BIO-key International, Inc. announced that it has received $2.1 million in funding
June 23, 2024
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BIO-key International, Inc. announced that it has entered into purchase agreement to issue note of principal amount $2,36,000 principal amount at discount amount of $350,000 for the gross proceeds of $2,100,000 on June 24, 2024. The company has paid $10,000 fees to the lender to cover the transaction cost resulting net proceeds into $2,000,000. The transaction included the participation from new lender Streeterville Capital, LLC. The note will mature in 18 months. The note carried 9% interest rate per annum. The notes are redeemable, six month after commencing. The note is secured by a lien on substantially all of the company?s assets and properties and the company?s obligations. The note is guaranteed by Pistol Star, Inc.
Upon the occurrence of an event of default, Lender may cause interest on the outstanding balance to accrue at an interest rate equal to the lesser of 22% or the maximum rate permitted under applicable law, and accelerate all amounts due under the note plus an amount equal to 15% of the amount due under the note for each default that is considered a major trigger event (as defined), and 5% of the amount due under the note for each occurrence of any default that is considered a minor trigger event (as defined), in any case not to 25%.
BIO-key International, Inc. is an identity and access management (IAM) platform provider enabling secure work-from-anywhere for enterprise, education, and government customers. The Companyâs products include PortalGuard and PortalGuard Identity-as-a-Service (IDaaS) enterprise IAM, AuthControl Sentry, AuthControl Enterprise, AuthControl MSP, WEB-key biometric civil and large-scale ID infrastructure, and accessory hardware to provide a complete solution for its customers. Its PortalGuard is a cloud-based identity platform that allows its customers to integrate with any cloud or on-premise SaaS application, service or cloud host, as well as Windows device authentication through a single IAM platform. Its WEB-key is a scalable biometric service management platform, incorporating key functions for regulatory compliance, enrollment, authentication or identification, and integrity in a multi-tenant private or public cloud delivery platform. It also offers biometric software integration APIs.