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Bio-Key raises $3.75M, lands new government MFA client

Bio-Key raises $3.75M, lands new government MFA client

Nasdaq-listed biometric authentication company BIO-key International announced on Tuesday the closing of its public offering of 21,430,000 units after reaching a public offering price of US$0.175. The digital authentication and ID firm put its gross proceeds at approximately US$3.75 million.

Each unit is made up of one common share, plus a warrant to purchase another share at the same price.

The warrants can be exercised immediately, and expire five years after issuance, the firm says in a release. There are 9.44 million shares of BIO-key currently outstanding, according to Barron’s, and they opened trading at $0.199 on Wednesday.

U.S.-based BIO-key recently released its third-quarter results, showing a 30-percent increase in revenues in the third quarter to US$1.8 million, but a net loss of $749,000. For the three quarters ending September 30, BIO-key reported a significantly reduced net loss of US$2.5 million on revenue of $6.84 million.

The company has also announced that the Ministry of Defense of Montenegro started using BIO-key’s multi-factor authentication product AuthControl Sentry to manage identity and access (IAM) for government employees.

The MFA software was deployed through BIO-key EMEA (Europe, Middle East, Africa) while the project was managed by BIO-key’s partner, Slovenian cybersecurity firm REAL security.

“Adding another defense ministry client only further validates the strength of BIO-key’s multi-factor authentication solutions, not only in the defense industry but in any environment where strong security is a requirement,” says Alex Rocha, managing director at BIO-key EMEA.

BIO-key has also been focusing on building out its footprint in Africa, securing a partnership in Ethiopia in June after landing two deals in May.

This post was updated at 10:04am Eastern on November 3, 2023 to correct the revenue figure for the first three quarters of the year.

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