Co-Diagnostics Announces $5.0 Million Registered Direct Offering Priced At-the-Market

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 3,448,278 shares of its common stock, at a purchase price per share of $1.45, 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 January 28, 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 $5.0 million. 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 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 [e-mail].

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.