Business
Co-Diagnostics Announces Closing of $4.2 Million Registered Direct Offering Priced At-the-Market
SALT LAKE CITY--(BUSINESS WIRE)-- Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular diagnostics company with a unique, patented platform for the development
About this update from Co-diagnostics, Inc.
[{"type":"text","content":" SALT LAKE CITY--(BUSINESS WIRE)--\nCo-Diagnostics, Inc. (Nasdaq: CODX), 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 of 470,000 shares of its common stock, at a purchase price of $9.00 per share, in a registered direct offering priced at-the-market under the Nasdaq rules, for gross proceeds of approximately $4.2 million.\n\n\nH.C. Wainwright & Co. acted as the exclusive lead placement agent for the offering. Maxim Group LLC acted as co-placement agent.\n\n\nCo-Diagnostics intends to use the net proceeds from this offering for acquisition of PCR (polymerase chain reaction) equipment and raw materials to be used in connection with sale of tests used 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.\n\n\nThe shares of common stock were offered by Co-Diagnostics pursuant to a \"shelf\" registration statement on Form S-3 that was originally filed on August 14, 2018 and declared effective by the Securities and Exchange Commission (\"SEC\") on September 7, 2018, and the base prospectus contained therein (File No. 333-226835). The offering of the shares of common stock was made only by means of a prospectus supplement that forms a part of the registration statement.\n\n\nA final prospectus supplement and accompanying base prospectus relating to the shares of common stock being offered has been filed with the SEC. Electronic copies of the final prospectus supplement and accompanying base prospectus may be obtained on the SEC’s website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at 646-975-6996 or e-mail at [email protected].\n\n\nThis press release shall not constitute an offer to sell, or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jur...