BIO-key share offering brings in $2.1M

BIO-key announced today the closing of an underwritten offering of 1,200,000 Units consisting of 1,200,000 shares of its common stock and warrants to purchase up to an aggregate of 900,000 shares of the company’s common stock with a purchase price of $1.50 per Unit.

Simultaneously with the closing, BIO-key sold an additional 180,000 Units consisting of 180,000 shares of its common stock and warrants to purchase up to an aggregate of 135,000 shares of the company’s common stock with a purchase price of $1.50 per Unit sold in connection with the full exercise of the underwriter’s over-allotment option. Gross proceeds, before underwriting discounts and commissions and estimated offering costs, are approximately $2.1 million.

BIO-key noted earlier this week that it intends to use the net proceeds from this offering for general corporate purposes, including working capital.

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

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