Biokey International Inc (BKYI)

[ash111]

there is also no dilution and no more A-1 Preferred stock . On May 31, 2018, BIO-key International, Inc. (the “ Company ”, “ we ” or “ us ”) received a conversion notice from Wong Kwok Fong to convert 23,508 shares of the Company’s Series A-1 Convertible Preferred Stock (the “ Series A -1 Preferred ”). Each share of Series A-1 Preferred has an original issue price of $100.00 and is convertible into shares of Company common stock (“ Common Stock ”) at a conversion price of $3.60 per share. The forgoing conversion resulted in the issuance of 653,000 shares of Common Stock. As a result of the forgoing conversion, there are no longer any issued and outstanding shares of Series A-1 Preferred.

company got rid of all preferred stock, which reduced Dividends costs and total expenses. Company announcement which eliminated approximately $638,000 in future annual preferred stock dividends payments. That's a very strong commitment.