Hart

/s/ Jane J. Thompson

Director 20 décembre 2019

Jane J. Thompson

/s/ Donna Wells Director 20 décembre 2019
Donna Wells

EXHIBIT INDEX

Incorporated by Reference
Exhibit
Number

Exhibit Description

Forme Filing Date/
Period End Date
Exhibit

Filed-Furnished

Herewith

1.1

Form of Underwriting Agreement#

4.1 10-K 12/05/2014 3.1
4.2 8-K 23/10/2018 3.1
4.3 8-K 11/10/2014 3.1
4.4 S-3 11/14/2011 4.3
4.5 8-K 23/10/2018 4.1
4.6 8-K 2/28/2019 4.1
4.7 S-3 12/20/2016 4.4
4.8 S-3 12/20/2016 4.5
4.9

Form of Senior Note#

4.10

Form of Subordinated Note#

4.11

Form of Specimen Preferred Stock Certificate#

4.12

Form of Certificate of Designation#

4.13

Form of Common Stock Warrant Agreement and Warrant Certificate#

4.14

Form of Preferred Stock Warrant Agreement and Warrant Certificate#

4.15

Form of Debt Securities Warrant Agreement and Warrant Certificate#

4.16

Form of Unit Agreement#

5.1 *
23.1 *
23.2 *
24.1 *
25.1

Statement of Eligibility of Trustee under the Senior Debt Indenture

25,2

Statement of Eligibility of Trustee under the Subordinated Debt Indenture

______________

# To be filed by amendment or by a report filed under the Exchange Act and incorporated herein by reference, if applicable.

† To be filed by amendment or pursuant to Trust Indenture Act Section 305(b)(2), if applicable.

