Co-Diagnostics, Inc. has entered into an inducement agreement with certain warrant holders to exercise their existing warrants for cash. The transaction is expected to generate approximately $2.67 million in gross proceeds, which the company intends to use for general corporate purposes.
Key Details
- Gross Proceeds: The company will receive approximately $2.67 million from the cash exercise of 1,702,362 existing warrants at an exercise price of $1.571 per share.
- New Warrants Issued: In exchange, the holders will receive new warrants to purchase an aggregate of 3,404,724 shares of common stock at an exercise price of $1.56 per share.
- Terms & Timeline: The new warrants have a five-year term but are not exercisable until stockholder approval is obtained. The transaction is expected to close on or about August 3, 2026.