BIO-key Executes 1-for-10 Reverse Split, Nasdaq Suspends Trading; Shares Move to OTC Markets
BIO-key’s Nasdaq trading will be suspended after May 12 close for missing ten consecutive days above $1 bid and fiscal 2025 10-K; shares will trade on OTC Markets starting May 13. The company executed a 1-for-10 reverse split on April 30 and plans to appeal to a Nasdaq hearings panel.
1. Nasdaq Suspension Details
BIO-key received notice that Nasdaq will suspend trading of its common stock after the close of May 12 due to failure to maintain a minimum $1 closing bid for ten consecutive trading days and its delinquent filing of the annual 2025 Form 10-K.
2. OTC Markets Transition
The company secured approval for its common stock to be quoted on the OTC Markets under the BKYI symbol beginning May 13 to preserve liquidity during the Nasdaq suspension period.
3. Compliance Efforts and Financial Outlook
In an April 20 shareholder vote BIO-key approved a 1-for-10 reverse split effective April 30, boosting the share price above $1 but missing the ten-day threshold; the company plans to appeal to a Nasdaq hearings panel while targeting 1H’26 revenues of $5M (50% growth) and profitability versus a $1.9M loss in 1H’25.