BIO-key International, Inc. entered into a warrant exercise agreement with an existing institutional investor to reduce the exercise price of outstanding warrants from $10.20 to $4.06 per share and issue new unregistered warrants for up to 1,236,668 shares at the same reduced price. The transaction generated approximately $2.51 million in gross proceeds, which the company intends to use for working capital and general corporate purposes, including potential repayment of a secured note. Maxim LLC served as the exclusive placement agent, receiving a 5.0% cash fee. The issuance of new warrants is conditioned on stockholder approval at a meeting to be convened within 120 days, with subsequent meetings every 90 days if necessary. BIO-key International operates in the biometric security industry, providing fingerprint and facial recognition technology solutions.
