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Mitek Systems Inc. Message Board

  • UHUH24 UHUH24 Mar 22, 2011 9:38 AM Flag

    Options hidden overvaluation

    Here is another 14% of the company being given away dated March 14, 2011. What is going on here? The option pool is already 4.8 million shares or 23% of the company. Now it will be 37% of the company. Crazy greedy.

    One million shares for directors!! Get serious that is 5% of the company to pay their buddies. These guys can buy stock in the open market like to rest of us.
    Two million shares for insiders:

    If you do not want your company being taken away from you, better vote no when the proxy comes next time. Already too late for this giveaway. No wonder the stock is heading South. They are creating new stock every day and we do not see a share of it.

    Insiders own more than 50% of the stock. There is nothing to stop them from granting more options. Given their recent greed, why would they stop at 37% when they can keep diluting public shareholders without consequence?

    Our only recourse is to sue them or sell our stock. This stock should be $1.50 which would still be a $40MM market cap, 6x Revenues.

    Note that 300,000 options were just exercised so they will come pouring onto the market EVERY FEW MONTHS.

    The Directors pool is particularly offensive.

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