---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-029920"
form_type: "8-K"
ticker: "BKYI"
cik: "0001019034"
company_name: "BIO KEY INTERNATIONAL INC"
filed_at: "2023-11-02T23:59:59+00:00"
generated_at: "2026-06-08T23:04:30.882168+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# BIO-key closes $3.75M public offering; net $3.3M to repay debt and for working capital

## Summary
- Gross proceeds $3.75M from sale of 21.43M units at $0.175/unit; each unit comprises one share (or pre-funded warrant) and one 5-year warrant exercisable at $0.175.
- Net proceeds approximately $3.3M after deducting placement agent fees and offering expenses.
- Company intends net proceeds to repay up to $2.2M of outstanding debt and for general corporate and working capital.
- Offering closed October 31, 2023; Maxim Group LLC acted as sole placement agent with a 7% cash fee.

## SEC filing metadata
- accession: 0001437749-23-029920
- form_type: 8-K
- ticker: BKYI
- cik: 0001019034
- company_name: BIO KEY INTERNATIONAL INC
- filed_at: 2023-11-02T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1019034/000143774923029920/0001437749-23-029920-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1019034/000143774923029920/bkyi20231101_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-029920
- JSON: https://secwatch.observer/filing/0001437749-23-029920.json
- Plain text: https://secwatch.observer/filing/0001437749-23-029920.txt

## Key facts
- Material Agreements
  BIO KEY INTERNATIONAL INC entered into Purchase Agreement with certain investors (effective 2023-10-30).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: certain investors
  - Effective: 2023-10-30
  source text: On October 30, 2023, BIO-key International, Inc. (the “ Company ”) entered into a securities purchase agreement (the “ Purchase Agreement ”) with certain investors in connection with a public offering of the Company’s securities (the “ Offering ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1019034/000143774923029920/0001437749-23-029920-index.htm
- Material Agreements
  BIO KEY INTERNATIONAL INC entered into Placement Agency Agreement with Maxim Group LLC (effective 2023-10-30).
  - Action: entry
  - Agreement: underwriting
  - Counterparty: Maxim Group LLC
  - Effective: 2023-10-30
  source text: On October 30, 2023, the Company entered into a placement agency agreement (the “ Placement Agency Agreement ”) with Maxim Group LLC to serve as its exclusive placement agent in connection with the Offering.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1019034/000143774923029920/0001437749-23-029920-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.