BIO-key gets Nasdaq notification of non-Compliance letter

BIO-key International announced that on April 17 it received a letter from The Nasdaq Stock Market informing the Company that it was not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission SEC. The Notification letter is due to the Company’s failure to timely file its Annual Report on Form 10-K for the fiscal year ended December 31. The Notification Letter has no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq Capital Market. The Company filed a Notification of Late Filing on Form 12b-25 on April 2, 2024, indicating that the filing of the Form 10-K would be delayed because the compilation, presentation and review of certain financial and other disclosures required to be included in the Form 10-K could not be completed within the prescribed time period without unreasonable effort and expense to the Company. The Notification Letter stated that, under Nasdaq rules, the Company has 60 calendar days to submit a plan to regain compliance with Nasdaq’s continued listing requirements. If the plan is accepted, Nasdaq may grant an extension of up to 180 calendar days from the filing’s due date, or until October 14 to regain compliance. The company intends to file Form 10-K with the SEC as soon as practicable and regain compliance with Nasdaq’s continued listing requirements.