Friday, August 30, 2024 12:57:03 PM
BIO-key International (NASDAQ:BKYI) Inc., a provider of identity and access management solutions, announced the results of its Annual Meeting of Stockholders held on Thursday, August 22, 2024. The company, which is incorporated in Delaware and trades on the Nasdaq Capital Market under the symbol NASDAQ:BKYI, confirmed the election of five board members and the ratification of its independent registered public accounting firm for the upcoming fiscal year.
At the Annual Meeting, shareholders voted on several key proposals, which had been detailed in the company's definitive proxy statement filed on July 10, 2024. All common stockholders as of July 1, 2024, were eligible to vote.
The elected board members for a one-year term include Michael W. DePasquale, Wong Kwok Fong (Kelvin), Robert J. Michel, Emmanuel Alia, and Cameron E. Williams. The election saw a majority of votes in favor, with Michael DePasquale receiving 368,965 votes for and 98,549 withheld. The other nominees received similar support, with all broker non-votes totaling 667,346 for each nominee.
Additionally, the selection of Bush & Associates CPA LLC as BIO-key's independent registered public accounting firm for the year ending December 31, 2024, was ratified with 831,104 votes for, 112,537 against, and 191,219 abstentions.
Stockholders also approved, on a non-binding and advisory basis, the compensation paid to the company's named executive officers, with 302,123 votes for, 101,061 against, and 64,330 abstentions. Furthermore, the frequency of the advisory approval of the compensation paid to the company's named executive officers was voted on, with the option of submitting the compensation for approval each year receiving the most votes.
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In light of the voting results, BIO-key International Inc. has decided to include a shareholder vote on the compensation of its named executive officers in its proxy materials annually until the next required vote on the frequency of such votes.
The company's Chief Financial Officer, Cecilia C. Welch, signed off on the SEC filing dated today, confirming the results of the Annual Meeting. This filing is based on a press release statement issued by BIO-key International Inc.
In other recent news, BIO-key International reported a decline in its Q2 2024 revenues, falling to $1.1 million from $1.9 million in the same quarter the previous year. The company attributed this to delays in software license contracts and the non-renewal of a significant maintenance contract. Despite this, BIO-key highlighted growth in its PortalGuard franchise as well as the successful launch of its Passkey:YOU product. As a result, the company's net loss improved, and it expressed confidence in achieving future profitability and growth.
BIO-key's gross profit and margin improved, and operating expenses were reduced by $168,000. The company's net loss improved to $1.7 million from $2.6 million in the previous year. The company has current assets of approximately $3 million as of June 30, 2024, and expects revenue growth from Amazon (NASDAQ:AMZN) marketplace inclusion and large projects in progress.
BIO-key anticipates higher revenues in the second half of 2024, expecting a year-over-year increase. A significant order from Europe worth $450,000 is expected to be recognized in Q3. These are recent developments that demonstrate the company's resilience and potential for future growth.
Wick(w50)
Recent BKYI News
- BIO-key Expands Deployment with Province of British Columbia, Adds 10,000 Biometric Users for Sign-on and Physical Access Control • GlobeNewswire Inc. • 09/23/2024 12:28:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/16/2024 08:45:26 PM
- BIO-key International Enters into $1.9 Million Warrant Inducement • GlobeNewswire Inc. • 09/12/2024 05:18:35 PM
- Leading Government Defense Ministry Awards BIO-key $500K In Follow-On Orders for Biometric User Authentication • GlobeNewswire Inc. • 09/10/2024 12:27:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/28/2024 08:34:27 PM
- Identity and Access Management Software Provider BIO-key to Participate at H.C. Wainwright Investment Conf. Sept. 9th to 10th • GlobeNewswire Inc. • 08/22/2024 05:10:00 PM
- BIO-key’s PortalGuard Identity and Access Management Solution and Identity-Bound Biometrics Are Now Available on the Amazon Web Services (AWS) Marketplace • GlobeNewswire Inc. • 08/15/2024 12:00:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/14/2024 09:00:34 PM
- BIO-key Reports Reduced Net Loss and Cash Used in Operations on Lower Q2’24 Revenues; Hosts Investor Call Thu. Aug. 15th at 10am ET • GlobeNewswire Inc. • 08/14/2024 08:30:00 PM
- Identity and Access Management Solutions Provider BIO-key Hosts Q2 Investor Call Thursday, August 15th at 10am ET • GlobeNewswire Inc. • 08/12/2024 02:35:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/02/2024 10:12:52 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/02/2024 10:06:03 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/02/2024 09:52:59 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/02/2024 09:46:02 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/02/2024 09:40:42 PM
- Form 4/A - Statement of changes in beneficial ownership of securities: [Amend] • Edgar (US Regulatory) • 08/02/2024 09:28:33 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/02/2024 09:03:27 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/02/2024 08:57:36 PM
- Form DEF 14A - Other definitive proxy statements • Edgar (US Regulatory) • 07/10/2024 08:30:50 PM
- Williamsburg, VA Advances Zero Trust Initiative for City Infrastructure and Data with BIO-key Identity-Bound Biometrics • GlobeNewswire Inc. • 07/08/2024 12:29:00 PM
- BIO-key Secures Los Angeles LGBT Center's IT Systems with Seamless Badge-Tap Authentication Solution • GlobeNewswire Inc. • 06/25/2024 12:29:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/17/2024 08:17:51 PM
- Identity and Access Management Software Provider BIO-key Reports Q1’24 Revenue of $2.2M and Positive Operating Cash Flow; Hosts Investor Call Tuesday, 10am ET • GlobeNewswire Inc. • 06/17/2024 12:00:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 06/14/2024 09:03:09 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/14/2024 09:01:36 PM
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