Co-Diagnostics prices 9.62M shares at 40c in registered direct offering

Co-Diagnostics (CODX) announced that it has entered into a securities purchase agreement with several institutional investors for the purchase and sale of 9,619,000 shares of common stock at an offering price of 40c per share, in a registered direct offering priced at-the-market under Nasdaq rules. The gross proceeds to the company from the Offering are estimated to be approximately $3.8M 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 is expected to close on or about September 18, subject to the satisfaction of customary closing conditions. Maxim Group is acting as the sole placement agent in connection with the Offering.