Co-Diagnostics Announces Closing of $5 Million Registered Direct Offering Priced At-the-Market
29 January 2020 - 1:45AM
Business Wire
Co-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 priced
at-the-market under Nasdaq rules of 3,448,278 shares of common
stock for a purchase price of $1.45 per share, for gross proceeds
of approximately $5.0 million.
H.C. Wainwright & Co. acted as the exclusive lead placement
agent for the offering. Maxim Group LLC acted as co-placement
agent.
Co-Diagnostics intends to use the net proceeds from this
offering for further commercialization and expansion of its
infectious disease testing, agrigenomics, and vector control
verticals, acceleration of sales and technology licensing
activities, ongoing development of additional applications for its
technology in markets related to liquid biopsy and next-gen
sequencing, and for working capital and other general corporate
purposes.
The shares of common stock offered in the registered direct
offering were offered and sold by Co-Diagnostics pursuant to a
“shelf” registration statement on Form S-3 (Registration No.
333-226835), including a base prospectus, previously filed with and
declared effective by the Securities and Exchange Commission
(“SEC”) on September 7, 2018. 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. A final prospectus supplement
and an accompanying base prospectus relating to the registered
direct offering was filed with the SEC and is available on the
SEC’s website located at http://www.sec.gov. Electronic copies of
the prospectus supplement and accompanying base prospectus may also
be obtained from 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 placements@hcwco.com.
This 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 jurisdiction.
About Co-Diagnostics, Inc.:
Co-Diagnostics, Inc., a Utah corporation, is a molecular
diagnostics company that develops, manufactures and markets a new,
state-of-the-art diagnostics technology. The Company’s technology
is 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 to locate
genetic markers for use in industries other than infectious disease
and license the use of those tests to specific customers.
Forward-Looking Statements
This press release contains forward-looking statements.
Forward-looking statements can be identified by words such as
“believes,” “expects,” “estimates,” “intends,” “may,” “plans,”
“will” and similar expressions, or the negative of these words.
Such forward-looking statements are based on facts and conditions
as they exist at the time such statements are made and predictions
as to future facts and conditions. Forward-looking statements in
this release include statements regarding the (i) use of funding
proceeds, (ii) expansion of product distribution, (iii)
acceleration of initiatives in certain verticals or markets, (iv)
capital resources and runway needed to advance the Company’s
products and markets, (v) increased sales in the near-term, (vi)
flexibility in managing the Company’s balance sheet, (vii)
anticipation of business expansion, (viii) benefits in research and
worldwide accessibility of the CoPrimer technology and its
cost-saving and scientific advantages and (ix) statements regarding
the intended use of proceeds of the offering. Forward-looking
statements are subject to inherent uncertainties, risks and changes
in circumstances, including market conditions. Actual results may
differ materially from those contemplated or anticipated by such
forward-looking statements. Readers of this press release are
cautioned not to place undue reliance on any forward-looking
statements. The Company does not undertake any obligation to update
any forward-looking statement relating to matters discussed in this
press release, except as may be required by applicable securities
laws.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200128005534/en/
Andrew Benson Co-Diagnostics Investor Relations 801-438-1036
investors@codiagnostics.com
Co Diagnostics (NASDAQ:CODX)
Historical Stock Chart
From Apr 2024 to May 2024
Co Diagnostics (NASDAQ:CODX)
Historical Stock Chart
From May 2023 to May 2024