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Bio-key International, Inc. (NASDAQ:BKYI) announced Thursday that it has received an additional 180-day period from Nasdaq to regain compliance with the minimum bid price requirement for continued listing on the Nasdaq Capital Market. The company disclosed the information in a statement based on a recent SEC filing.
According to the filing, Bio-key was notified by Nasdaq on May 9 that its common stock had failed to maintain a minimum closing bid price of $1.00 per share for 30 consecutive business days, as required by Nasdaq Listing Rule 5550(a)(2). On Wednesday, Nasdaq informed the company that it is eligible for a second 180-day compliance period, extending the deadline to May 4, 2026.
Nasdaq’s decision was based on Bio-key meeting all other initial listing requirements for the Nasdaq Capital Market, except for the minimum bid price, and on the company’s written notice of its intention to address the deficiency, including the possibility of a reverse stock split if necessary.
If at any time during this second compliance period the closing bid price of Bio-key’s common stock reaches at least $1.00 per share for a minimum of 10 consecutive business days, Nasdaq will confirm compliance and close the matter. If the company does not regain compliance by May 4, 2026, Nasdaq will notify Bio-key that its common stock will be delisted, though Bio-key would have the opportunity to appeal the determination to a Nasdaq Listing Qualifications Panel.
Bio-key stated it intends to monitor its closing bid price and, if required, effect a reverse stock split to maintain its Nasdaq listing.
This information is based on a press release statement issued in connection with the company’s SEC filing.
In other recent news, BIO-key International Inc. reported a substantial 49% increase in revenue for the second quarter of 2025 compared to the same period last year. This financial growth highlights the company’s expanding business operations. Additionally, BIO-key secured a significant contract with a major defense-sector organization in the Middle East, marking one of its largest security-sector deployments in the region to date. The company also announced a new partnership with IT2Trust, a key distributor of IT security solutions in Scandinavia, to expand its market presence in Denmark, Sweden, Norway, and Finland. This collaboration focuses on delivering GDPR-compliant identity protection technologies.
Furthermore, BIO-key entered into a warrant inducement agreement with an existing institutional investor, resulting in the exercise of Series A and Series B Warrants to purchase over three million shares of common stock. The exercise price was reduced to $1.02 per share. At the company’s recent annual meeting, shareholders approved all proposals, including the election of five directors to one-year terms on the board. These developments reflect the company’s strategic efforts to strengthen its market position and governance structure.
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