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Mitek Systems shares down on news of stock offering

Shares of Mitek Systems (Nasdaq: MITK) are down Tuesday as the mobile imaging software company announced plans for a public stock offering.

Mitek said Tuesday it priced an underwritten public offering of 2,857,142 shares of its common stock at $5.25 per share.

The San Diego company said it is giving the underwriters a 30-day option to buy up to an aggregate of 428,571 additional shares of common stock to cover overallotments, if any.

The planned public stock offering will increase Mitek's outstanding shares, which dilutes the value of existing shares held by stockholders. Mitek currently has about 27 million outstanding shares, according to FactSet.

Mitek Systems Inc.'s stock is down $1.15, or 18 percent, to $5.37 in late morning trading. The shares closed at $6.52 on Monday and have more than doubled their value for the year to date.

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