Full Press Release Details
Announces $10.2 Million Registered Direct Offering Priced At-the-Market
Lake City, Utah - February 11, 2020 - 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 3,324,676 shares of its common stock, at a purchase price per share of $3.08,
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 February 13, 2020, subject to the satisfaction of customary closing conditions.
Wainwright & Co. is acting as the exclusive lead placement agent for the offering.
gross proceeds to the Company, before deducting placement agent fees and other offering expenses, are expected to be approximately
$10.2 million. Co-Diagnostics intends to use the net proceeds from this offering 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, 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.
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.
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.
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.
Co-Diagnostics, Inc.:
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.
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.