Co-Diagnostics Engages Maxim Group to Pursue SPAC Transaction for its Indian Joint Venture, CoSara Diagnostics Pvt. Ltd

Rhea-AI Summary

Co-Diagnostics (NASDAQ: CODX) announced on November 5, 2025 that it has engaged Maxim Group as exclusive financial advisor to explore strategic alternatives for its Indian joint venture, CoSara Diagnostics Pvt. Ltd.

Options being pursued include a merger with a SPAC or similar U.S.-listed entity on a national securities exchange. CoSara, established in 2017, is a joint venture between Co-Diagnostics and Synbiotics, part of Asence and Ambalal Sarabhai Enterprises (Bombay Stock Exchange-listed). CoSara intends to manufacture and sell molecular diagnostics products with an initial focus on India and certain international markets.

Positive

• Exclusive advisor engagement with Maxim Group announced 11/05/2025
• CoSara targeted for U.S. listing via potential SPAC or similar merger

Negative

• No financial terms or timetable disclosed for a potential SPAC merger

SALT LAKE CITY, Nov. 5, 2025 /PRNewswire/ -- Co-Diagnostics, Inc. (Nasdaq: CODX) (the "Company" or "Co-Dx"), a molecular diagnostics company with a patented platform for developing advanced molecular diagnostic tests, today announced that it has engaged Maxim Group LLC ("Maxim") as its exclusive financial advisor to assist the Company in identifying potential strategic alternatives for the Company's Indian joint venture, CoSara Diagnostics Pvt. Ltd. ("CoSara"), including a merger with a Special Purpose Acquisition Company ("SPAC") or similar entity listed on a U.S. national securities exchange.

"We are pleased to be working with Maxim as we seek to unlock value for CoSara, and for our shareholders, and to help CoSara fully realize its founding vision," said Dwight Egan, Co-Diagnostics' CEO.

Established in 2017, CoSara is a joint venture between Co-Diagnostics Inc. and Synbiotics Ltd, a group company of Asence Inc., a U.S. company that specializes in supplying pharmaceutical products to international markets. Asence and Synbiotics are both subsidiaries of Ambalal Sarabhai Enterprises Ltd., a publicly-listed company on the Bombay Stock Exchange. Using the core competencies of its partner companies, CoSara intends to manufacture and sell molecular diagnostics products to patients and healthcare providers in certain international markets with an initial focus on India.

About Co-Diagnostics, Inc.:
Co-Diagnostics, Inc., a Utah corporation, is a molecular diagnostics company that develops, manufactures and markets state-of-the-art diagnostics technologies. The Company's technologies are utilized for tests that are designed to detect and/or analyze nucleic acid molecules (DNA or RNA). The Company also uses its proprietary technology to design specific tests for its Co-Dx PCR at-home and point-of-care platform (subject to regulatory review and not currently for sale) and to identify genetic markers for use in applications other than infectious disease.

Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding the engagement of Maxim Group LLC as Co-Diagnostics' exclusive financial advisor, potential strategic alternatives for CoSara Diagnostics Pvt. Ltd., including a merger with a Special Purpose Acquisition Company ("SPAC") or similar entity listed on a U.S. national securities exchange, the Company's expectations regarding unlocking value for CoSara and its shareholders, CoSara's plans to manufacture and sell molecular diagnostics products in India and other international markets, and the development, regulatory review, and commercialization of Co-Diagnostics' products and technologies. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these statements, including but not limited to risks related to the identification, negotiation, and execution of any strategic transaction, obtaining necessary approvals, market acceptance of CoSara's products, manufacturing and operational challenges, and global economic or geopolitical conditions. Additional information about these and other risks is included in the Company's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. All forward-looking statements are based on current expectations and assumptions, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

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SOURCE Co-Diagnostics

FAQ

What did Co-Diagnostics (CODX) announce on November 5, 2025 about CoSara?

Co-Diagnostics engaged Maxim Group as exclusive financial advisor to pursue strategic alternatives for CoSara, including a potential SPAC merger.

Does the CoSara transaction for CODX include a confirmed SPAC deal or target date?

No; the company said it is exploring options including a SPAC or similar entity, and did not disclose any confirmed deal or timetable.

What is CoSara Diagnostics and when was it established for CODX investors?

CoSara is Co-Diagnostics' Indian joint venture established in 2017 with Synbiotics/Asence, focused on manufacturing molecular diagnostics for India and select international markets.

How could a SPAC merger of CoSara affect CODX shareholders?

The announcement states the process aims to unlock value for CoSara and shareholders, but provided no financial terms or specific shareholder impact metrics.

Who are CoSara's partner companies mentioned in the CODX announcement?

CoSara is a joint venture between Co-Diagnostics and Synbiotics, which is part of Asence; Asence and Synbiotics are subsidiaries of Ambalal Sarabhai Enterprises (BSE-listed).