Author Topic: MITK - Mitek Systems  (Read 15851 times)

LightWhale

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Re: MITK - Mitek Systems
« Reply #40 on: March 14, 2019, 07:34:26 AM »
Thanks for the link. Is there any official confirmation for the timeline within it? I haven't seen any reference to bids since the Dec 11th filing.
Interesting that eventually, Elliott did not attempt to nominate individuals to the Board.
Sold again yesterday @11.72 thanks to writser's reminder, will repurchase below 10.6.


Castanza

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Re: MITK - Mitek Systems
« Reply #41 on: March 25, 2019, 08:34:07 AM »
Looks like moves are being made, possible news coming out? Can't find anything but volume is way up and it just broke through 52 week high.
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writser

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Re: MITK - Mitek Systems
« Reply #42 on: March 26, 2019, 06:39:55 AM »
Stock ran up to ~$11.60 today - maybe because of optimism due to the results of the shareholder vote? I don't know, but I sold the majority of my position. Probably too early, but $11.50 is the only firm bid that I am aware of. Let's see if the market offers another buying opportunity soon.

Definitely too early! I guess some market participants know more than I do about upcoming bids (or they are suddenly way more optimistic than two days ago ..). We'll see how things will turn out.
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Schwab711

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Re: MITK - Mitek Systems
« Reply #43 on: March 26, 2019, 06:45:18 AM »
I'm hopefully selling the options today. Feels like a sell the news type of moment. This was a pretty lucky outcome.

writser

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Re: MITK - Mitek Systems
« Reply #44 on: March 28, 2019, 04:12:20 AM »
S-8 filed yesterday for 1m shares for the CEO. The CEO received 800k performance options in November last year, and "none of the performance options will vest prior to the third anniversary of the date of grant outside a change of control of the Company". Mitek just making sure they have the paperwork in order to grant 800k shares in November 2021? Seems more likely a deal is imminent.
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writser

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Re: MITK - Mitek Systems
« Reply #45 on: March 29, 2019, 06:35:35 AM »
Quote
Mitek Systems (NASDAQ:MITK) could see $18.50 to $20 per share in a a potential takeout, according to Benchmark analyst Mark Schappel.

(link). And another spike on the opening.

The rumors are strong in this one the past few days.
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Foreign Tuffett

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Re: MITK - Mitek Systems
« Reply #46 on: March 29, 2019, 06:52:12 AM »
Quote
Mitek Systems (NASDAQ:MITK) could see $18.50 to $20 per share in a a potential takeout, according to Benchmark analyst Mark Schappel.

(link). And another spike on the opening.

The rumors are strong in this one the past few days.

I don't know if that price range is realistic or not. I suppose it could be if there's a bidding war, or if acquirers see Mitek as a "must have" strategic asset. I doubt a private equity firm would want to pay that big a premium. Obviously the stock is trading much lower than $18.50, so shareholders could still do really well even if the lower end of the range isn't reached.

It's reasonably clear that Elliott's bid was opportunistic, coming as it did at a time when Mitek's management was in disarray. Since it looks increasingly likely the company will be sold (I agree with you about the options package timing), buying at ~$12 may not be a bad idea. $12 is only a ~4.3% premium to Elliott's $11.50 bid which, at least in theory, provides some implicit downside protection.
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writser

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Re: MITK - Mitek Systems
« Reply #47 on: March 29, 2019, 06:55:50 AM »
Agreed. My portfolio is in a dire need of cash at the moment and there are other ideas I like better, but it's certainly an interesting idea. The S-8 filing from yesterday makes it, in my eyes, even more likely a transaction is imminent. Though I assign zero weight to what Mark Schappel is thinking. =
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writser

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Re: MITK - Mitek Systems
« Reply #48 on: April 18, 2019, 06:44:50 AM »
Big seller 10 minutes after the opening, shares dropped as low as $11.30. I don't see any news, got a few fills. Here we go again ..
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Castanza

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Re: MITK - Mitek Systems
« Reply #49 on: April 26, 2019, 06:55:10 AM »
https://www.sec.gov/Archives/edgar/data/807863/000080786319000022/xslF345X03/wf-form4_155622696518504.xml

Not sure what to make of this. Options weren't close to expiry, yet he payed 56k to convert them to common share? What's the reasoning behind a move like this?
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