Benzinga | Jul 21, 2020 06:21AM EDT

BIO-key Prices Upsized 33.2M Share/Warrant Underwritten Public Offering @$0.65/Share/Warrant

BIO-key International, Inc. (NASDAQ:BKYI) announced the pricing of an underwritten public offering of 33,230,000 shares of its common stock (or pre-funded warrants to purchase common stock in lieu thereof) and common warrants to purchase up to an aggregate of 33,230,000 shares of the Company's common stock. Each share of common stock or pre-funded warrant is being sold together with one common warrant to purchase one share of common stock at a combined price to the public of $0.65 per share and common warrant. Gross proceeds before deducting underwriting discounts, commissions and other offering expenses are expected to be $21.6 million.

The common warrants will be immediately exercisable at a price of $0.65 per share of common stock and will expire five years from the date of issuance. The shares of common stock and the accompanying common warrants can only be purchased together in the offering but will be issued separately. The offering is expected to close on or about July 23, 2020, subject to customary closing conditions.

Maxim Group LLC is acting as sole book-running manager for the offering.