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<p><span>Mitek Systems, Inc.</span></p>
<p><span>600 B Street</span></p>
<p><span>Suite 100</span></p>
<p><span>San Diego, California 92101</span></p>
<p><span>Re:       Registration Statement on Form S-3</span></p>
<p><span>Ladies and Gentlemen:</span></p>
<p><span>We have acted as counsel to Mitek Systems, Inc., a Delaware corporation (the “</span><span>Entreprise</span><span>”), in connection with the registration statement on Form S-3 (the “</span><span>Registration Statement</span><span>”) to be filed with the Securities and Exchange Commission (the “</span><span>Commission</span><span>”) by the Company on the date hereof under the Securities Act of 1933, as amended (the “</span><span>Act</span><span>”), including the prospectus included therein (the “</span><span>Prospectus</span><span>”). </span></p>
<p><span>The Registration Statement relates to the issuance and sale by the Company from time to time, pursuant to Rule 415 of the rules and regulations promulgated under the Act, of an unspecified amount of securities of the Company up to an aggregate offering price of $100,000,000 and consisting of: (i) shares of the Company’s common stock, par value $0.001 per share (the “</span><span>Common Stock</span><span>”); (ii) shares of the Company’s preferred stock, par value $0.001 per share, to be issued in one or more series (the “</span><span>Preferred Stock</span><span>”); (iii) senior debt securities or subordinated debt securities (collectively, the “</span><span>Debt Securities</span><span>”) to be issued in one or more series under a form of senior debt indenture filed as Exhibit 4.4 to the Registration Statement or under a form of subordinated debt indenture filed as Exhibit 4.5 to the Registration Statement, as such indentures may be amended or supplemented from time to time (each an “</span><span>Indenture</span><span>” and collectively the “</span><span>Indentures</span><span>”) proposed to be entered into by and between the Company, as issuer, and a trustee to be named (the “</span><span>Trustee</span><span>”); (iv) warrants (the “</span><span>Warrants</span><span>”) to purchase Common Stock, Preferred Stock and/or Debt Securities, in one or more series, as shall be designated by the Company at the time of the offering; and (v) units (the “</span><span>Unités</span><span>”) consisting of any of the Common Stock, Preferred Stock, Debt Securities and/or Warrants or any combination of such securities. The Common Stock, Preferred Stock, Debt Securities, Warrants and Units are collectively referred to herein as the “</span><span>Offered Securities</span><span>.” The Registration Statement provides that the Offered Securities may be offered from time to time in amounts, at prices and on terms to be set forth in one or more supplements to the Prospectus (each, a “</span><span>Prospectus Supplement</span><span>”). This opinion is being delivered in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Act, and no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement, the Prospectus or any Prospectus Supplement, other than as expressly stated herein with respect to the issuance of the Offered Securities.</span></p>
<p><span>As such counsel and for purposes of our opinions set forth below, we have examined originals or copies, certified or otherwise identified to our satisfaction, of such documents, corporate records, certificates of public officials and other instruments as we have deemed necessary or appropriate as a basis for the opinions set forth herein, including, without limitation:</span></p>
<p><span>(i)</span><span>the Registration Statement;</span></p>
<p><span>(ii)</span><span>the Prospectus;</span></p>
<p><span>(iii)</span><span>the form of the senior debt indenture;</span></p>
<p><span>(iv)</span><span>the form of the subordinated debt indenture;</span></p>
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<p><span>20 décembre 2019</span></p>
<p><span>Page 2</span></p>
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<p><span>(v)</span><span>the restated certificate of incorporation of the Company, as amended and corrected, certified as of December 16, 2019 by the Secretary of State of the State of Delaware (the “</span><span>Certificate of Incorporation</span><span>”), and the second amended and restated bylaws of the Company, certified by an officer of the Company as of the date hereof (the “</span><span>Bylaws</span><span>” and together with the Certificate of Incorporation, the “</span><span>Charter Documents</span><span>”);</span></p>
<p><span>(vi)</span><span>a certificate of the Secretary of State of the State of Delaware certifying as to the incorporation and good standing of the Company under the laws of the State of Delaware as of December 20, 2019 (the “</span><span>Good Standing Certificate</span><span>”);</span></p>
<p><span>(vii)</span><span>a copy of the resolutions adopted by the Board of Directors of the Company (the “</span><span>Planche</span><span>”) on December 13, 2019, certified by an officer of the Company as of the date hereof, relating to, among other things, the Registration Statement and the issuance by the Company of securities, up to an aggregate offering price of $100,000,000, consisting of: the Offered Securities; et</span></p>
<p><span>(viii)</span><span>certificates of officers and representatives of the Company.</span></p>
<p><span>In addition to the foregoing, we have made such investigations of law as we have deemed necessary or appropriate as a basis for the opinions and views set forth herein.</span></p>
