BIO-key International Stock to Be Suspended on Nasdaq
BIO-key International announced that it has received written notification from The Nasdaq Stock Market LLC that the trading of its common stock will be suspended on Nasdaq effective with the markets' close today, May 12. BIO-key has received approval from OTC Markets Group for its common stock to be quoted on the OTC Market under the same symbol commencing May 13. "Through shareholder support and our concerted efforts to regain compliance with Nasdaq's continued listing standards via a reverse split, we have restored our share price to a level well in excess of Nasdaq's $1 minimum closing bid price requirement. Unfortunately, due to the timing of the reverse split, we were unable to maintain this share price level for the previous 10 trading days and our listing currently has been suspended," said Michael DePasquale, chairman and CEO. "We are undertaking corrective measures to regain compliance, including retaining expert listing consultants to assist us in this process. With their guidance, we are taking steps that we believe provide us the best opportunity to have trading resume on Nasdaq expeditiously".
