Shares of Mitek Systems took a hit on Wednesday as the company failed to file its third-quarter results in a timely manner with the U.S. Securities and Exchange Commission (SEC). The stock dropped 6% to $11.57 during midday trading, although it has seen a 19% increase in value this year.

Mitek Systems, a San Diego-based digital identity and fraud prevention company, received a notice from the Nasdaq Stock Market on August 14th stating that the failure to file results with the SEC could lead to delisting. This is not the first time Mitek has faced delisting notices for delayed quarterly reports. In its regulatory filings, the company attributed the delays to the resignation of its accounting firm in May 2022.

To address the issue and regain compliance with Nasdaq's listing rules, Mitek presented its plan to a hearings panel. The company anticipates a decision on its plan later this month or next month. Mitek also intends to promptly file its three previous quarterly reports to regain compliance.

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