BIO-key Receives Nasdaq Notification Regarding $1.00 Minimum Closing Bid Price Requirement - Has 180 Days to Regain Complianc...
September 27 2019 - 2:10PM
BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider
of biometric authentication and security solutions, today announced
it has received a continued listing deficiency notice from The
Nasdaq Stock Market LLC because its share price has not met the
$1.00 minimum closing bid price requirement for 30 consecutive
trading days - Nasdaq Listing Rule 5550(a)(2) and 5810(c)(3)(A).
This notice has no immediate effect on the Company’s Nasdaq listing
or the trading of its common stock.
BIO-key has a 180-day period, until March 23, 2020, in which to
regain compliance with the minimum bid price requirement. If at any
time during the compliance period, the closing bid price of
BIO-key’s common stock is at least $1.00 per share for a minimum of
ten consecutive trading days, Nasdaq will provide a written
confirmation of compliance and the matter would be resolved.
Should BIO-key not regain compliance within the initial
compliance period, it may be eligible for an additional 180-day
compliance period if it meets the market value of publicly held
shares requirement for continued listing, all other initial
inclusion requirements for The Nasdaq Capital Market, except for
the bid price requirement, and provides written notice of a plan to
regain compliance during the second 180-day compliance period.
BIO-key CEO, Mike DePasquale said, “We are confident in
BIO-key’s outlook, and we expect to address this deficiency during
the compliance period. Our optimism is rooted in the ongoing,
strengthening interest in and deployment of biometric solutions
across the diverse market segments that we serve.”
About BIO-key International, Inc.
(www.bio-key.com)BIO-key is
revolutionizing authentication with biometric solutions that enable
convenient and secure access to information and high-stakes
transactions. We offer alternatives to passwords, PINs, tokens, and
cards to make it easy for enterprises and consumers to secure their
devices as well as information in the cloud. Our premium finger
scanning devices offer market-leading quality, performance and
price. BIO-key also brings the power and ease of use of biometric
technology to its TouchLock line of biometric and Bluetooth enabled
padlocks – providing even more ways to BIO-key your world!
BIO-key Safe Harbor
StatementAll statements contained in this press release
other than statements of historical facts are "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995 (the "Act"). The words "estimate," "project,"
"intends," "expects," "anticipates," "believes" and similar
expressions are intended to identify forward-looking statements.
Such forward-looking statements are made based on management's
beliefs, as well as assumptions made by, and information currently
available to, management pursuant to the "safe-harbor" provisions
of the Act. These statements are not guarantees of future
performance or events and are subject to risks and uncertainties
that may cause actual results to differ materially from those
included within or implied by such forward-looking statements.
These risks and uncertainties include, without limitation, our
ability to develop new products and evolve existing ones, customer
and market acceptance of biometric solutions generally and our
specific offerings, our ability to expand sales within existing
customer relationships, our ability to raise additional capital,
and our ability to attract and retain key personnel. For a
more complete description of these and other risk factors that may
affect the future performance of BIO-key International, Inc., see
"Risk Factors" in the Company's Annual Report on Form 10-K for the
year ended December 31, 2018 and its other filings with the
Securities and Exchange Commission. Readers are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date made. The Company undertakes no
obligation to disclose any revision to these forward-looking
statements to reflect events or circumstances after the date
made.
Facebook – Corporate: |
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BIO-key International |
Twitter – Corporate: |
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@BIOkeyIntl |
Twitter – Investors: |
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@BIO_keyIR |
StockTwits: |
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@BIO_keyIR |
Investor & Media ContactsWilliam Jones,
David CollinsCatalyst Global212-924-9800bkyi@catalyst-ir.com
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