Company: BKYI
Filing Date: 2025-10-30
Form Type: 8-K
Source: 0001437749-25-032448
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Company: BIO KEY INTERNATIONAL INC
Filing Date: 2025-10-30
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into a Material Definitive Agreement.

Warrant Exercise Agreement

On October 27, 2025, BIO-key International, Inc. (the “ Company”) entered into a warrant exercise agreement (the “ Warrant Exercise Agreement”) with an existing institutional investor (the “ Investor”) to exercise certain outstanding warrants to purchase an aggregate of 3,091,668 shares of the Company’s common stock, $0.0001 par value per share (the “ Common Stock”), which were originally issued to the Investor on January 15, 2025 (the “ Existing Warrants”). Pursuant to the Warrant Exercise Agreement, the exercise price of the Existing Warrants was reduced from $2.15 per share to $1.02 per share.

In consideration for the exercise of the Existing Warrants, subject to compliance with the beneficial ownership limitations included in the Existing Warrants, and the payment by the Investor of the combined purchase price of $0.25 per Existing Warrant (the “ New Warrant Consideration”), the Investor received new unregistered warrants to purchase up to an aggregate of 6,183,336 shares of the Company’s Common Stock (the “ New Warrants”).

The New Warrants have substantially the same terms, are immediately exercisable at an exercise price of $1.02 per share, and will expire five years from the date of issuance. The Company agreed to file a resale registration statement covering the public resale of the shares of Common Stock issuable upon exercise of the New Warrants with the Securities and Exchange Commission (the “ SEC”), and to use commercially reasonable efforts to have such Resale Registration Statement declared effective by the SEC within 90 calendar days following the date of the Warrant Exercise Agreement. The New Warrants include a beneficial ownership limitation that prevents the Investor from beneficially owning more than 4.99% of the Company’s outstanding common stock at any time.

The gross proceeds to the Company under the Warrant Exercise Agreement were approximately $3.1 million, prior to deducting placement agent fees and estimated offering expenses. The closing of the Warrant Exercise Agreement occurred on October 27, 2025. The Company intends to use the net proceeds for working capital and general corporate purposes, including repayment of a portion of the Company’s outstanding secured note.

Maxim Group LLC (“ Maxim”) acted as the exclusive placement agent to the Company pursuant to a Placement Agency Agreement between the Company and Maxim, dated October 27, 2025. As compensation for such