The delisting is a material negative event that will reduce liquidity and institutional access. Monitor the Nasdaq Hearings Panel decision timeline and the filing of the overdue 10-K. The 1H26 guidance is unverifiable and does not offset the delisting risk. Expect elevated volatility and potential further downside as OTC trading begins.
Price Chart
Executive Summary
BIO-key received a Nasdaq delisting notice after failing to maintain a $1.00 bid price for 10 consecutive days by the May 4 deadline, compounded by an unfiled 2025 10-K. Trading is suspended effective May 13, 2026, and shares will move to OTC Markets. The company is appealing the decision and issued forward-looking guidance for 1H26 revenue growth and profitability, but the delisting event dominates.
Key Facts
- Nasdaq suspended BKYI trading effective May 13, 2026 for failure to maintain $1.00 bid price for 10 consecutive days by May 4, 2026.
- Company has not filed its 2025 Form 10-K, making it ineligible for a compliance plan under Nasdaq rules.
- Shares will trade on OTC Markets under ticker BKYI starting May 13, 2026.
- Company intends to request a hearing before Nasdaq Hearings Panel but there is no assurance of success.
- Management guided for 1H26 revenue of $5M (up 50% YoY from $3.3M in 1H25) and profitability vs. a $1.9M net loss in 1H25.
- A 1-for-10 reverse split was implemented on April 30, 2026 but did not meet the 10-day compliance window.
- Market cap is approximately $6M.
Financial Impact
Delisting from Nasdaq severely reduces institutional ownership and liquidity. Management guided for 1H26 revenue of $5M vs. $3.3M in 1H25 and profitability vs. a $1.9M loss, but these are forward-looking statements.
Risk Factors
- Nasdaq Hearings Panel may deny the appeal, making delisting permanent.
- Failure to file the 2025 10-K could lead to SEC enforcement actions.
- OTC Markets trading typically results in lower liquidity and higher spreads.
- Forward guidance may not materialize; the company has a history of losses.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-016455 |
| Exhibit: ex_961642.htm | 0001437749-26-016455 |
| Document: 0001437749-26-016455-index-headers.html | 0001437749-26-016455 |
| Document: 0001437749-26-016455-index.html | 0001437749-26-016455 |
| Document: 0001437749-26-016455.txt | 0001437749-26-016455 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 9, 2026 16d ago | S-1 | $1.65 | awaiting T+60 | — | $2.85 (−72.73%) |
Oct 6, 2026 20d ago | DEFA14A | $1.76 | awaiting T+60 | — | $2.85 (+61.93%) |
Oct 6, 2026 20d ago | 8-K | $1.76 | awaiting T+60 | — | $2.85 (+61.93%) |
Oct 2, 2026 23d ago | 8-K | $1.93 | awaiting T+60 | — | $2.85 (−47.67%) |
Sep 29, 2026 27d ago | Press Release | $3.12 | awaiting T+60 | — | $2.85 (−8.65%) |
Aug 24, 2026 9w ago | DEFA14A | $2.97 | awaiting T+60 | — | $2.85 (+4.04%) |
Aug 14, 2026 10w ago | 8-K | $3.18 | awaiting T+60 | — | $2.85 (+10.38%) |
Aug 13, 2026 10w ago | Press Release | $3.18 | awaiting T+60 | — | $2.85 (−10.38%) |
Aug 10, 2026 11w ago | Press Release | $4.17 | awaiting T+60 | — | $2.85 (−31.65%) |
Jul 28, 2026 12w ago | Press Release | $4.25 $2.10 | ▼ −50.59% | ▼ −54.94% | $2.85 (−32.94%) |
US Market Status
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