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BIO-key® International, Inc. (NASDAQ:BKYI), an innovator in biometric authentication and Identity and Access Management (IAM) solutions, today announced it has entered into a warrant inducement agreement with an existing institutional investor for the exercise of certain outstanding warrants that the Company issued on January 15 2025. Pursuant to the warrant inducement agreement, the investor has agreed to exercise the outstanding Series A and Series B Warrants to purchase an aggregate of 3,091,668 shares of the Company's common stock at a reduced exercise price of $1.02 per share, subject to compliance with beneficial ownership blocker provisions included in the warrants. The gross proceeds from the exercise of the warrants are expected to be approximately $3.1 million, prior to deducting placement agent fees and estimated offering expenses.
Maxim Group LLC is acting as the exclusive Placement Agent for the transaction.
In consideration for the exercise of the warrants, the Company also agreed to issue to the investor unregistered Warrants to purchase an aggregate of 6,183,336 shares of the Company's common stock with an exercise price of $1.02 per share (the "New Warrants"). The warrants are immediately exercisable, and will expire five years from the date of issuance. The Company has agreed to file a registration statement with the Securities and Exchange Commission ("SEC") covering the resale of the shares of common stock issuable upon exercise of the New Warrants. 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.
Posted In: BKYI
