BIO-key issues unregistered warrants for 1,236,668 shares in private placement deal
BKYI•New unregistered warrants and use of proceeds
The deal included unregistered new warrants for up to 1,236,668 shares at $4.06, subject to Nasdaq-required stockholder approval.
The new warrants carry a 4.99% beneficial ownership cap. BIO-key said the proceeds are earmarked for working capital, including possible repayment of a secured note.
Maxim Group is to receive a 5% cash placement fee.
Warrant exercise deal generates $2.51 million
BIO-key entered a warrant exercise deal with an institutional investor, generating about $2.51 million in gross proceeds.
The investor exercised warrants for 618,334 shares at a reduced $4.06 per share, down from $10.20.
