BIO-key International Inc. (NASDAQ: BKYI) announced its common stock will be suspended from NASDAQ trading effective at market close on May 12, 2026, and will begin trading on OTC Markets on May 13, 2026, under the same symbol.

The suspension occurred because the company's closing bid price did not remain above $1 for the required 10 consecutive trading days by the May 4 deadline, despite being above $1 for eight consecutive trading days. The company also has not filed its Annual Report on Form 10-K for the year ended December 31, 2025, which violates NASDAQ's continued listing requirements.

BIO-key implemented a 1-for-10 reverse stock split effective April 30, 2026, following shareholder approval on April 20. The reverse split was intended to meet NASDAQ's minimum $1 closing bid price requirement. However, the implementation was delayed due to NASDAQ's updated 10-day notification requirement for reverse splits.

The company plans to request a hearing before a NASDAQ Hearings Panel to demonstrate compliance and seek restoration of trading on the NASDAQ Capital Market. BIO-key has retained listing consultants to assist in this process.

"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," said Chairman and CEO Michael DePasquale.

BIO-key projects first-half 2026 revenues to rise 50% to $5 million compared to $3.3 million in the first half of 2025. The company expects to achieve profitability in the first half of 2026, compared to a $1.9 million net loss in the same period last year.

The biometric authentication and identity access management company has secured approval from OTC Markets Group for share quotation during the NASDAQ suspension period.