Share price of BKYI stock is zigzagging up and down since late 2019. Earlier this month BIO-key CEO Michael DePasquale said that company pivoted from lock business and initiated efforts to enhance their suite of multifactor authentication capabilities. Furthermore he said that Company is moving towards recurring revenue streams rather than continuing software licencing.
This was a great decision in my eyes, and if you are investing long BKYI this is probably the type of information you waited for.
But today , in a SEC filing, BIO-key International, Inc disclosed that it has received a letter from the Nasdaq Capital Market saying how “that the Company’s stockholders’ equity reported in the Company’s Annual Report on Form 10-K for the period ended December 31, 2019 does not satisfy the Nasdaq Capital Market continued listing requirement set forth in Nasdaq Listing “.
Furthermore it is said :
The Company has 45 calendar days from the date of the Notice to submit to the Nasdaq Capital Market a plan to regain compliance with the Rule. The Company currently anticipates timely submitting such a 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.
The SeC filing, reviewed by Idaho Reporter, is finished with :”There can be no assurance that the Company will be able to regain compliance with the Rule.”
BIO-key International, Inc. (NASDAQ: BKYI) stock price closed at $0.73 on Friday, which is 0.47% higher than Thursday. The long weekend ahead of us gives us enough time to ponder the information above.