BIO-key International, Inc. has entered into four separate Exchange Agreements with Streeterville Capital, LLC to settle a previously issued promissory note.
The company previously issued a Secured Promissory Note dated September 30, 2025, with an original principal amount of $1,130,000. Under the terms of the new agreements, dated September 29, 2026, the company and the lender agreed to partition the original note into four smaller notes with principal amounts of $68,315.80, $116,000, $117,000, and $115,000, respectively.
These smaller notes were exchanged for 247,805 shares of the company’s Common Stock. As a result of this transaction, the outstanding balance of the original $1.13 million note was reduced by $416,315.80, effectively paying off the remaining balance in full.
The issuance of the Exchange Shares was not registered under the Securities Act of 1933 and was effected pursuant to the exemption provided in Section 3(a)(9) of the Act.
