BIO-key raises $2.51M via warrant exercise; issues new warrants at $4.06

BIO KEY INTERNATIONAL INC

Exercised 618,334 existing warrants at reduced price of $4.06 (from $10.20) for gross proceeds ~$2.51M.
Issued new unregistered warrants for 1,236,668 shares (200% coverage) at $4.06, exercisable only after stockholder approval.
New warrants carry 4.99% beneficial ownership limitation; resale registration statement to be filed with SEC.
Proceeds for working capital and general corporate purposes, possibly repaying secured note.
Maxim Group acted as exclusive placement agent, receiving 5.0% cash fee of gross proceeds.

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