BIO-key raises ~$1.9M via warrant exercise; issues new warrants to investor

BIO KEY INTERNATIONAL INC

Investor immediately exercised 1,030,556 existing warrants at reduced price of $1.85/share.
Gross proceeds approximately $1.9M before fees; net to fund working capital and repay secured debt.
In consideration, investor received new Series A & B warrants for another 1,030,556 shares each at $1.85.
New warrants are exercisable immediately and expire in 5 years; resale registration to be filed within 45 days.
Maxim Group acted as exclusive placement agent, receiving 6% cash fee on gross proceeds.

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