Co-Diagnostics, Inc. (NASDAQ:CODX) announced Monday it has entered into a securities purchase agreement with institutional investors for a private placement expected to generate approximately $3.0 million in gross proceeds.
The company's stock has declined 76% over the past year, trading at $1.97 with a market capitalization of just $4.94 million.
The molecular diagnostics company will sell 1,647,447 shares of common stock or pre-funded warrants, along with warrants to purchase up to 3,294,894 shares of common stock. The combined offering price is $1.821 per share and accompanying warrants.
The warrants have an exercise price of $1.571 per share, are exercisable immediately, and expire in five years. The offering is priced at-the-market under Nasdaq rules.
The transaction is expected to close on or about May 21, 2026. Maxim Group LLC is acting as sole placement agent.
The securities are being sold in a private placement under Section 4(a)(2) of the Securities Act of 1933 and Regulation D. Co-Diagnostics has agreed to file a registration statement with the SEC to register the resale of the securities.
