BIO-key is gaining ground in its effort to get up-listed to the Nasdaq through two funding initiatives.
The fingerprint biometrics solutions provider has secured approximately one million dollars through a common stock sale to a current investor and board member, at a value of $3.60 per share.
Meanwhile, BIO-key has also established a $5 million Common Stock Purchase Agreement with “an accredited institutional investor,” according to a statement from the company. The deal is for a 36-month term, with BIO-key able to sell common stock up to a total of $5 million to the institutional investor at a value of at least $3.60 per share, so long as its stock trades above $3.83 and certain other conditions are met.
The company says it isn’t planning to act on the stock sale option, but says that it could be “a source of future funding” as BIO-key seeks to get up-listed to the Nasdaq stock exchange. The company has also appointed Robert J. Michel as the new Audit Committee Chair on its Board of Directors in a further effort to meet Nasdaq requirements.
Commenting on the efforts, BIO-key CEO Mike DePasquale suggested they are another sign that the company is “off to a good start in 2017,” adding that revenues for Q1 were tracking considerably higher than those reported for Q1 of 2016, and that a fuller picture of the company’s business activities will be provided in its Q1 update in mid-May.
May 3, 2017 – by Alex Perala