WALL, N.J., July 23, 2020 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of identity, security and access management solutions with biometric expertise, announced today the completion of an underwritten public offering of 38,214,500 shares of its common stock (or pre-funded warrants to purchase common stock in lieu thereof) and warrants to purchase up to an aggregate of 38,214,500 shares of its common stock, inclusive of the full exercise of the underwriters’ overallotment option. Gross proceeds before deducting underwriting discounts, commissions and other offering expenses were approximately $24.8 million.

Each share of common stock or pre-funded warrant was sold together with one common warrant to purchase one share of common stock at a combined price of $0.65. The warrants are immediately exercisable at a price of $0.65 per share and expire five years from the date of issuance.

Maxim Group LLC acted as sole book-running manager for the offering. Fox Rothschild LLP acted as counsel to BIO-key in the offering.

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

BIO-key is revolutionizing authentication with biometric centric, multi-factor identity and access management (IAM) solutions that provide convenient and secure access to devices, information, applications and high-value transactions. BIO-key’s proprietary software and hardware solutions enable large-scale on-premise and Identity-as-a-Service (IDaaS) solutions as well as customized enterprise and cloud solutions.