Co-Diagnostics, Inc. Announces Closing of $3.8 Million Registered Direct Offering of Common Stock Priced At-The-Market Under Nasdaq Rules

Rhea-AI Summary

Co-Diagnostics (NASDAQ:CODX) has completed its previously announced registered direct offering, raising $3.8 million in gross proceeds. The offering involved the sale of 9,619,000 shares of common stock priced at $0.40 per share, conducted at-the-market under Nasdaq rules.

The company plans to utilize the proceeds for working capital and general corporate purposes. Maxim Group LLC served as the sole placement agent for the offering, which was executed under an effective shelf registration statement on Form S-3.

Positive

• Secured $3.8 million in additional funding
• Successfully completed registered direct offering with institutional investors

Negative

• Significant dilution with 9,619,000 new shares issued
• Low offering price of $0.40 per share indicates weak market position

SALT LAKE CITY, Sept. 18, 2025 /PRNewswire/ -- Co-Diagnostics, Inc. (Nasdaq: CODX) (the "Company" or "Co-Dx"), a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests, today announced the closing of its previously announced registered direct offering pursuant to a securities purchase agreement with two institutional investors for the purchase and sale of 9,619,000 shares of common stock at an offering price of $0.40 per share, in a registered direct offering priced at-the-market under Nasdaq rules (the "Offering").

The gross proceeds to the Company from the Offering are approximately $3.8 million before deducting the placement agent's fees and other estimated offering expenses. The Company intends to use proceeds from the Offering for working capital and general corporate purposes. The Offering closed on September 18, 2025.

Maxim Group LLC acted as the sole placement agent in connection with the Offering.

The Offering was made pursuant to a shelf registration statement on Form S-3 (File No. 333-270628), which was declared effective by the U.S. Securities and Exchange Commission (the "SEC") on April 6, 2023. The Offering was made by means of a prospectus forming a part of the effective registration statement relating to the Offering. A prospectus supplement relating to the shares of common stock has been filed by the Company with the SEC.  Copies of the prospectus supplement and accompanying prospectus can be obtained at the SEC's website at www.sec.gov or from Maxim Group LLC, 300 Park Avenue, New York, NY 10022, Attention: Syndicate Department, via email at syndicate@maximgrp.com, or telephone at (212) 895-3500.

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 using the detection and/or analysis of 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 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 may include, but are not limited to, the anticipated use of proceeds. Forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these statements, including the risk factors described 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

How much did Co-Diagnostics (CODX) raise in its September 2025 offering?

Co-Diagnostics raised $3.8 million in gross proceeds through a registered direct offering of common stock.

What was the share price for CODX's September 2025 offering?

The offering was priced at $0.40 per share, conducted at-the-market under Nasdaq rules.

How many shares did Co-Diagnostics (CODX) sell in the September 2025 offering?

Co-Diagnostics sold 9,619,000 shares of common stock in the registered direct offering.

How will Co-Diagnostics use the proceeds from its September 2025 offering?

The company intends to use the proceeds for working capital and general corporate purposes.

Who was the placement agent for CODX's September 2025 offering?

Maxim Group LLC acted as the sole placement agent for the offering.