WALL, N.J. - BIO-key International, Inc. (NASDAQ:BKYI), a provider of identity and access management solutions, disclosed it has received a notification from Nasdaq regarding non-compliance with filing requirements. The Nasdaq Listing Rule 5250(c)(1) mandates timely submission of periodic financial reports to the Securities and Exchange Commission (SEC), which BIO-key has failed to meet for its quarterly report for the period ending March 31, 2024.
The company had previously submitted a Notification of Late Filing on May 16, 2024, due to delays in restating its financial statements for several periods in 2023. This restatement process has affected the completion and review of financial disclosures needed for the latest quarterly report.
Despite the delay, the notification does not immediately impact the trading of BIO-key's common stock on the Nasdaq Capital Market. However, the company must submit a plan to regain compliance by June 17, 2024. If the plan is accepted, Nasdaq may allow an extension up to October 14, 2024, for BIO-key to file the delinquent reports and adhere to listing requirements.
BIO-key's management has expressed its intention to file the outstanding Form 10-Q and the annual Form 10-K as soon as feasible and is focused on regaining compliance with Nasdaq's continued listing standards.
The company specializes in biometric-centric, multi-factor identity and access management software, serving over forty million users. Its solutions, which include the PortalGuard IAM solution, aim to provide secure and convenient access across various platforms.
The information in this article is based on a press release statement from BIO-key International, Inc. and does not include any speculative content or opinions.
InvestingPro Insights
BIO-key International, Inc. (NASDAQ:BKYI) is navigating challenging financial waters, as reflected in the company's recent non-compliance notification from Nasdaq. The InvestingPro platform provides a deeper look into the company's financial health and market performance, offering valuable insights for investors considering BIO-key's stock.
An analysis of real-time data from InvestingPro shows that BIO-key operates with a market capitalization of just $3.48 million, a relatively small size which could impact its market liquidity and volatility. The company's revenue has experienced a significant growth of 38.59% over the last twelve months as of Q1 2023, indicating some operational progress despite the compliance issues. However, the company's struggle is evident in its negative price-to-earnings (P/E) ratio of -0.41, which suggests that investors are not expecting earnings growth in the near future.
InvestingPro Tips highlight several concerns for BIO-key, including its significant debt burden and the analysts' consensus that the company will not be profitable this year. The company's stock price performance also raises flags, having fallen significantly over the last year and taken a big hit over the last six months, with a 1 Year Price Total Return of -87.76%.
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