BIO KEY INTERNATIONAL INC (BKYI) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: November 21, 2025

Risk Assessment Details

Potential Dilution: 168.32% of current shares
Recent Dilution: 251.93% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
6.6M
Potential Supply
11M
Additional shares possible
Splits
None
Past 2 years

Summary

BKYI currently has 6.59M outstanding shares. with significant dilution risk as 11.1M authorized shares could dilute existing holders by 168.3%. The company has significantly diluted shareholders by 251.93% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
Nov 21, 2025

S-1 filing: This prospectus relates to the resale of common stock issuable upon exercise of warrants.

6.6M 11M
Nov 14, 2025

10-Q filing | 6.6M shares outstanding

6.6M 0
May 15, 2025

10-Q filing | 5.8M shares outstanding

5.8M 0
Apr 25, 2025

S-1 filing: This S-1 filing relates to the resale of up to 3,091,668 shares of common stock by a selling stockholder, which were originally issued in a private placement.

3.7M 1.9M
Apr 23, 2025

10-K filing | 3.7M shares outstanding

3.7M 0
Jan 16, 2025

8-K filing: BIO-key International, Inc. entered into a warrant exercise agreement with an existing institutional investor to exercise warrants for 2,061,112 shares at $1.85 per share, resulting in gross proceeds of approximately $3.8 million, and also closed two exchange agreements to exchange Partitioned Notes for 489,635 shares of common stock. ($3.8M proceeds)

3.1M 0
Dec 03, 2024

8-K filing: BIO-key International, Inc. acquired 5 million shares of Boumarang Inc. common stock from Fiber Food Systems, Inc. in exchange for 595,000 shares of BIO-key common stock, representing 19.0% of BIO-key's issued and outstanding shares prior to the transaction.

3.1M 0
Dec 03, 2024

8-K filing: BIO-key International, Inc. closed a Securities Purchase Agreement with Fiber Food Systems, Inc. and Boumarang Inc., where the Company acquired 5 million shares of Boumarang common stock in exchange for 595,000 shares of BIO-key common stock, representing 19.0% of the Company's issued and outstanding shares prior to the closing. ($5.0M proceeds)

3.1M 0
Nov 14, 2024

10-Q filing | 3.1M shares outstanding

3.1M 0
Oct 11, 2024

S-1 filing: This prospectus relates to the resale of up to 2,061,112 shares of common stock issued and sold by the company in a private placement transaction.

1.7M 900K
Sep 16, 2024

8-K filing: BIO-key International, Inc. entered into a warrant exercise agreement with an existing accredited investor to exercise warrants for 1,030,556 shares of common stock at a reduced exercise price of $1.85 per share, resulting in gross proceeds of approximately $1.9 million for the Company. ($1.9M proceeds)

1.7M 0
Aug 14, 2024

10-Q filing | 1.7M shares outstanding

1.7M 0
Jun 14, 2024

10-Q filing | 1.8M shares outstanding

1.8M 0
Jun 05, 2024

10-K filing | 1.0M shares outstanding

1M 0
Jan 30, 2024

S-1 filing: This S-1 filing relates to the resale of up to 436,509 shares of common stock by the selling stockholder, which were originally issued in a private placement.

52K 450K
Dec 21, 2023
Stock Split

8-K filing | Stock split 1-for-18 | Outstanding: 941,000 → 52,277 | Transactions: Issuance 872502 Common stock $0.55M to Dillon Hill Investment Company LLC; Issuance 2270335 Warrant to Dillon Hill Investment Company LLC; Issuance 4714285 Warrant to Dillon Hill Investment Company LLC | Proceeds: $0.55M

52K 17K
Dec 20, 2023
Stock Split

8-K filing: Stock split 1-for-18 | Outstanding: 9,081,873 → 941,000

940K 310K
Nov 20, 2023

10-Q filing | 9.1M shares outstanding

9.1M 13M
Nov 02, 2023

8-K filing: BIO-key International, Inc. completed a public offering, issuing 4,230,000 shares of common stock, 17,200,000 pre-funded warrants, and 21,430,000 common warrants at a price of $0.175 per unit, resulting in net proceeds of approximately $3.3 million. ($3.75M proceeds)

9M 13M
Oct 26, 2023

S-1/A filing: This S-1/A filing details a proposed offering by BIO-key International, Inc. for up to 45,454,545 units, each consisting of either one share of common stock or one pre-funded warrant and one common warrant, underwritten by Maxim Group LLC.

9M 59M
Oct 16, 2023

S-1 filing: The company is offering units consisting of common stock and warrants, as well as pre-funded units, aiming to raise up to $10,000,000 through a best-efforts offering managed by Maxim Group LLC.

