Co-Diagnostics closes $7 million stock offering at $0.55 per share

Co-Diagnostics Inc. (NASDAQ: CODX) completed a registered direct offering of 12,727,272 shares of common stock at $0.55 per share, raising approximately $7 million in gross proceeds before fees and expenses.

The Salt Lake City-based molecular diagnostics company stated it plans to use the proceeds for working capital and general corporate purposes. Maxim Group LLC served as the sole placement agent for the transaction.

The offering was conducted under a shelf registration statement on Form S-3 that the Securities and Exchange Commission declared effective on April 6, 2023. The securities were offered through a prospectus supplement filed with the SEC.

Co-Diagnostics develops, manufactures and markets molecular diagnostic technologies for tests designed to detect and analyze nucleic acid molecules. The company also uses its technology to design tests for its Co-Dx PCR at-home and point-of-care platform, which is subject to regulatory review and not currently available for sale.

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