<p><span>In such examination and in rendering the opinions set forth below, we have assumed, without independent investigation or verification: (i) the genuineness of all signatures on all agreements, instruments, corporate records, certificates and other documents submitted to us; (ii) the authenticity and completeness of all agreements, instruments, corporate records, certificates and other documents submitted to us; (iii) that all agreements, instruments, corporate records, certificates and other documents submitted to us as certified, electronic, facsimile, conformed, photostatic or other copies conform to the originals thereof, and that such originals are authentic and complete; (iv) the legal capacity, competency and authority of all persons or entities executing all agreements, instruments, corporate records, certificates and other documents submitted to us; (v) the due authorization, execution and delivery of all agreements, instruments, corporate records, certificates and other documents by all parties thereto; (vi) that each document submitted to us is the valid and binding obligation of each of the parties thereto, enforceable against such parties in accordance with their respective terms and that no such documents have been amended or terminated orally or in writing except as has been disclosed to us in writing; (vii) that the statements contained in the certificates and comparable documents of public officials, officers and representatives of the Company and other persons on which we have relied for the purposes of this opinion letter are true and correct; (viii) that there has not been any change in the good standing status of the Company from that reported in the Good Standing Certificate; (ix) that each of the officers and directors of the Company has properly exercised his or her fiduciary duties; (x) that New York law will be chosen to govern the Debt Securities, the Indentures and any related supplemental indenture, the Warrants and any related warrant agreements, and the Units and any related unit agreements and that such choice is legally enforceable, and that the Debt Securities, the Indentures, the Warrants and any related warrant agreements, and the Units and any related unit agreements will contain all provisions required under the laws of the State of Delaware in respect of contracts for the sale of securities issued by a Delaware corporation; (xi) that there are no agreements or understandings between or among the parties to the Debt Securities, the Indentures, the Warrants, or the Units that would expand, modify or otherwise affect the terms of such agreements or instruments or the respective rights or obligations of the parties thereunder; and (xii) that the Debt Securities, the Indentures, the Warrants, and the Units will conform to the descriptions thereof set forth in the Prospectus. As to all questions of fact material to this opinion letter, we have relied (without independent investigation or verification) upon representations and certificates or comparable documents of officers and representatives of the Company.</span></p>
<p><span>Based upon the foregoing, and in reliance thereon, and subject to the limitations, qualifications and exceptions set forth herein, we are of the following opinion:</span></p>
<p><span>1. With respect to any shares of Common Stock to be offered by the Company pursuant to the Registration Statement (including any shares of Common Stock to be issued upon the exchange, exercise or conversion of Offered Securities that are exchangeable or exercisable for, or convertible into, Common Stock), when (i) the Registration Statement, as finally amended (including all necessary post-</span></p>
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<p><span>20 décembre 2019</span></p>
<p><span>Page 3</span></p>
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<p><span>effective amendments thereto), has become effective under the Act; (ii) a Prospectus Supplement with respect to such shares of Common Stock has been prepared, delivered and filed in compliance with the Act and the applicable rules and regulations thereunder; (iii) if such shares of Common Stock are to be sold pursuant to a firm commitment underwritten offering, the underwriting agreement with respect to such shares of Common Stock has been duly authorized, executed and delivered by the Company and the other parties thereto; (iv) the Board, including any appropriate committee thereof appointed thereby, and appropriate officers of the Company have taken all necessary corporate action to approve the issuance and terms of such shares of Common Stock and related matters; and (v) such shares of Common Stock have been duly issued and delivered against payment of the consideration therefor (such consideration being not less than the par value of the Common Stock) as contemplated by the Registration Statement, Prospectus, any applicable Prospectus Supplement and any applicable agreements or corporate actions relating thereto, such shares of Common Stock will be validly issued, fully paid and nonassessable.</span></p>
