Company: BKYI
Filing Date: 2025-11-21
Form Type: S-1
Source: 0001437749-25-036032
Chunk: 28

Company: BIO KEY INTERNATIONAL INC
Filing Date: 2025-11-21
Form: S-1
Chunk 28
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 certain liabilities, including liabilities arising under the Securities Act.

The foregoing represents a summary of the general effect of the DGCL, our certificate of incorporation, and any other contracts or arrangements of the Company relating to indemnification, and is qualified in its entirety by reference to, the terms and provisions of the DGCL, our certificate of incorporation, and such other contracts or arrangements relating to indemnification.

| Item 15. | Recent Sales of Unregistered Securities. |

The following sets forth information regarding all unregistered securities sold by us in transactions that were exempt from the requirements of the Securities Act in the last three years (other than the offering described herein).

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On October 27, 2025, we entered into a warrant exercise agreement (the “October Warrant Exercise Agreement”) with the selling stockholder to exercise certain outstanding warrants to purchase an aggregate of 3,091,668 shares of the Company’s common stock, which were originally issued to the selling stockholder on January 15, 2025 (the “Existing Warrants”). Pursuant to the October Warrant Exercise Agreement, the exercise price of the Existing Warrants was reduced from $2.15 per share to $1.02 per share. The resale of the Company’s common stock underlying the Existing Warrants was registered pursuant to the registration statement on Form S-1 filed on April 25, 2025 (File No. 333-286776). 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 selling stockholder of the combined purchase price of $0.25 per Existing Warrant, the selling stockholder received new warrants to purchase up to an aggregate of 6,183,336 shares of the Company’s common stock (the “Warrants”). The Warrants are immediately exercisable at an exercise price of $1.02 per share, will expire five years from the date of issuance, and include a beneficial ownership limitation that prevents the selling stockholder 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 October Warrant Exercise Agreement were approximately $3.1 million, prior to deducting placement agent fees and estimated offering expenses. Maxim Group LLC (“Maxim”) acted as the exclusive placement agent to the Company and received an aggregate cash fee equal to 6.0% of the gross proceeds received by the Company