BIO-key International Faces Nasdaq Delisting Warning
Ticker: BKYI · Form: 8-K · Filed: Jun 14, 2024 · CIK: 1019034
| Field | Detail |
|---|---|
| Company | Bio Key International INC (BKYI) |
| Form Type | 8-K |
| Filed Date | Jun 14, 2024 |
| Risk Level | high |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $2,500,000 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting-warning, nasdaq, compliance
Related Tickers: BKYI
TL;DR
Nasdaq says BKYI's stock price is too low, they have 6 months to fix it or get kicked off.
AI Summary
On June 10, 2024, BIO-key International, Inc. received a notification from The Nasdaq Stock Market LLC regarding its failure to meet the minimum bid price requirement for continued listing. The company has 180 calendar days, until December 7, 2024, to regain compliance by achieving a minimum closing bid price of $1.00 per share for at least 10 consecutive business days.
Why It Matters
This filing indicates BIO-key International may be at risk of being delisted from the Nasdaq, which could significantly impact its stock liquidity and investor confidence.
Risk Assessment
Risk Level: high — The company is at high risk of delisting from the Nasdaq due to failing to meet the minimum bid price requirement.
Key Numbers
- 180 — Days to regain compliance (The company has this many days to meet the minimum bid price requirement.)
- $1.00 — Minimum bid price (The stock must close at or above this price for 10 consecutive business days to regain compliance.)
Key Players & Entities
- BIO-key International, Inc. (company) — Registrant
- The Nasdaq Stock Market LLC (company) — Listing Market
- June 10, 2024 (date) — Notification Date
- December 7, 2024 (date) — Compliance Deadline
- $1.00 (dollar_amount) — Minimum Bid Price Requirement
FAQ
What specific rule did BIO-key International fail to meet?
BIO-key International failed to meet the minimum bid price requirement for continued listing on The Nasdaq Stock Market LLC.
What is the minimum bid price required for continued listing?
The minimum bid price required is $1.00 per share.
How long does BIO-key International have to regain compliance?
The company has 180 calendar days from the notification date of June 10, 2024, to regain compliance, making the deadline December 7, 2024.
What action must BIO-key International take to regain compliance?
BIO-key International must achieve a minimum closing bid price of $1.00 per share for at least 10 consecutive business days.
What is the consequence if BIO-key International does not regain compliance?
If the company does not regain compliance by the deadline, its securities may be delisted from The Nasdaq Stock Market LLC.
Filing Stats: 915 words · 4 min read · ~3 pages · Grade level 13.4 · Accepted 2024-06-14 17:01:36
Key Financial Figures
- $2,500,000 — intain stockholders' equity of at least $2,500,000 (the "Rule"). The Notification has no
Filing Documents
- bkyi20240613_8k.htm (8-K) — 26KB
- 0001437749-24-020367.txt ( ) — 158KB
- bkyi-20240610.xsd (EX-101.SCH) — 3KB
- bkyi-20240610_def.xml (EX-101.DEF) — 12KB
- bkyi-20240610_lab.xml (EX-101.LAB) — 15KB
- bkyi-20240610_pre.xml (EX-101.PRE) — 12KB
- bkyi20240613_8k_htm.xml (XML) — 3KB
01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On June 10, 2024, BIO-key International, Inc. (the "Company") received notice (the "Notice") from The Nasdaq Capital Market LLC (the "Nasdaq Capital Market") that the Company's stockholders' equity reported in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 does not satisfy the Nasdaq Capital Market continued listing requirement set forth in Nasdaq Listing Rule 5550(b)(1) which requires companies listed on the Nasdaq Capital Market to maintain stockholders' equity of at least $2,500,000 (the "Rule"). The Notification has no immediate effect on the Company's continued listing on the Nasdaq Capital Market, subject to the Company's compliance with the other continued listing requirements. The Company has 45 calendar days from the date of the Notice, or until July 25, 2024, to submit a plan to the Nasdaq Capital Market to regain compliance with the Rule. The Company intends to timely submit a compliance plan to the Nasdaq Capital Market. If the plan is accepted, the Nasdaq Capital Market may grant an extension of up to 180 calendar days from the date of the Notice for the Company to provide evidence of compliance. If the plan is not accepted or the Company is not granted an extension, or if the Company is granted an extension and is unable to regain compliance, then the Company may request a hearing before a Nasdaq Hearings Panel. In the event a hearing is requested, all suspension and delisting action would be stayed pending the conclusion of the hearing process. There can be no assurance that the Company will be able to regain compliance with the Rule. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Certain information contained in this Current Report on Form 8-K (" Form 8-K ") constitute forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the " Excha
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BIO-KEY INTERNATIONAL, INC. Date: June 14, 2024 By: /s/ Cecilia C. Welch Cecilia C. Welch Chief Financial Officer