BIO-key International, Inc. Receives Notice of Non-Compliance from Nasdaq
22 Aprile 2024 - 10:30PM
BIO-key International, Inc. (Nasdaq: BKYI),
an innovative provider of workforce and customer identity and
access management (IAM) solutions featuring Identity-Bound
Biometrics (IBB), announced today that on April 17, 2024, it
received a letter (the “Notification Letter”) from The Nasdaq Stock
Market, LLC (“Nasdaq”) informing the Company that it was not in
compliance with Nasdaq Listing Rule 5250(c)(1), which requires
listed companies to timely file all required periodic financial
reports with the Securities and Exchange Commission (“SEC”). The
Notification letter is due to the Company’s failure to timely file
its Annual Report on Form 10-K for the fiscal year ended December
31, 2023 (the “Form 10-K”). The Notification Letter has no
immediate effect on the listing or trading of the Company’s common
stock on the Nasdaq Capital Market.
The Company filed a Notification of Late Filing
on Form 12b-25 on April 2, 2024, indicating that the filing of the
Form 10-K would be delayed because the compilation, presentation
and review of certain financial and other disclosures required to
be included in the Form 10-K could not be completed within the
prescribed time period without unreasonable effort and expense to
the Company.
The Notification Letter stated that, under
Nasdaq rules, the Company has 60 calendar days to submit a plan to
regain compliance with Nasdaq’s continued listing requirements. If
the plan is accepted, Nasdaq may grant an extension of up to 180
calendar days from the filing’s due date, or until October 14,
2024, to regain compliance. The Company intends to file the Form
10-K with the SEC as soon as practicable and regain compliance with
Nasdaq’s continued listing requirements.
About BIO-key International, Inc.
(www.BIO-key.com)BIO-key
is revolutionizing authentication and cybersecurity with
biometric-centric, multi-factor identity and access management
(IAM) software securing access for over forty million users.
BIO-key allows customers to choose the right authentication factors
for diverse use cases, including phoneless, tokenless, and
passwordless biometric options. Its hosted or on-premise
PortalGuard IAM solution provides cost-effective, easy-to-deploy,
convenient, and secure access to computers, information,
applications, and high-value transactions.
BIO-key Safe Harbor
StatementAll statements contained in this press release
other than statements of historical facts are "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995 (the "Act"). The words "estimate," "project,"
"intends," "expects," "anticipates," "believes" and similar
expressions are intended to identify forward-looking statements.
Such forward-looking statements are made based on management's
beliefs, as well as assumptions made by, and information currently
available to, management pursuant to the "safe-harbor" provisions
of the Act. These statements are not guarantees of future
performance or events and are subject to risks and uncertainties
that may cause actual results to differ materially from those
included within or implied by such forward-looking statements.
These risks and uncertainties include, without limitation, our
history of losses and limited revenue; our ability to raise
additional capital; our ability to continue as a going concern; our
ability to protect our intellectual property; changes in business
conditions; changes in our sales strategy and product development
plans; changes in the marketplace; continued services of our
executive management team; security breaches; competition in the
biometric technology industry; market acceptance of biometric
products generally and our products under development; our ability
to convert sales opportunities to customer contracts; our ability
to expand into Asia, Africa and other foreign markets; our ability
to integrate the operations and personnel of Swivel Secure into our
business; fluctuations in foreign currency exchange rates; the
duration and extent of continued hostilities in Ukraine and its
impact on our European customers; delays in the development of
products and statements of assumption underlying any of the
foregoing as well as other factors set forth under the caption
"Risk Factors" in our Annual Report on Form 10-K for the year ended
December 31, 2022 and other filings with the Securities and
Exchange Commission. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date made. Except as required by law, we undertake no
obligation to disclose any revision to these forward-looking
statements whether as a result of new information, future events,
or otherwise.
Engage with BIO-key:
Facebook – Corporate: |
https://www.facebook.com/BIOkeyInternational/ |
LinkedIn – Corporate: |
https://www.linkedin.com/company/bio-key-international |
Twitter – Corporate: |
@BIOkeyIntl |
Twitter – Investors: |
@BIO_keyIR |
StockTwits: |
BIO_keyIR |
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Investor Contacts:William
Jones, David CollinsCatalyst
IRBKYI@catalyst-ir.com212-924-9800
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