WALL, N.J., (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of biometric authentication and security solutions, today announced the sale of a $2,415,400 Senior Secured Convertible Note to Lind Global Macro Fund, LP. At closing, $2.1 million was funded, with the proceeds to be used for general working capital purposes, including repayment of outstanding indebtedness.

The Note is secured by a first priority lien on substantially all of BIO-key’s assets and properties and is convertible at the option of the Investor into shares of BIO-key common stock at a fixed conversion price of $1.16 per share.

BIO-key CEO Michael DePasquale commented, “BIO-key completed this funding to ensure that we have sufficient financial resources to fund our business and execute on our growth strategy. We believe this financing structure, including its above-market conversion price and 12 month repayment schedule, provides an attractive source of capital for our company, particularly as we start the deployment of our recently announced contracts in Africa and deal with the current global coronaviris pandemic.”

The principal amount of the Note is due and payable in five equal monthly installments of $268,333 beginning seventh months after the funding date with the balance due 12 months after the date of funding. BIO-key has the right to prepay the Note in full at any time without penalty, in which case the Investor will have the option of converting 25% of the outstanding principal amount of the Note into BIO-key shares at $1.16 per share.

Additionally, the Investor was issued a five-year warrant to purchase 1,900,000 shares of common stock at a fixed exercise price of $1.16 per share. The Warrant is immediately exercisable.

Maxim Group LLC served as placement agent in connection with the forgoing transaction.

About BIO-key International, Inc. (www.bio-key.com)

BIO-key is revolutionizing authentication with biometric solutions that enable convenient and secure access to devices, information, applications and high-value transactions. BIO-key’s software and hardware finger scanning solutions offer secure, user-friendly and attractively priced alternatives to passwords, PINs, tokens and security cards, enabling enterprises and consumers to secure their networks and devices as well as their information in the cloud.

About The Lind Partners (www.thelindpartners.com)

The Lind Partners is an institutional fund manager and leading provider of growth capital to small- and mid-cap companies publicly traded in the US, Canada, Australia and the UK. Lind targets high growth sectors such as technology, biotech, clean-tech, mining and oil & gas. Founded in 2011, Lind has completed over 70 direct investments for more than $850 million in total value and has an established reputation as a flexible and supportive capital partner to investee companies.