Co-Diagnostics prices $3.8 million registered direct offering

SALT LAKE CITY - Co-Diagnostics, Inc. (NASDAQ:CODX), a molecular diagnostics company with a market capitalization of $20.22 million, announced today it has entered into a securities purchase agreement with institutional investors for 9,619,000 shares of common stock at $0.40 per share in a registered direct offering. According to InvestingPro data, the company maintains a healthy current ratio of 4.12, though it has been quickly burning through cash.

The offering, priced at-the-market under Nasdaq rules, is expected to generate approximately $3.8 million in gross proceeds before deducting placement agent fees and other offering expenses. The company plans to use the funds for working capital and general corporate purposes, which appears timely given the 89% year-over-year revenue decline. InvestingPro analysis suggests the stock is currently trading above its Fair Value, with 12 additional ProTips available for subscribers.

Maxim Group LLC is serving as the sole placement agent for the transaction, which is anticipated to close on or about September 18, subject to customary closing conditions.

The shares are being offered through a shelf registration statement on Form S-3 that was declared effective by the Securities and Exchange Commission in April 2023.

Co-Diagnostics develops and manufactures diagnostic technologies focused on the detection and analysis of nucleic acid molecules. The company utilizes its proprietary technology for its PCR at-home and point-of-care platform and to identify genetic markers for various applications beyond infectious disease.

The announcement was made in a company press release statement.

In other recent news, Co-Diagnostics Inc. reported its second-quarter 2025 financial results, revealing a net loss of $7.7 million, or $0.23 per share. This loss was less than the $8.3 million loss estimated by H.C. Wainwright. The company’s earnings per share (EPS) of -$0.23 significantly surpassed analysts’ expectations of -$0.66. Revenue for the quarter was reported at $200,000, aligning with forecasts. Co-Diagnostics also announced a strategic Memorandum of Understanding with a regional manufacturing and distribution company in Saudi Arabia. This agreement aims to explore a joint venture for developing and selling Co-Dx intellectual property in the Middle East and North Africa. H.C. Wainwright reiterated its Neutral rating on Co-Diagnostics following these developments.

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