<p><span>2. With respect to any shares of Preferred Stock to be offered by the Company pursuant to the Registration Statement (including any shares of Preferred Stock to be issued upon the exchange, exercise or conversion of Offered Securities that are exchangeable or exercisable for, or convertible into, Preferred Stock), when (i) a series of Preferred Stock has been duly established in accordance with the terms of the Certificate of Incorporation and applicable law and authorized by all necessary corporate action of the Company; (ii) the relative rights, preferences, qualifications and limitations of such series of Preferred Stock have been designated by all necessary corporate action of the Company and set forth in a Certificate of Designations properly filed with the Secretary of State of the State of Delaware; (iii) the Registration Statement, as finally amended (including all necessary post-effective amendments thereto), has become effective under the Act; (iv) a Prospectus Supplement with respect to such shares Preferred Stock has been prepared, delivered and filed in compliance with the Act and the applicable rules and regulations thereunder; (v) if such shares of Preferred Stock are to be sold pursuant to a firm commitment underwritten offering, the underwriting agreement with respect to such shares of Preferred Stock has been duly authorized, executed and delivered by the Company and the other parties thereto; (vi) the Board, including any appropriate committee thereof appointed thereby, and appropriate officers of the Company have taken all necessary corporate action to approve the issuance and terms of such shares of Preferred Stock and related matters; and (vii) such shares of Preferred Stock have been duly issued and delivered against payment of the consideration therefor (such consideration being not less than the par value of the Preferred Stock) as contemplated by the Registration Statement, Prospectus, any applicable Prospectus Supplement and any applicable agreements or corporate actions relating thereto, such shares of Preferred Stock will be validly issued, fully paid and nonassessable.</span></p>
<p><span>3. With respect to any series of Debt Securities to be offered by the Company pursuant to the Registration Statement, including any Debt Securities to be issued upon the exchange, exercise or conversion of Offered Securities that are exchangeable or exercisable for, or convertible into, Debt Securities (the “</span><span>Offered Debt Securities</span><span>”), when (i) the Registration Statement, as finally amended (including all necessary post-effective amendments thereto), has become effective under the Act and the Indentures and any supplemental indentures have been qualified under the Trust Indenture Act of 1939, as amended (the “</span><span>Trust Indenture Act</span><span>”); (ii) a Prospectus Supplement with respect to the Offered Debt Securities has been prepared, delivered and filed in compliance with the Act and the applicable rules and regulations thereunder; (iii) if the Offered Debt Securities are to be sold pursuant to a firm commitment underwritten offering, the underwriting agreement with respect to the Offered Debt Securities has been duly authorized, executed and delivered by the Company and the other parties thereto; (iv) the Board, including any appropriate committee thereof appointed thereby, and appropriate officers of the Company have taken all necessary corporate action to approve the issuance and terms of the Offered Debt Securities and related matters; (v) the Indentures and any supplemental indenture to be entered into in connection with the issuance of the Offered Debt Securities have been duly authorized, executed and delivered by each party thereto; (vi) the terms of the Offered Debt Securities and of their issuance and sale have been duly established in conformity with the Indentures and any applicable supplemental </span></p>
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<p><span>20 décembre 2019</span></p>
<p><span>Page 4</span></p>
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<p><span>indentures so as not to violate any applicable law or Charter Documents, or result in a default under or breach of any agreement or instrument binding upon the Company and so as to comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over the Company; and (vii) the Offered Debt Securities have been issued in a form that complies with the Indentures and have been duly executed and authenticated in accordance with the provisions of the Indentures and any applicable supplemental indenture to be entered into in connection with the issuance of the Offered Debt Securities and duly delivered to the purchasers thereof upon payment of the agreed-upon consideration therefor in the manner contemplated in the Registration Statement or any Prospectus Supplement relating thereto, the Offered Debt Securities will constitute the valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms.</span></p>
<p><span>4.         With respect to any series of Warrants to be offered by the Company pursuant to the Registration Statement (the “</span><span>Offered Warrants</span><span>”), when (i) the Registration Statement, as finally amended (including all necessary post-effective amendments thereto), has become effective under the Act and any Indentures and supplemental indentures to be entered into in connection with the issuance of any Debt Securities related to such Offered Warrants have been qualified under the Trust Indenture Act; (ii) a Prospectus Supplement with respect to the Offered Warrants and any Offered Securities issuable upon the exercise of the Offered Warrants has been prepared, delivered and filed in compliance with the Act and the applicable rules and regulations thereunder; (iii) if the Offered Warrants are to be sold pursuant