84,500 series A-1 preferreds sold, convert to stock at $0.30 per share
By Devika Patel
Knoxville, Tenn., Nov. 2 – BIO-Key International, Inc. settled an $8.45 million private placement of 6% series A-1 convertible preferred stock on Oct. 22 and Oct. 29, according to an 8-K filed Monday with the Securities and Exchange Commission.
The 84,500 preferreds were sold at $100.00 apiece.
The preferreds are convertible into common shares at $0.30 per share. The conversion price is a 114.29% premium to the Oct. 21 closing share price of $0.14.
Based in Wall, N.J., BIO-Key develops finger-based biometric identification and security technologies.
| Issuer: | BIO-Key International, Inc.
|
| Issue: | Series A-1 convertible preferred stock
|
| Amount: | $8.45 million
|
| Preferreds: | 84,500
|
| Price: | $100.00
|
| Dividend: | 6%
|
| Conversion price: | $0.30
|
| Conversion premium: | 114.29%
|
| Warrants: | No
|
| Settlement dates: | Oct. 22 and Oct. 29
|
| Stock symbol: | OTCBB: BKYI
|
| Stock price: | $0.14 at close Oct. 21
|
| Market capitalization: | $9.9 million
|
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