BIO-key International Announces Pricing of $3.75 Million Public Offering
October 30 2023 - 2:21PM
BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider
of workforce and customer Identity and Access Management (IAM)
featuring passwordless, phoneless and token-less Identity-Bound
Biometric (IBB) authentication solutions, today announced the
pricing of its public offering of 21,430,000 units, with each unit
consisting of one share of common stock (or a pre-funded warrant in
lieu thereof) and one warrant to purchase one share of common
stock. Each unit is being sold at a public offering price of
$0.175. The warrants in each unit will be immediately exercisable
at a price of $0.175 per share and will expire five years from the
date of issuance. The shares of common stock (or pre-funded
warrants in lieu thereof) and the accompanying warrants can only be
purchased together in this offering but will be issued separately
and will be immediately separable upon issuance.
Gross proceeds, before deducting placement agent
fees and estimated offering expenses, are expected to be
approximately $3.75 million. The offering is expected to close on
October 31, 2023, subject to customary closing conditions.
Maxim Group LLC is acting as sole placement
agent in connection with this offering.
The securities described above are being offered
pursuant to a registration statement on Form S-1 (File No.
333-275003), which was declared effective by the Securities and
Exchange Commission (the "SEC") on October 30, 2023. The offering
is being made only by means of a prospectus, which is a part of the
effective registration statement. A preliminary prospectus relating
to the offering has been filed with the SEC. Copies of the final
prospectus relating to this offering, when available, will be filed
with the SEC and may be obtained from Maxim Group LLC, 300 Park
Avenue, 16th Floor, New York, NY 10022, at (212) 895-3745.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
described herein, nor shall there be any sale of these securities
in any state or other 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 other
jurisdiction.
About BIO-key International, Inc. BIO-key is
revolutionizing authentication and cybersecurity with
biometric-centric, multi-factor identity and access management
(IAM) software managing millions of users. Its cloud-based
PortalGuard IAM solution provides cost-effective, easy-to-deploy,
convenient, and secure access to devices, information,
applications, and high-value transactions. With industry-leading
Identity-Bound Biometric (IBB) capabilities, BIO-key's patented
software and hardware solutions enable large-scale
Identity-as-a-Service (IDaaS) solutions and customized on-premises
solutions. BIO-key EMEA (formerly Swivel Secure Europe, S.A.) is an
IAM solutions provider based in Madrid, Spain, that serves the
European, Middle East, and African markets.
Forward Looking 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 history of losses and limited revenue; our
ability to raise additional capital to satisfy debt repayment
obligations and working capital needs; our ability to continue as a
going concern; our ability to protect our intellectual property;
changes in business conditions; changes in our sales strategy and
product development plans; changes in the marketplace; continued
services of our executive management team; security breaches;
competition in the biometric technology industry; market acceptance
of biometric products generally and our products under development;
our ability to convert sales opportunities to customer contracts;
our ability to expand into Asia, Africa and other foreign markets;
our ability to integrate the operations and personnel of Swivel
Secure into our business; fluctuations in foreign currency exchange
rates; delays in the development of products and statements of
assumption underlying any of the foregoing as well as other factors
set forth under the caption "Risk Factors" in our Annual Report on
Form 10-K for the year ended December 31, 2022 and 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. Except as required by law, we
undertake no obligation to disclose any revision to these
forward-looking statements whether as a result of new information,
future events, or otherwise.
Engage with BIO-key:
Facebook – Corporate:
https://www.facebook.com/BIOkeyInternational/LinkedIn – Corporate:
https://www.linkedin.com/company/bio-key-internationalTwitter –
Corporate: @BIOkeyIntlTwitter – Investors: @BIO_keyIRStockTwits:
BIO_keyIR
Investor Contacts:William Jones, David
CollinsCatalyst IRBKYI@catalyst-ir.com212-924-9800
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