to a firm commitment underwritten offering, the underwriting agreement with respect to the Offered Warrants has been duly authorized, executed and delivered by the Company and the other parties thereto; (iv) the Board, including any appropriate committee thereof appointed thereby, and appropriate officers of the Company have taken all necessary corporate action to approve the issuance and terms of the Offered Warrants and related matters; (v) the warrant agreement, if any, to be entered into in connection with the issuance of the Offered Warrants and any Indentures and supplemental indentures to be entered into in connection with the issuance of any Debt Securities relating to such Offered Warrants have been duly authorized, executed and delivered by each party thereto; (vi) the terms of the Offered Warrants and any Debt Securities related to such Offered Warrants have been duly established in conformity with the applicable warrant agreement, if any, the Indentures and supplemental indentures governing any Debt Securities relating to such Offered Warrants, and applicable law and authorized by all necessary corporate action of the Company so as not to violate any applicable law or the Charter Documents or result in a default under or breach of any agreement or instrument binding upon the Company and so as to comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over the Company; (vii) the Common Stock or the Preferred Stock issuable upon exercise of the Offered Warrants have been duly authorized and reserved for issuance; (viii) the Debt Securities issuable upon exercise of the Offered Warrants have been duly authorized, executed and authenticated in accordance with the provisions of the applicable Indenture and any applicable supplemental indenture thereto, and reserved for delivery to the purchasers thereof upon exercise of the Offered Warrants and payment of the agreed-upon consideration therefor; and (ix) the Offered Warrants have been duly executed, delivered, countersigned, issued and sold against payment therefor in accordance with the provisions of the applicable warrant agreement, if any, the Offered Warrants will constitute the valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms.</span></p>
<p><span>5. With respect to any series of Units to be offered by the Company pursuant to the Registration Statement (the “</span><span>Offered Units</span><span>”), when (i) the Registration Statement, as finally amended (including all necessary post-effective amendments thereto), has become effective under the Act and any Indentures and supplemental indentures to be entered into in connection with the issuance of any Debt Securities related to such Offered Units have been qualified under the Trust Indenture Act; (ii) a Prospectus Supplement with respect to the Offered Units and any Offered Securities included in, or issuable upon the exercise of, the Offered Units has been prepared, delivered and filed in compliance with the Act and the applicable rules and regulations thereunder; (iii) if the Offered Units are to be sold pursuant to a firm commitment underwritten offering, the underwriting agreement with respect to the Offered Units has been </span></p>
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<p><span>20 décembre 2019</span></p>
<p><span>Page 5</span></p>
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<p><span>duly authorized, executed and delivered by the Company and the other parties thereto; (iv) the Board, including any appropriate committee thereof appointed thereby, and appropriate officers of the Company have taken all necessary corporate action to approve the issuance and terms of the Offered Units and related matters; (v) the unit agreement, if any, to be entered into in connection with the issuance of the Offered Units and any Indenture or supplemental indenture to be entered into in connection with the issuance of any Debt Securities related to such Offered Units have been duly authorized, executed and delivered by each party thereto; (vi) the terms of the Offered Units and any Debt Securities related to such Offered Units and their issuance and sale have been duly established in conformity with the applicable unit agreement, if any, and Indentures and supplemental indentures so as not to violate any applicable law or the Charter Documents or result in a default under or breach of any agreement or instrument binding upon the Company and so as to comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over the Company; (vii) any Common Stock or the Preferred Stock relating to the Offered Units have been duly authorized and reserved for issuance; (viii) any Debt Securities relating to the Offered Units have been duly executed and authenticated in accordance with the provisions of the Indentures and any applicable supplemental indenture thereto, and duly delivered to the purchasers thereof upon exercise of the Offered Units and payment of the agreed-upon consideration therefor; (ix) any Warrants relating to the Offered Units have been duly executed and authenticated in accordance with the provisions of the applicable warrant agreement, if any, and duly delivered to the purchasers thereof upon exercise of the Offered Units and payment of the agreed-upon consideration therefor; and (x) the Offered Units have been duly executed, delivered, countersigned, issued and sold in accordance with the provisions of the applicable unit agreement, if any, and the applicable underwriting agreement, or any other duly authorized, executed and delivered valid and binding purchase or agency agreement, will constitute the valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms.</span></p>
