Why Is BIO-key International Stock Surging Tuesday?

BIO-key International Inc. (NASDAQ: BKYI) saw its stock surge over 130% in premarket trading, reaching $3.82, after announcing a new government agency customer in the Middle East for its multi-factor authentication platform. The agreement, which expands BIO-key's regional presence, was secured less than two months after initial discussions, although financial terms were not disclosed. Trading volume surged to 31.13 million shares, significantly higher than the 100-day average of 2.73 million shares, with short interest representing 71.29% of the stock's public float, indicating potential for volatility.