9M 13M
Aug 18, 2023

10-Q filing | 9.0M shares outstanding

9M 13M
Jun 27, 2023

8-K filing: BIO-key International, Inc. entered into a Waiver and Amendment No. 1 to Securities Purchase Agreement with AJB Capital Investments, LLC, amending the original agreement and addressing the issuance of a $2,200,000 principal amount senior secured promissory note and the issuance of 700,000 commitment shares. ($0.0M proceeds)

8.9M 14M
Jun 15, 2023

S-1 filing: This S-1 filing relates to the resale of up to 900,000 shares of common stock of BIO-key International, Inc. by a selling stockholder.

8.9M 14M
Jun 09, 2023

10-Q filing | 8.9M shares outstanding

8.9M 13M
Jun 01, 2023

10-K filing | 9.2M shares outstanding

9.2M 12M
Dec 23, 2022

8-K filing: BIO-key International, Inc. entered into a securities purchase agreement with AJB Capital Investments, LLC for a $2,200,000 principal amount senior secured promissory note, issuing 700,000 Commitment Shares and a warrant to purchase 200,000 Warrant Shares.

1.7M 20M
Nov 14, 2022

10-Q filing | 8.1M shares outstanding

8.1M 13M
Aug 17, 2022

10-Q filing | 8.1M shares outstanding

8.1M 14M
May 23, 2022

10-Q filing | 7.9M shares outstanding

7.9M 14M
Apr 01, 2022

10-K filing | 7.9M shares outstanding

7.9M 14M
Nov 15, 2021

10-Q filing | 7.8M shares outstanding

7.8M 14M
Aug 16, 2021

10-Q filing | 7.8M shares outstanding

7.8M 14M
Jul 13, 2021

S-3 filing: BIO-KEY INTERNATIONAL, INC. is offering up to $60,000,000 in total of any combination of common stock and preferred stock, either individually or in units, and common stock upon the exercise of warrants from time to time.

7.8M 14M
May 17, 2021

10-Q filing | 7.8M shares outstanding

7.8M 14M
Apr 16, 2021

POS AM filing: BIO-key International, Inc. is offering up to 3,979,775 shares of common stock underlying warrants previously issued.

7.8M 14M
Mar 29, 2021

10-K filing | 7.8M shares outstanding

7.8M 44M
Nov 16, 2020

10-Q filing | 62.4M shares outstanding

62M 0
Aug 14, 2020

10-Q filing | 60.4M shares outstanding

60M 0
Jul 23, 2020

8-K filing: BIO-key International, Inc. closed a public offering of 29,130,000 shares of common stock, pre-funded warrants to purchase 4,100,000 shares, and warrants to purchase 33,230,000 shares, with net proceeds of approximately $22.8 million, including the full exercise of the Over-Allotment option.

22M 30M
Jul 20, 2020

S-1/A filing: The company is offering 15,000,000 shares of common stock and warrants to purchase up to 15,000,000 shares of our common stock. Also offering pre-funded warrants to purchase 15,000,000 shares of our common stock.

22M 30M
Jul 17, 2020

S-1/A filing: The company is offering 18,750,000 shares of common stock and warrants to purchase up to 18,750,000 shares of common stock, as well as pre-funded warrants to purchase 18,750,000 shares of common stock for certain purchasers.

22M 56M
Jul 09, 2020

S-1 filing: This S-1 filing describes an offering of common stock, pre-funded warrants, and warrants to purchase common stock.

22M 0
Jul 01, 2020

8-K filing: BIO-key International, Inc. closed a securities purchase agreement with Lind Global Macro Fund, LP for the issuance of a $1,811,250 principal amount senior secured convertible note, and issued a warrant to purchase 1,425,000 shares and 136,575 shares to the Investor for a due diligence fee. ($0.1M proceeds)

22M 0
Jun 08, 2020

10-Q filing | 21.6M shares outstanding

22M 0
May 14, 2020

10-K filing | 21.2M shares outstanding

21M 0
May 07, 2020

8-K filing: BIO-key International, Inc. entered into a securities purchase agreement with Lind Global Macro Fund, LP, issuing a $2,415,000 senior secured convertible note, a warrant to purchase 1,900,000 shares of common stock, and 114,943 shares of common stock at $1.16 per share. ($0.13M proceeds)

N/A 0
Mar 31, 2020

8-K filing: BIO-key International, Inc. entered into a sales incentive agreement with Technology Transfer Institute, where TTI can earn shares of common stock and warrants based on revenue generated for the Company.

N/A 0
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