<p><span>The opinions expressed herein are subject to the following exceptions, qualifications and limitations:</span></p>
<p><span>A.         They are limited by the effect of (i) any applicable bankruptcy, insolvency, reorganization, moratorium or similar law and principles affecting creditors’ rights generally, including without limitation fraudulent transfer or fraudulent conveyance laws and (ii) general principles of equity (including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing) and the availability of equitable remedies (including, without limitation, specific performance and equitable relief), regardless of whether considered in a proceeding in equity or at law.</span></p>
<p><span>B.         With reference to, but without limiting in any way, qualification (A) above: provisions regarding the recovery of attorneys’ fees for a person who is not the prevailing party in a final proceeding, provisions imposing a payment obligation with respect to the Company’s obligations and provisions whereby a party purports to ratify acts in advance of the occurrence of such acts, are or may be unenforceable in whole or in part under applicable law.</span></p>
<p><span>C.         No opinion is expressed herein with respect to (i) the validity, binding effect or enforceability of any provision of the Offered Securities that requires a person or entity to cause another person or entity to take or refrain from taking action under circumstances in which such person or entity does not control such other person or entity, (ii) the validity, binding effect or enforceability of any provision of the Offered Securities insofar as it purports to effect a choice of governing law or choice of forum for the adjudication of disputes, other than (a) the enforceability by a New York State court under New York General Obligations Law Section 5-1401 of the choice of New York State law as the governing law of the Offered Securities (subject, however, to the extent limited by the Constitution of the United States and by Section 1-301 of the New York Uniform Commercial Code), and (b) the enforceability by a New York State court under New York General Obligations Law Section 5-1402 of New York State courts as a non-exclusive forum for the adjudication of disputes with respect to the Offered Securities, and (iii) the acceptance by a Federal court located in the State of New York of jurisdiction in a dispute arising under the Offered Securities.</span></p>
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<p><span>20 décembre 2019</span></p>
<p><span>Page 6</span></p>
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<p><span>Without limiting any of the other limitations, exceptions, assumptions and qualifications stated elsewhere herein, we express no opinion or view with regard to the applicability or effect of the laws of any jurisdiction other than, as in effect on the date of this letter, the General Corporation Law of the State of Delaware and, with respect to our opinions relating to the enforceability of the Indentures, the Debt Securities, the Warrants and the Units, the internal laws of the State of New York, in each case as in effect on the date hereof.</span></p>
<p><span>This opinion letter deals only with the specified legal issues expressly addressed herein, and you should not infer any opinion that is not explicitly stated herein from any matter addressed in this opinion letter. This opinion letter is rendered solely in connection with the Registration Statement. This opinion is expressed as of the date hereof unless otherwise expressly stated, and we disclaim any undertaking to advise you of any subsequent changes in the facts stated or assumed herein or of any subsequent changes in applicable laws. </span></p>
<p><span>We hereby consent to the filing of this opinion with the Commission as an exhibit to the Registration Statement. We also hereby consent to the use of our name under the heading “Legal Matters” in the Prospectus which forms a part of the Registration Statement. In giving this consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission promulgated thereunder.</span></p>
<p><span>Very truly yours,</span></p>
<p><span>/s/ Paul Hastings LLP</span></p>
<p><span>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</span></p>
<p><span> </span></p>
<p><span>As an independent registered public accounting firm, we hereby consent to the incorporation by reference in this Registration Statement on Form S-3 of our report dated December 6, 2019, with respect to the consolidated financial statements of Mitek Systems, Inc. as of September 30, 2019 and 2018 and for each of the three years in the period ended September 30, 2019 and to the effectiveness of Mitek Systems, Inc.’s internal controls over financial reporting as of September 30, 2019, included in Mitek Systems, Inc.’s Annual Report on Form 10-K for the year ended September 30, 2019 (which report includes an explanatory paragraph related to the change in the method of accounting for revenue). We also consent to the reference to us under the heading “Experts” in the Prospectus which is part of this Registration Statement.</span></p>
<p><span>/s/ Mayer Hoffman McCann P.C.</span></p>
<p><span>San Diego, California</span></p>
<p><span>December 20, 2019 </span></p>
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