BIO-key International, an avant-garde in workforce and customer Identity and Access Management (IAM) solutions, recently announced the pricing details of its latest public offering.
The company, which is renowned for its passwordless, phoneless, and token-less Identity-Bound Biometric (IBB) authentication, will be offering a total of 21,430,000 units. Each of these units will comprise one share of common stock (or a prefunded warrant in certain cases) and one warrant to purchase a share of the same common stock. This entire unit is pegged at a public offering price of $0.175.
Further elaborating on the offering, the accompanying warrants in each unit will be immediately redeemable at the aforementioned price per share. These will remain valid for a period of five years from the issue date.
The total expected gross proceeds from this venture, prior to accounting for the placement agent fees and predicted offering expenditures, approximate to $3.75m. The conclusion of this offering is anticipated on October 31, 2023, provided all conventional closing prerequisites are met.
Maxim Group LLC has stepped in as the sole placement agent for this offering.
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