Bio-key Implements One-for-Two Reverse Stock Split

Fingerprint biometrics developer Bio-key International, Inc. has implemented a one-for-two reverse stock split. The offer, which took effect last Friday, allows two shares of issued and outstanding stocks to be converted into one common stock. Those new stocks have a new CUSIP number, and for the next couple of weeks Bio-key’s stock market symbol is changing to BKYID, after which it will revert to BKYI.

In a press release announcing the scheme, Bio-key provided no information as to why it has been undertaken, but it seems fair to speculate that this seems to be an effort to tidy up some shareholder business as the company continues to move forward. The company saw quite a bit of success last year, establishing a strategic partnership with NEXT Biometrics in September, and raking in almost two million dollars from its mobile and OEM operations.

At the start of this year the company announced that its technology would be implemented in hospitals in four major US states, to the tune of $130,000. It was a good start to a new year, and may have helped encourage the company to tie up some loose ends with its stocks as it picks up momentum.

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February 10, 2015 – by Alex Perala

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