Identity, Security and Access Management Solutions Provider BIO-Key Completes $24.8 Million Public Offering

BIO-key International, Inc, an innovative provider of identity, security and access management solutions with biometric expertise, announced the completion of an underwritten public offering of 38,214,500 shares of its common stock (or pre-funded warrants to purchase common stock in lieu thereof) and warrants to purchase up to an aggregate of 38,214,500 shares of its common stock, inclusive of the full exercise of the underwriters’ overallotment option. Gross proceeds before deducting underwriting discounts, commissions and other offering expenses were approximately $24.8 million.

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Each share of common stock or pre-funded warrant was sold together with one common warrant to purchase one share of common stock at a combined price of $0.65. The warrants are immediately exercisable at a price of $0.65 per share and expire five years from the date of issuance.

Maxim Group LLC acted as sole book-running manager for the offering. Fox Rothschild LLP acted as counsel to BIO-key in the offering.

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The offering was conducted pursuant to the Company’s registration statements on Form S-1 (File No. 333-239782), as amended, previously filed with and subsequently declared effective by the Securities and Exchange Commission (“SEC”), and on Form S-1MEF (File No. 333-239966). A final prospectus relating to the offering was filed with the SEC and is available on the SEC’s website at http://www.sec.gov. Electronic copies of the final prospectus relating to this offering, when available, may be obtained from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, at (212) 895-3745.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

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