Mitek (MITK -17.8%) tumbles to $5.38 after pricing its stock offering at $5.25. The mobile check...

|About: Mitek Systems Inc. (MITK)|By:, SA News Editor

Mitek (MITK -17.8%) tumbles to $5.38 after pricing its stock offering at $5.25. The mobile check deposit software firm is offering 2.86M shares, a figure that (based on Q1 figures) stands to increase its diluted share count by 11%. Mitek expects gross proceeds of $15M, and only says it plans to use the proceeds for "general corporate purposes, including working capital requirements." (PR)