BIO-key (BKYI) Shares Fall 13% After Hours: Here's What Is Going On

BIO-key International Inc. (NASDAQ:BKYI) shares fell 12.85% to $2.17 in after-hours trading Wednesday after the company announced that its Passkey authenticator received Full Certification from the FIDO Alliance. BIO-key is a provider of identity and access management software featuring biometric, passwordless and tokenless authentication. FIDO Certification BIO-key said Passkey received Full Certification from the FIDO Alliance, which the company said confirms the product meets the technical and security requirements for a standards-based FIDO authenticator. The FIDO Alliance is an open industry association focused on reducing password reliance. Passkey allows employees to authenticate using a shared fingerprint scanner or an existing access badge, without requiring a smartphone or separate hardware token. The company said the authenticator can be used with enterprise identity platforms including Microsoft Entra ID, Okta, Ping and Duo, as well as websites that accept FIDO passkeys. Passkey BIO-key said Passkey is designed for environments including secure facilities where phones are restricted, shared workstations, manufacturing floors, call centers, retail counters and healthcare settings. The company said its system allows organizations to centrally manage passkey access, including approving destinations and revoking access to individual systems. Jim Sullivan, chief legal officer of BIO-key, said the certification allows Passkey to operate as a certified FIDO authenticator across supported platforms. Read Also: NeoVolta (NEOV) Shares Tumble 16% After Hours: Here’s Why Trading Metrics, Technical Analysis BIO-key has a market capitalization of approximately $3.58 million. Over the past 12 months, BIO-key shares fell 68.08%. The stock has traded between a 52-week high of $19.70 and a 52-week low of $2.22. Benzinga’s Edge Stock Rankings show a negative price trend across short-, medium- and long-term time frames. Price Action: In the regular session, BIO-key shares rose 4.18% to close at $2.49 on Wednesday. See More: Top Momentum Stocks Photo: Who is Danny / Shutterstock