Policy & Regulation
Co-Diagnostics anticipates USD10.2m from registered direct offering priced at-the-market
12 February 2020 -

Molecular diagnostics company Co-Diagnostics Inc (Nasdaq:CODX) on Tuesday announced definitive agreements for the purchase of 3,324,676 common stock at the market purchase price per share of USD3.08 in a registered direct offering.

Before deducting placement agent fees and other offering expenses, the company expects gross proceeds of approximately USD10.2m.

Net proceeds from this offering may be used by the company for acquisition of PCR (polymerase chain reaction) equipment to be used in connection with sales of reagents used for tests to diagnose infectious disease, including strains and mutations of coronavirus, research and development costs, working capital as well as other general corporate purposes.

The closing of the offering is expected to occur on or about 13 February 2020, subject to the satisfaction of customary closing conditions.

HC Wainwright & Co is acting as the exclusive lead placement agent for the offering.