Co-Diagnostics closes $3.8 million stock offering

Co-Diagnostics, Inc. (NASDAQ: CODX) completed a registered direct offering of 9.62 million shares of common stock at $0.40 per share, generating approximately $3.8 million in gross proceeds before fees and expenses.

The molecular diagnostics company sold the shares to two institutional investors on September 18. Maxim Group LLC served as the sole placement agent for the transaction.

The offering was priced at-the-market under Nasdaq rules and conducted through a shelf registration statement that became effective with the Securities and Exchange Commission in April 2023.

Co-Diagnostics stated it intends to use the proceeds for working capital and general corporate purposes. The Salt Lake City-based company develops molecular diagnostic tests using its proprietary platform for detecting nucleic acid molecules.

The information is based on a company press release statement.

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