BIO-key International raises $3.1 million through warrant exercise

BIO-key International Inc. (NASDAQ: BKYI) completed a $3.1 million warrant inducement transaction with an existing institutional investor. The biometric authentication company announced the investor agreed to exercise outstanding Series A and Series B warrants to purchase 3,091,668 shares of common stock at $1.02 per share.

The warrants were originally issued on January 15, 2025. The transaction is subject to beneficial ownership provisions included in the warrants, and proceeds are expected to reach approximately $3.1 million before deducting placement agent fees and offering expenses.

As part of the agreement, BIO-key will issue new unregistered warrants to the investor allowing the purchase of 6,183,336 additional shares at $1.02 per share. These new warrants are immediately exercisable and will expire five years from issuance. The company plans to file a registration statement with the Securities and Exchange Commission covering the resale of shares issuable upon exercise of the new warrants.

Maxim Group LLC served as the exclusive placement agent for the transaction. BIO-key develops biometric-centric identity and access management software that the company states secures access for over 40 million users.

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