BIO-key International, Inc. Announces Closing of Approximately $2.1 Million Offering and Full Exercise of the Underwriter’s...
August 24 2018 - 11:50AM
BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider
of biometric software and hardware enterprise solutions and
consumer products, announced today the closing of an underwritten
offering of 1,200,000 Units consisting of 1,200,000 shares of its
common stock and warrants to purchase up to an aggregate of 900,000
shares of the Company’s common stock with a purchase price of $1.50
per Unit. Simultaneously with the closing, the Company sold
an additional 180,000 Units consisting of 180,000 shares of its
common stock and warrants to purchase up to an aggregate of 135,000
shares of the Company’s common stock with a purchase price of $1.50
per Unit sold in connection with the full exercise of the
underwriter’s over-allotment option. Gross proceeds, before
underwriting discounts and commissions and estimated offering
costs, are approximately $2.1 million.
BIO-key intends to use the net proceeds from
this offering for general corporate purposes, including working
capital.
Maxim Group LLC acted as sole book-running manager for the
offering.
The securities described above are being offered
by BIO-key pursuant to a registration statement (File No.
333-225934) previously filed and declared effective by the
Securities and Exchange Commission (SEC). The securities are being
offered by means of a prospectus supplement and accompanying
prospectus, forming part of the registration statement. A
preliminary prospectus supplement and accompanying prospectus
relating to this offering have been filed with the SEC. Electronic
copies of the preliminary prospectus supplement and the
accompanying prospectus relating to this offering may be obtained
from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY
10174, at 212-895-3745. Electronic copies of the preliminary
prospectus supplement and accompanying prospectus are also
available on the website of the SEC at www.sec.gov.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or jurisdiction.
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
software-based 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 more ways to BIO-key your world!
BIO-key Safe Harbor
StatementCertain statements contained in this press
release may be construed as "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 subject to certain risks and uncertainties
that may cause actual results to differ materially from those
projected on the basis of these statements. These risks and
uncertainties include, without limitation, our history of losses
and limited revenue, our ability to develop new products and evolve
existing ones, market acceptance of biometric solutions generally
and our specific offerings, our ability to expand into the Asian
market, the impact on our business of the recent financial crisis
in the global capital markets, negative global economic trends 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, 2017 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.
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Investor & Media
Contacts: William Jones; Tanya KamatuCatalyst Global
212-924- 9800bkyi@catalyst-ir.com
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