BIO-key raises ~$3.8M via warrant exercise; exchanges $834K debt for equity

BIO KEY INTERNATIONAL INC

Exercised 2,061,112 existing warrants at $1.85/share, gross proceeds ~$3.8M before fees.
Issued new Series A & B warrants for up to 1,545,834 shares each at $2.15, expiring in 5 years.
Exchanged $834K of promissory note for 489,635 shares; note balance reduced to ~$738,400.
Net proceeds to be used for working capital and partial repayment of secured note.
Maxim Group acted as placement agent with 6.0% cash fee on gross proceeds.

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