Co-Diagnostics Announces $4.2 Million Registered Direct Offering Priced At-the-Market
February 27 2020 - 07:16AM
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 that it has entered
into definitive agreements with institutional investors for the
purchase of 470,000 shares of its common stock, at a purchase price
of $9.00 per share, in a registered direct offering priced
at-the-marked under the Nasdaq rules. The closing of the offering
is expected to occur on or about March 2, 2020, subject to the
satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive lead
placement agent for the offering. Maxim Group LLC is acting as
co-placement agent.
The gross proceeds to the Company, before deducting placement
agent fees and other offering expenses, are expected to be
approximately $4.2 million. Co-Diagnostics intends to use the net
proceeds from this offering for acquisition of PCR (polymerase
chain reaction) equipment and raw materials to be used in
connection with sale of tests used to diagnose infectious disease,
including strains and mutations of coronavirus, as well as research
and development costs associated with test development for
additional pathogens and test menu expansion, and for working
capital and other general corporate purposes.
The shares of common stock are being offered by Co-Diagnostics
pursuant to a "shelf" registration statement on Form S-3 that was
originally filed on August 14, 2018 and declared effective by the
Securities and Exchange Commission ("SEC") on September 7, 2018,
and the base prospectus contained therein (File No. 333-226835).
The offering of the shares of common stock will be made only by
means of a prospectus supplement that forms a part of the
registration statement.
A final prospectus supplement and accompanying base prospectus
relating to the shares of common stock being offered will be filed
with the SEC. Electronic copies of the final prospectus supplement
and accompanying base prospectus may be obtained, when available,
on the SEC’s website at http://www.sec.gov or by contacting 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 offering, the expected gross proceeds from the
offering, the intended use of proceeds and the timing of the
closing 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200227005474/en/
Andrew Benson Co-Diagnostics Investor Relations 801-438-1036
investors@codiagnostics.com
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