BIO-key‘s share offering did better than expected, bringing in gross proceeds of $2.1 million.
The move was announced last week, with BIO-key putting forward an underwritten offering of 1,200,000 shares of common stock together with warrants to purchase up to 900,000 more. The offering was closed on August 24th, with BIO-key announcing that it had sold an additional 180,000 shares of common stock and warrants to purchase an aggregate of 135,000 more. The company ended up raising about $300,000 more than the $1.8 million in gross revenues it had anticipated from the share sale.
In a statement announcing the share sale’s closure and results, BIO-key asserted that it “intends to use the net proceeds from this offering for general corporate purposes, including working capital.”
The results point to strong enthusiasm for BIO-key’s biometric technologies, which including fingerprint-scanning locks and identity management software for the enterprise. While the company posted a Q2 update depicting somewhat disappointing financial results for the quarter, its management has emphasized that it tends to see considerable quarterly fluctuations in its business, and that the year’s end result would offer a more accurate view of its performance.
August 27, 2018 – by Alex Perala