Co-Diagnostics (CODX) to Sell 3.3M Shares at $3.08

Co-Diagnostics, Inc. (Nasdaq: CODX) entered into definitive agreements with institutional investors for the purchase of 3,324,676 shares of its common stock, at a purchase price per share of $3.08, in a registered direct offering priced at-the-marked under the Nasdaq rules. The closing of the offering is expected to occur on or about February 13, 2020, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive lead placement agent for the offering.

The gross proceeds to the Company, before deducting placement agent fees and other offering expenses, are expected to be approximately $10.2 million. Co-Diagnostics intends to use the net proceeds from this offering for acquisition of PCR (polymerase chain reaction) equipment to be used in connection with sales of reagents used for tests to diagnose infectious disease, including strains and mutations of coronavirus, as well as research and development costs associated with test development for additional pathogens and test menu expansion, and for working capital and other general corporate purposes.

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